Caliber Mining & Logistics IPO Day 2: Issue gets 7.5x subscription so far; GMP points to 27% listing upside

Caliber Mining & Logistics’ Rs 450-crore initial public offering (IPO) continued to attract strong investor demand on the second day of bidding on Monday. The issue was subscribed 7.49 times against the 78.35 lakh shares available for subscription.

The Retail Individual Investors (RII) segment witnessed healthy participation, with the category subscribed 5.68 times against the 39.17 lakh shares reserved for retail investors.

Investor enthusiasm was also visible in the grey market, where Caliber Mining & Logistics shares were trading at a Grey Market Premium (GMP) of around Rs 115. The premium indicates a potential listing gain of nearly 27% over the upper end of the IPO price band.


The company is looking to raise Rs 450 crore through the public issue, which includes a fresh issue of 94 lakh equity shares worth Rs 400 crore and an Offer for Sale (OFS) of 12 lakh equity shares valued at Rs 50 crore.

The three-day IPO will remain open for bidding until July 21, 2026. The basis of allotment is expected to be finalized on July 22, with the company’s shares likely to list on the NSE and BSE on July 24, 2026.

Caliber Mining & Logistics has set the IPO price band at Rs 402-424 per share. Investors can apply for a minimum lot size of 35 shares, requiring an investment of Rs 14,840 at the upper price band.

Before opening the IPO for public subscription, the company raised Rs 134.99 crore from anchor investors by allotting 31.84 lakh equity shares at Rs 424 apiece.

The anchor round received participation from leading institutional investors, including Ashoka India Equity Investment Trust Plc, Carnelian India Amritkaal Fund, and Abakkus Four2Eight Opportunities Fund. Domestic institutions such as Quant Mutual Fund and Helios Small Cap Fund also participated. Two domestic mutual funds collectively received 15.33 lakh equity shares across five schemes, reflecting strong institutional interest in the offering.

DAM Capital Advisors Ltd. is the book-running lead manager for the issue, while KFin Technologies Ltd. is acting as the registrar.

Caliber Mining & Logistics IPO subscription status

The IPO continued to see robust demand on Day 2, with the issue subscribed 7.49 times by 10:55 am against the total offer size of 78.35 lakh shares.

The Non-Institutional Investors (NII) category recorded the strongest response, with subscriptions reaching 21.26 times against the 16.79 lakh shares allocated. Meanwhile, the Qualified Institutional Buyers (QIB) portion received bids for 33% of the 22.38 lakh shares reserved for the category.

Caliber Mining & Logistics GMP today

Caliber Mining & Logistics shares are currently commanding a GMP of approximately Rs 115 in the grey market, suggesting a possible listing price of around Rs 539 per share compared with the upper IPO price band of Rs 424.

However, investors should note that GMP is an unofficial market indicator based on grey market activity and should not be considered the only factor when evaluating an IPO investment decision.

About Caliber Mining & Logistics

Established in 2014, Caliber Mining & Logistics is an integrated mining services company offering end-to-end solutions across the coal mining value chain. Its services include overburden removal, coal extraction, loading and unloading, road transportation, and rail logistics coordination.

The company primarily caters to subsidiaries of Coal India Ltd., with Western Coalfields Ltd. (WCL) and Northern Coalfields Ltd. (NCL) among its major clients.

Caliber entered the coal logistics business in FY16, providing integrated transportation solutions. In FY23, it diversified into the iron ore logistics segment, expanding its service portfolio beyond coal.

The company's mining and logistics operations are spread across Maharashtra, Chhattisgarh, and Madhya Pradesh, strengthening its presence in India's key mining regions.

How will the IPO proceeds be utilized?

Caliber Mining & Logistics plans to use the proceeds from the fresh issue to strengthen its balance sheet and enhance its operational capabilities.

Out of the total proceeds, Rs 175 crore will be allocated towards the repayment or prepayment of existing borrowings. Another Rs 200 crore has been earmarked for capital expenditure, primarily to acquire new machinery and equipment that will support the company's expansion plans. The remaining funds will be utilized for general corporate purposes.

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