Caliber Mining and Logistics Limited IPO
ListedMainboard
154.66×
Subscribed
Price band
₹424 – ₹424
Issue size
₹450 Cr
Open – close
17 Jul 2026
to 21 Jul 2026
Listing
24 Jul 2026
Listing gain
+17.98%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed5 of 7 dimensions read
A mixed but reasonable offering — 2 positive against 1 negative signals
Strength59/100
- Priced below its peers14.4× earnings against a peer median of 121.5× — a discount to the issuer's own comparison set
- Earns less than its peersReturn on net worth of 29.5% against a peer median of 218.8%
- Meaningful leverageDebt/equity of 1.63×
- Proceeds mostly repay debt₹208 Cr of the ₹400 Cr raised repays borrowings — deleveraging rather than expansion
- Institutions bid heavilyQIB portion subscribed 253.88×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens17 Jul 2026
- Closes21 Jul 2026
- Listing24 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB253.88x
Non-institutionalNII / HNI281.99x
Big NIIabove ₹10L309.31x
Small NII₹2L – ₹10L227.37x
Retail individualRII43.40x
38,44,190 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 21 Jul 2026.
Chance of allotment
Retail43.40× subscribed
~1 in 43.4
Retail is 43.4× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 43.4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII281.99× subscribed
~1 in 282
HNI is 281.99× subscribed. This category is allotted proportionately, so a bid receives roughly 1/282 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹424 – ₹424
Total issue size₹450 Cr
Fresh issue₹400 Cr
Offer for sale₹50 Cr
Listing atMainboard
Company & valuation
P/E at upper band14.39×
EPS₹26.05pre-issue
EPS₹29.47post-issue
NAV per share₹120.85
Debt / equity1.63×
ROCE16.60%
RoNW24.38%
PAT Margin9.41%
EBITDA Margin25.69%
NAV120.85
Price to Book Value7.33
ISININE11XY01018
11.1% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 53,06,602 | — |
| Anchor Investor Shares Offered | 31,83,961 | — |
| QIB (Ex. Anchor) Shares Offered | 21,22,641 | — |
| NII (HNI) Shares Offered | 15,91,981 | — |
| bNII > ₹10L | 10,61,321 | 2165.00% |
| sNII < ₹10L | 5,30,660 | 1082.00% |
| Retail Shares Offered | 37,14,623 | 106132.00% |
Total issue 1,06,13,206 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8401 lot · 35 sh
Retail (Max)₹1,92,92013 lots · 455 sh
S-HNI (Min)₹2,07,76014 lots · 490 sh
S-HNI (Max)₹9,94,28067 lots · 2,345 sh
B-HNI (Min)₹10,09,12068 lots · 2,380 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted31,83,961
Anchor portion₹135 Cr
Bid date16 Jul 2026
Lock-in ends (50%)21 Aug 2026
Lock-in ends (rest)20 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/ prepayment, in full or part, of certain borrowings availed by our Company₹208 Cr
- 02Funding capital expenditure for purchase of commercial vehicles, plant and machinery₹167 Cr
- 03General corporate purposes₹2.16 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2026 | 1.451 | — | 0.14 | — | — |
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Caliber Mining and Logistics Limitedthis issue | 14.39 | — | 120.85 | 29.47% |
| Power Mech Projects Ltd | 22.94 | 115.12 | — | 818.90% |
| NCC Ltd | 13.59 | 127.88 | — | 9.02% |
| Sindhu Trade Links Limited | 97.15 | 14.66 | — | 2.54% |
| Dilip Buildcon Limited | 4.95 | 425.80 | — | 428.55% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur mining operations are subject to operating risks including accidents, flooding, machinery/equipment failures, and unavailability of diesel fuel and water, which could disrupt production, increase costs, and adversely affect our business, results of operations and financial condition.
mediumWe are not the owners of the mines and extract coal and remove overburden pursuant to mining contracts with customers who own the mines and coal reserves, making our success subject to operating conditions and events beyond our control.
mediumWe derive a significant portion (90.11% in Fiscal 2026) of our revenue from operations from our top three customers, with our single largest customer, Northern Coalfields Limited, contributing 44.16% of our revenue from operations in Fiscal 2026.
mediumLoss of any of our top customers could adversely affect our business, results of operations and financial condition, particularly due to loss of, failure to renew arrangements, regulatory changes, disputes, adverse changes in customer financial condition, or reduction in product demand.
Positives the filing discloses (1)
Primarily fresh capital
89% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Caliber Mining and Logistics Limited IPO subscribed?
Caliber Mining and Logistics Limited is subscribed 154.66× overall (QIB 253.88×, NII 281.99×, retail 43.40×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Caliber Mining and Logistics Limited IPO?
The retail portion is subscribed 43.40×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 43. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.