Shares of Central Mine Planning and Design Institute Ltd made a subdued debut on the stock exchanges, listing at a 5–7 per cent discount to the issue price of ₹172.
On the BSE, the stock opened at ₹162.80, reflecting a 5.3 per cent discount, and moved in a range of ₹161.15 to ₹168.40 in early trade. On the NSE, it debuted at ₹160, marking a 7 per cent discount, before recovering to trade at ₹167 around 10.05 am.
The has rung in the celebration of the listing of Central Mine Planning & Design Institute Limited at our exchange .
— NSE India (@NSEIndia)
The muted listing comes after the company’s initial public offering saw modest overall demand, with the issue scraping through on the final day of subscription. supported primarily by institutional investors. The qualified institutional buyers segment was subscribed 3.48 times, while demand from non-institutional investors remained weak at 0.35 times. Retail participation was also subdued at 0.33 times, with the employee and shareholder portions seeing subscription of 0.21 times and 0.36 times, respectively.
The ₹1,842-crore public issue was priced in the band of ₹163 to ₹172 per share, valuing the company at around ₹12,280 crore at the upper end. The offering was entirely an offer-for-sale of 10.71 crore equity shares by parent , with no fresh capital being raised by the company.
Ahead of the IPO, the company raised ₹470 crore from anchor investors. The anchor book saw participation from major domestic institutions such as and Nippon India Mutual Fund.
IDBI Capital Markets & Securities and SBI Capital Markets acted as the book-running lead managers to the issue.
Incorporated in 1975 as a wholly-owned subsidiary of Coal India Ltd, Central Mine Planning and Design Institute provides consultancy and technical support services in coal and mineral exploration, mine planning and design, infrastructure engineering, and environmental management.