Caliber Mining IPO Day 2: Issue subscribed 14.50x so far. Check GMP, key dates, review. Should you apply or not?

The initial public offering of Caliber Mining and Logistics Ltd witnessed a modest response from investors on the opening day of bidding, with the issue being subscribed 1.21 times on Friday, 17 July, according to exchange data. The Caliber Mining IPO subscription will remain open until 21 July.

The company has fixed the Caliber Mining IPO price band at ₹402-424 per equity share. Ahead of the issue opening, the company raised ₹135 crore from anchor investors, reflecting healthy institutional interest.

Incorporated in 2014, Caliber Mining and Logistics Ltd provides integrated mining solutions, including overburden removal, coal extraction, and coal transportation services. The company operates across Maharashtra, Madhya Pradesh, and Chhattisgarh. While it does not own mining assets, it offers end-to-end mining and logistics services to customers under contract.

For investors applying to the issue, the Caliber Mining IPO lot size has been fixed at 35 equity shares and in multiples of 35 shares thereafter.

Under the issue structure, the Caliber Mining IPO has reserved up to 50% of the net offer for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).

As per the tentative schedule, the Caliber Mining IPO allotment is expected to be finalised on 22 July, while refunds are likely to be initiated and shares credited to successful applicants' demat accounts on 23 July. The Caliber Mining share price is expected to be listed on the BSE and NSE on 24 July.

Caliber Mining IPO GMP today

Caliber Mining IPO GMP today is +115. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Caliber Mining share was ₹539 apiece, which is 27.12% higher than the IPO price of ₹424.

According to recent grey market trends observed over the past week, the GMP for the IPO is rising today, suggesting anticipations of a robust listing. Throughout this period, experts noted that the GMP fluctuated between ₹80 and ₹117.

Caliber Mining IPO subscription status

Caliber Mining IPO subscription status was 1.21x on day 1. The retail portion is subscribed 1.58x, and NII portion has been booked 1.59x, QIBs portion received 29% bids.

The company has received bids for 95,15,695 shares against 78,35,821 shares on offer at 17:00 IST, according to BSE data.

Caliber Mining IPO review

Anand Rathi Share & Stock Brokers has assigned a "Subscribe for Long Term" rating to the IPO. The brokerage highlighted the company's strong order book, diversified client base and robust execution capabilities, which provide long-term revenue visibility and business stability. However, it noted that leverage will remain relatively elevated even after the IPO, although debt levels are expected to improve over time. Anand Rathi also flagged project concentration, execution challenges and mining-related operational risks as key monitorables.

Angel One has recommended "Subscribe" to the issue from a medium- to long-term perspective. The brokerage said that at the upper price band of ₹424, the IPO is valued at 17.5x FY26 earnings and 3.5x price-to-book, which it considers attractive compared with listed peers. It added that the company's ₹9,550.9 crore order book offers strong revenue visibility, while the fresh issue proceeds earmarked for debt reduction and capacity expansion are expected to strengthen the balance sheet and support future growth.

Swastika Investmart has recommended investors subscribe for medium- to long-term investment while also seeing potential for listing gains. The brokerage cited the company's ₹9,500-crore-plus order book, reasonable post-issue valuation of around 17–18x FY26 earnings, and return on net worth (RoNW) of 24.38%, the highest among listed peers. It also noted that nearly 89% of the IPO comprises a fresh issue, with proceeds primarily earmarked for business expansion rather than promoter exit. However, Swastika cautioned that a significant portion of the company's revenue is derived from two subsidiaries of Coal India—Western Coalfields (WCL) and Northern Coalfields (NCL)—making customer concentration a key risk.

Caliber Mining IPO details

The IPO comprises a fresh issue of 94 lakh equity shares aggregating ₹400 crore and an offer for sale (OFS) of 12 lakh equity shares worth ₹50 crore by existing shareholders. The selling shareholders include promoters Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda, and Rahul Roshanlal Chadda.

The company intends to utilise the net proceeds from the fresh issue primarily to strengthen its balance sheet and expand its manufacturing capabilities. It has earmarked ₹175 crore for the repayment or prepayment of certain borrowings, while ₹200 crore will be allocated to capital expenditure, mainly for the purchase of new machinery. The remaining funds will be used for general corporate purposes.

DAM Capital Advisors Ltd. is acting as the book-running lead manager to the public issue, while KFin Technologies has been appointed as the registrar to the IPO.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.