Coal India's arm CMPDIL's IPO subscribed 25 pc on day 2

New Delhi, Mar 23 (PTI) The initial public offer of Central Mine Planning & Design Institute Ltd, an arm of state-owned Coal India, received 25 per cent subscription on the second day of bidding on Monday.

The IPO got bids for 2,02,84,720 shares against 7,97,89,500 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) received 62 per cent subscription. The category for Retail Individual Investors (RIIs) received 17 per cent subscription and the quota for non-institutional investors got subscribed 8 per cent.

Central Mine Planning and Design Institute (CMPDIL) on Wednesday said it has mobilised Rs 470 crore from anchor investors.

CMPDIL’s Rs 1,842-crore initial public offering (IPO) will conclude on March 24.

The price band has been fixed at Rs 163-172 per share, valuing the company at around Rs 12,280 crore at the higher end, the company announced.

The issue is entirely an offer-for-sale (OFS) of 10.71 crore shares, worth Rs 1,842.12 crore at the upper end, by Coal India, with no fresh issue component.

CMPDIL was incorporated in 1975 as a wholly-owned subsidiary of Coal India.

It offers consultancy and support services for the entire spectrum of coal and mineral exploration, as well as mine planning and design services.

Its services also include infrastructure engineering, environmental management, geomatics, specialised technology services, and management systems, primarily for the coal industry and other minerals.

IDBI Capital Markets and Securities and SBI Capital Markets are the book-running lead managers for the public issue. PTI SUM SUM MR