Strong Investor Interest in Central Mine Planning IPO

The initial public offering (IPO) of Central Mine Planning & Design Institute Ltd, a subsidiary of Coal India, witnessed 25% subscription as of Monday, two days into the bidding process, according to NSE data.

With bids amounting to 2,02,84,720 shares against the 7,97,89,500 shares on offer, the segment for Qualified Institutional Buyers showed 62% subscription. Meanwhile, 17% of Retail Individual Investor shares and 8% of other non-institutional investor shares were also grabbed.

The IPO aims to raise Rs 1,842 crore through a pure offer-for-sale of 10.71 crore shares. Notably, CMPDIL secured Rs 470 crore from anchor investors, with the price set between Rs 163 and Rs 172 per share, reflecting a valuation of about Rs 12,280 crore at the higher range.