Central Mine Planning IPO Subscription

Central Mine Planning and Design Institute, a subsidiary of Coal India, launched its initial public offering (IPO) from March 20 to March 24, aiming to raise Rs 1,842.12 crore through an offer-for-sale of 10.71 crore shares. The IPO's price band was set at Rs 163 to Rs 172 per share. Despite initial high interest indicated by grey market premium (GMP) peaking at Rs 27, investor sentiment weakened, leading to a modest GMP of Rs 1 by the final day. The IPO was subscribed 1.05 times overall, with Qualified Institutional Buyers booking 3.48 times, Non-Institutional Investors 0.35 times, and retail investors 0.33 times. The shares are expected to list on BSE and National Stock Exchange of India around March 30. IDBI Bank — IDBI Capital Markets & Securities and State Bank of India — State Bank of India served as lead managers, with KFin Technologies as the registrar. Analysts from State Bank of India — State Bank of India assigned a 'buy' rating, citing Central Mine Planning and Design Institute's strong profitability and dominant market position.