Last day! Caliber Mining IPO ends today; subscription tops 39x, GMP at 22%

The three-day subscription window for Caliber Mining & Logistics’ initial public offering (IPO) is set to close on Tuesday, July 21. The ₹450 crore public issue of the coal extraction services provider has received strong investor demand, with the issue oversubscribed more than 39 times so far.

 

According to data available on the National Stock Exchange (NSE), the IPO received bids for 30,82,66,210 shares against 78,35,821 shares on offer, resulting in an overall subscription of 39.34 times as of 11:03 am on Tuesday.

 

The strong demand was led by non-institutional investors (NIIs), whose reserved portion was subscribed 127.10 times. The retail investor category was subscribed 23.03 times, while the qualified institutional buyers (QIBs) portion was subscribed 2.07 times.

 

The strong subscription was also reflected in the grey market, where Caliber Mining’s unlisted shares were trading at around ₹518 apiece, according to sources tracking unofficial market activity. This implies a grey market premium (GMP) of ₹94 per share, or 22.17 per cent, over the upper end of the IPO price band of ₹424.

Caliber Mining IPO details

Caliber Mining IPO comprises a fresh issue of 9.4 million shares aggregating ₹400 crore and an offer for sale (OFS) of 1.2 million shares worth ₹50 crore.

 

The issue has been priced in the range of ₹402-₹424 per share, with a lot size of 35 shares. Investors can bid for a minimum of one lot and in multiples thereof.

 

A retail investor would need ₹14,840 to apply for one lot, while the maximum investment for 13 lots, or 455 shares, would be ₹1,92,920.

 

The basis of allotment is expected to be finalised on Wednesday, July 22, 2026, following which the company’s shares are scheduled to list on the exchanges on Friday, July 24, 2026.

 

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

 

Since the issue includes an offer for sale, the company will not receive any proceeds from this portion. “The Promoter Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale after deducting their proportion of the Offer-related expenses and relevant taxes thereon. Our Company will not receive any proceeds from the Offer for Sale,” Caliber Mining said in its red herring prospectus (RHP).

 

The proceeds from the fresh issue will be used primarily towards repayment of certain borrowings, funding capital expenditure for machinery acquisition, and general corporate purposes.

Should you subscribe to Caliber Mining IPO?

Brokerages have broadly shared positive views on the IPO, citing the company’s order book, growth prospects, debt reduction plans, and valuations.

 

SBI Securities has recommended subscribing to the issue, highlighting financial growth, deleveraging plans and valuations. Anand Rathi has recommended subscribing for the long term, citing the company’s order book and execution capabilities, while flagging leverage risks.

 

Swastika, meanwhile, has recommended subscribing for the medium-to-long term or listing gains, supported by return ratios, valuations and planned use of IPO proceeds. KC Securities has also suggested applying for the long term, citing improving financial performance, expected balance sheet strengthening and growth prospects. READ MORE