Caliber Mining IPO has wrapped its second day of bidding, receiving an overall subscription of 23.37 times. The offer, which was oversubscribed on its first day of bidding, witnessed an even stronger day 2, receiving 18.30 crore bids against its ask of 78.35 lakh equity shares.
The coal extraction firm, which will close its bidding on July 21, has been oversubscribed across all its categories, especially seeing heavy participation in the Non-institutional investor segment.
The price band for the issue is fixed at Rs 402 to Rs 424 per share.
Caliber Mining IPO: Heavy retail and NII participation
The Nagpur-headquartered firm saw robust investor demand across the NII segment, which was subscribed 69.80 times, receiving 11.71 crore bids against its ask of 16.79 lakh. Heavy investor interest was also witnessed in the retail applicant segment, which was subscribed to 16.01 times.
Also, the Qualified Institutional Buyers (QIB) portion, which was undersubscribed on the first day, picked up pace with its second-day subscription at 1.41 times.
Caliber Mining IPO: GMP at 26%
In the grey markets, the company’s shares are currently trading at a premium of Rs 110, translating into an estimated listing price of Rs 534, based on the upper end of the price band. This reflects a gain of 25.94% per share.
The offer worth Rs 450 crore has fixed its share price band at Rs 402 to Rs 424 per share.
The lot size for a retail applicant stands at 35 shares, which means one lot is currently trading at a premium of Rs 3,850. However, readers must know that the grey market premium is an unofficial indicator of the listing price and fluctuates based on market mood and sentiment.
Caliber Mining IPO: Day 2 subscription snapshot
Caliber Mining IPO witnessed robust investor demand on its second day of bidding, receiving an overall subscription of 23.37 times.
| Investor Category | Subscription (Day 2) |
| Qualified Institutional Buyers (QIBs) | 1.41x |
| Non-Institutional Investors (NIIs) | 69.80x |
| Retail Individual Investors (RIIs) | 16.01x |
| Overall | 23.37x |
Caliber Mining IPO: Expert take
“However, leverage remains relatively high post IPO proceeds, leverage should further reduce. Additionally, large project dependence, execution, and mining-related operational risks remain key considerations. Therefore, we assign a Subscribe for Long Term rating for the issue,” Anand Rathi Research Team said in a note.
“At the upper price band, the IPO is valued at 14.5x FY26 P/E and 7.7x FY26 EV/EBITDA, representing a reasonable valuation compared to listed contract mining and infrastructure peers, considering the company’s strong order book visibility, healthy execution track record, and long-term growth prospects. We recommend SUBSCRIBE to the IPO with a long-term investment horizon,” said Deven Choksey Research in its report.
Caliber Mining IPO: Subscription timeline
The IPO opened for public bidding on July 17, and the issue will close on July 21. Share allotment is expected to be completed by July 22, while beneficiaries shall receive the shares and refunds by July 23. Caliber Mining is expected to list on NSE and BSE by July 24.