Coal India Ltd. subsidiary Central Mine Planning & Design Institute Ltd. listed at a discount of 7% to its IPO price on the stock market on Monday. The share price opened at Rs 160 on the NSE and Rs 162.8 on the BSE. The issue price was Rs 172 per share.
The IPO raised Rs 1,842 crore under an offer for sale by the parent company. All the proceeds went to Coal India.
Central Mine Planning IPO bidding was held between March 20 and March 24 and was fully subscribed. Qualified Institutional Buyers (QIBs) booked the issue 3.48 times. The Non-Institutional Investors' (NIIs) category was subscribed 35%. Retail investors booked their quota 33%.
CMPDI was incorporated in 1975 as a wholly-owned subsidiary of Coal India. It offers consultancy and support services for the entire spectrum of coal and mineral exploration, as well as mine planning and design services. Its services also include infrastructure engineering, environmental management, geomatics, specialised technology services, and management systems, primarily for the coal industry and other minerals.
India's primary market has been weak just as the secondary one amid geopolitical tensions. Most IPOs listed so far this year have beem underwhelming.
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