The Coal India subsidiary managed to sail through, over the three-day bidding period amid weak market sentiments. By the end of Day 3, the issue was fully subscribed at 1.05 times the 7.97 crore shares on offer. The issue received over 8.36 crore share bids.
Demand was mainly driven by Qualified Institutional Buyers (QIBs), who subscribed the IPO 3.48 times their quota, while Retail Individual Investors (RIIs) showed muted interest at just 33%.
The IPO was entirely an Offer for Sale (OFS) amounting to Rs 1,842 crore, meaning the company will not receive any proceeds. The price band is set at Rs 163–172 per share, and the stock is expected to list on the BSE and NSE on March 30.
CMPDI is a prominent mining consultancy firm offering comprehensive services across coal and mineral exploration, mine planning, environmental management, and geomatics. It holds a strong position in the Indian market, with an estimated 61% share in the coal and mineral consultancy segment, and acts as a key partner to Coal India.
Financially, the company has demonstrated solid performance, reporting revenue of Rs 2,178 crore in FY25 and a net profit of Rs 667 crore, supported by EBITDA margins exceeding 42%.
At the upper end of its price band, the IPO is valued at around 18–21 times earnings, which analysts view as reasonable considering its high profitability and asset-light business model.That said, CMPDI’s heavy reliance on Coal India and the broader coal sector exposes it to concentration and industry-specific risks.
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