Central Mine Planning and Design Institute (CMPDIL) has raised Rs 470 crore from anchor investors, including LIC and several mutual funds, ahead of its Rs 1,842-crore IPO. The initial share sale, an offer for sale by Coal India, opens for public subscription on March 20 with a price band of Rs 163-Rs 172 per share.

IPO bound Coal India arm CMPDIL garners Rs 470 crore from anchor investors

Synopsis

Central Mine Planning and Design Institute (CMPDIL) has raised Rs 470 crore from anchor investors, including LIC and several mutual funds, ahead of its Rs 1,842-crore IPO. The initial share sale, an offer for sale by Coal India, opens for public subscription on March 20 with a price band of Rs 163-Rs 172 per share.

Central Mine Planning and Design Institute (CMPDIL), an arm of state-owned Coal India, on Wednesday said it has mobilised Rs 470 crore from anchor investors, ahead of its initial share-sale opening for public subscription.

Life Insurance Corporation (LIC), Nippon India Mutual Fund (MF), Edelweiss MF, ICICI Prudential MF, Baring Private Equity India Fund, General Insurance Corporation of India and Edelweiss Life Insurance Corporation are among the anchor investors, according to a circular uploaded on BSE's website.

Also, Societe Generale, Citigroup, Goldman Sachs and BNP Paribas Financial Markets participated in the anchor round.

As per the circular, the state-owned firm allotted 2.73 crore equity shares to 22 funds at Rs 172 per piece, aggregating the transaction size to Rs 469.74 crore.

Of these funds, LIC has been allocated shares to the tune of Rs 105 crore.

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CMPDIL's Rs 1,842-crore initial public offering (IPO) will open for subscription on March 20 and conclude on March 24.

The price band has been fixed at Rs 163 to Rs 172 per share, valuing the company at around Rs 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 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, specialized technology services, and management systems, primarily for the coal industry and other minerals.

Its revenue from operations was Rs 2,103 crore and net profit at Rs 667 crore during FY25. The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional buyers.

The state-owned firm will make its stock market debut on March 30.

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

Earlier, Bharat Coking Coal (BCCL), another subsidiary of Coal India, came out with its Rs 1,071-crore IPO in January.

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