The Indian primary markets pipeline has started picking up pace, as another mainboard IPO is garnering investor’s attention. The Caliber Mining & Logistics IPO drew heavy response on its first day of bidding, receiving an overall subscription of 1.21 times. The retail applicant category in particular saw strong response.
On its first day of bidding, the issue generated a demand of 95.11 lakh shares against its ask of 78.36 lakh equity shares.
Caliber Mining IPO: Strong NII, Retail participation
The offer worth Rs 450 crore saw robust demand on its first day of bidding from the retail category, which was subscribed 1.58 times. The non-instutional portion also attracted high investor interest as the quota was fully subscribed at 1.59 times.
However, the Qualified Institutional Buyer (QIB) category saw steady response as it was subscribed 0.29 times on the first day of bidding.
Caliber Mining IPO: Day 1 subscription snapshot
Caliber Mining IPO attracted a healthy response on its first day of bidding, being subscribed 1.21 times
| Investor Category | Subscription (Day 1) |
| Qualified Institutional Buyers (QIBs) | 0.29x |
| Non-Institutional Investors (NIIs) | 1.59x |
| Retail Individual Investors (RIIs) | 1.58x |
| Overall | 1.21x |
Caliber Mining IPO: GMP at 27%
As per the latest update, the shares of Caliber Mining IPO are trading at a premium of 26.89% in the unlisted markets, translating into an estimated listing price of Rs 538 per share, based on the upper end of the price band. This reflects a gain nearly 27%.
For a retail applicant, this means a profit of Rs 3,990 on one lot.
The company has fixed the price band for the IPO at Rs 402 to Rs 424 per share, and seeks to raise a total of Rs 450 crore from the markets. The IPO comprises issuance of fresh equity shares worth Rs 400 crore and Rs 50 crore will be raised through the Offer for Sale (OFS) route.
It is important to note that GMP is an unofficial metric to determine the listing price and may vary based on market mood and sentiment.
Caliber Mining IPO: Expert take
“At the upper price band of Rs 424, CMLL is valued at ~17x FY26 P/E and appears reasonable compared to its peers. CMLL offers a compelling play on India’s coal outsourcing theme, supported by its integrated model, strong execution with Coal India subsidiaries, robust order book visibility, industry leading margins, and growth supported by capacity expansion and balance sheet strengthening,” said Geojit Investment in a report.
Geojit gave the IPO a “Subscribe” for medium-to long-term rating.
“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 bidding on July 17, and the issue will close on July 21. On a tentative basis, share allotment is expected to be completed by July 22, while investors are likely to receive their shares and requisite refunds by July 23. Caliber Mining is expected to hit the bourses on July 24.