opened to a subdued response on its first day of bidding, with the issue subscribed just 0.04 times or 4 per cent as of 12.54 pm.
Demand remained tepid across investor categories, with the qualified institutional buyers’ portion yet to see any bids, while non-institutional investors subscribed 0.03 times and the retail segment was booked 0.06 times. The employee quota saw 0.04 times subscription and the shareholders’ portion was subscribed 0.07 times. The public issue will close on March 24.
Anchor portion and IPO details
Ahead of the launch, CMPDIL mobilised ₹470 crore from anchor investors. According to details shared on the stock exchange, the company allotted 2.73 crore equity shares to 22 anchor funds at ₹172 apiece, aggregating to ₹469.74 crore. Among the prominent participants were Life Insurance Corporation of India, Nippon India Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Baring Private Equity India Fund, General Insurance Corporation of India and Edelweiss Life Insurance Company. Global financial institutions including Societe Generale, Citigroup, Goldman Sachs and BNP Paribas Financial Markets also participated in the anchor book. LIC alone was allotted shares worth about ₹105 crore.
, valuing the company at nearly ₹12,280 crore at the upper end. The entire issue is an offer for sale of 10.71 crore shares by Coal India, with no fresh issue component, meaning the proceeds will go to the parent company rather than the firm.
, operates as a wholly owned subsidiary of Coal India and provides consultancy and support services across coal and mineral exploration, mine planning and design. Its operations span infrastructure engineering, environmental management, geomatics, specialised technology solutions and management systems, primarily catering to the coal sector along with other mineral industries.
Shares are scheduled to list on the stock exchanges on March 30. IDBI Capital Markets and Securities and SBI Capital Markets are acting as the book-running lead managers to the issue.
Brokerages have largely taken a constructive view on the offering, citing the company’s dominant position and healthy financial performance. SBI Securities said CMPDIL is among the largest coal and mineral consultancy companies in India with a market share of about 61 per cent as of FY25 and benefits from its position as a wholly owned subsidiary and preferred consultant to Coal India.
The brokerage noted that the company plans to diversify into critical minerals such as lithium, nickel, cobalt and copper, reducing its dependence on coal over time. It highlighted that CMPDIL has recorded strong growth, with revenue, EBITDA and profit after tax clocking compound annual growth rates of 23.2 per cent, 48.2 per cent and 49.9 per cent, respectively, during FY23–FY25. At the upper price band of ₹172, the issue is valued at a price-to-earnings multiple of 18.4 times and an EV/EBITDA multiple of 13.3 times based on FY25 earnings. SBI Securities has recommended subscribing to the issue.
Anand Rathi Shares and Stock Brokers also maintained a positive stance, underlining CMPDIL’s leadership in the mining consultancy space and its strong parentage under Coal India. The brokerage said the company’s expansion into critical and non-coal minerals is expected to support long-term growth opportunities. It echoed the firm’s strong financial track record and said valuations appear reasonable compared with industry peers, given its healthy margins and return ratios. Anand Rathi has also recommended subscribing to the IPO for long-term gains.
Market participants expect listing gains to depend largely on the pace of subscription in the remaining days of the offer and broader market conditions. While the company’s strong fundamentals and government backing provide comfort, the muted opening-day response indicates cautious investor sentiment, which could temper sharp listing premiums.