Coal India's arm CMPDIL's IPO subscribed 7% on day 1

The IPO of Central Mine Planning and Design Institute Ltd, a Coal India subsidiary, was subscribed 7% on day one. The ₹1,842-crore IPO ends on March 24, with a price band of ₹163-172 per share.

By PTI

The initial public offer of Central Mine Planning and Design Institute Ltd, an arm of state-owned Coal India, got subscribed 7% on the first day of share sale on Friday.

The IPO received bids for 52,44,320 shares, as against 7,97,89,500 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) received 10% subscription, while the quota meant for non-institutional investors got subscribed 5%.

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

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

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

The issue will be entirely an offer-for-sale (OFS) of 10.71 crore shares, worth ₹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.