Caliber Mining files draft IPO papers with Sebi, aims to raise Rs 600 crore

Caliber Mining and Logistics, a Nagpur-based coal mining and logistics provider, has filed preliminary papers with the capital markets regulator Sebi to mobilise Rs 600 crore through an initial public offering.

The initial public offering (IPO) is a combination of fresh issue of equity shares worth up to Rs 500 crore and an offer-for-sale (OFS) of shares aggregate to Rs 100 crore by the promoters, according to the draft red herring prospectus (DRHP).

As part of the OFS, Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda and Rahul Roshanlal Chadda will be offloading their shares worth Rs 25 crore each in Caliber Mining and Logistics.

The company may consider a pre-IPO placement of shares worth up to Rs 100 crore. If the pre-IPO placement is completed, the size of the fresh issue will be reduced.

As per the draft papers filed on December 30, the net proceeds worth Rs 175 crore will be utilised by the company towards repayment of debt, Rs 200 crore for funding capital expenditure for purchase of machinery and general corporate purposes.

Priya Anuj Chadda is also one of the promoters of the company. The promoter and promoter group holding own a 94.91 per cent in Caliber Mining, while the remaining 5.09 per cent equity stake is held by public shareholders, including 3.89 per cent stake of Sunil Singhania's Abakkus Asset Manager.

Caliber Mining claims to be one of the top 10 mining operators managing overburden removal, coal extraction and coal logistics together as an integrated services provider.

The company's revenue from operations grew at a CAGR of 60.05 per cent from Rs 372 crore in fiscal 2022 to Rs 953 crore in fiscal 2024, according to a report by CRISIL.

The Nagpur-based firm offers end-to-end services including coal extraction, overburden removal, coal loading and unloading, road transportation and coordination of rail transportation, making it a one-stop coal mining and logistics provider. Its largest customers are mine owing subsidiaries of state-owned Coal India Ltd such as Western Coalfields and Northern Coalfields.

As of June 30, 2024, the company reported a revenue of Rs 364 crore and its profit after tax stood at Rs 34.43 crore.

The company competes with the likes of Power Mech Projects, NCC Ltd, Sindhu Trade Links, and Dilip Buildcon.

DAM Capital Advisors is the sole book-running lead manager while KFin Technologies is the registrar to the public issue.

The shares are proposed to be listed on the BSE and the NSE.