Coal mining and logistics firm Caliber Mining and Logistics Ltd achieved 1.31 times subscription on its first day of bidding, with the ₹450 crore IPO receiving bids for 96.54 lakh shares against 74.29 lakh shares on offer as per latest NSE data until 5:16 PM on July 17. The issue opened for bidding on Friday (July 17) and will close on Tuesday (July 21) with the price band fixed between ₹402 to ₹424 per share and minimum order quantity of 35 equity shares. The subscription window remains open until July 21 with allotment expected on July 22. According to Livemint, the retail category showed particularly strong response with 1.70 times subscription, while the non-institutional investor (NII) portion was 1.69 times subscribed, though the Qualified Institutional Buyer (QIB) category saw more modest response at 0.31 times subscription.
The grey market premium (GMP) of Caliber Mining shares is ₹105, signalling that shares could debut at ₹529, representing a premium of 38% over the issue price. As per Livemint, the shares are trading at a premium of 38% in unofficial markets, translating into an estimated listing price of ₹529 per share based on the upper end of the price band. This reflects a significant gain for retail investors. The IPO comprises a fresh issue of 94 lakh equity shares worth ₹400 crore and an offer for sale (OFS) of 12 lakh shares aggregating to ₹50 crore by existing shareholders and promoters. The company's shares are expected to be allotted on Wednesday, July 22, with listing scheduled for Friday, July 24 on both BSE and NSE.
Three out of five brokerages have issued positive recommendations for the IPO. Geojit Investment recommends 'Subscribe' for medium-to-long term investment, noting that the company reportedly has an order book of around ₹9,500+ crore, providing good revenue visibility over the next few years. The brokerage highlights that post-issue P/E is around 17-18x FY26 earnings, which is acceptable compared with listed mining-services peers, while RoNW of 24.38% is the highest among listed peers, reflecting excellent capital utilization. Deven Choksey Research also issued a 'Subscribe' recommendation for long-term investment, noting that the IPO is valued at 14.5x FY26 P/E and 7.7x FY26 EV/EBITDA at the upper price band, 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.
The company allotted 31.83 lakh shares to anchor investors at ₹424 per share on July 16, with Quant Mutual Fund emerging as the largest anchor investor, acquiring 11.79 lakh shares worth ₹50 crore. As per the latest regulatory filing, out of the total allocation to anchor investors, 15.33 lakh shares were allocated to two domestic mutual funds - Quant Mutual Fund, and Helios Mutual Fund - which have applied through their total five schemes. Ashoka India Equity Investment Trust invested ₹25 crore for 5.89 lakh shares, while Prashant Jain-backed 3P India Equity Fund and Helios Small Cap Fund each invested ₹15 crore. Other notable participants include Carnelian India Amritkaal Fund and Abakkus Four2Eight Opportunities Fund each investing ₹10 crore for 2.35 lakh shares apiece, while Helios Small Cap Fund also received an allocation. DAM Capital Advisors Ltd. serves as the book-running lead manager for the IPO, while KFin Technologies Ltd. acts as the registrar.
According to the latest RHP data, the Maharashtra-based company's revenue from operations grew at a CAGR of 32.67% from ₹953.12 crore in FY24 to ₹1,677.66 crore in FY26. The company's consolidated profit increased from ₹95.90 crore in FY24 to ₹157.90 crore in FY26, representing a 20.03% year-on-year jump from ₹131.55 crore in FY25. Revenue from operations rose 17.29% YoY to ₹1,677.66 crore in FY26 from ₹1,430.40 crore in FY25. In FY26, the company extracted 4.48 million metric tonnes (MT) of coal from open-cast mines and removed 128.07 million cubic metres (Mcum) of overburden across seven open-cast mining projects. Coal mining services remained the company's primary revenue contributor, accounting for 86.08% of revenue from operations in FY26, up from 80.55% in FY25, while logistics contributed 12.44% (16.39% in FY25), followed by rake loading at 0.54%, rail coordination services at 0.02%, and coal trading at 0.92%.
The company's order book has grown significantly to ₹9,551 crore as of May 15, 2026, up from ₹5,668 crore just six weeks earlier, covering close to six times FY26 revenue. More than 85% of FY26 revenue came from two Coal India subsidiaries, with repeat customers supplying close to 98% of revenue in the company's best years. With operations spanning Maharashtra, Chhattisgarh, and Madhya Pradesh, the company has many marquee clients, mainly comprising mine-owning subsidiaries of Coal India, including Western Coalfields Limited (WCL) and Northern Coalfields Limited (NCL), thus providing revenue visibility. Coal India's outsourced mining is projected to climb from 63% of output in FY25 to around 70% by FY30, with overburden removal increasing from 89% to 94% as the company opens or expands 56 mines by FY33. The company also provides logistics services (12% of revenue) and coal trading (remainder), with contracts typically running 2-3 years with no automatic renewal, requiring the company to compete for re-tenders.
