Daijiworld Media Network – Mumbai
Mumbai, Jul 24: Shares of Caliber Mining and Logistics Ltd made a strong debut on the stock exchanges on Friday, listing at a premium of nearly 18 per cent over the issue price amid strong investor demand for the initial public offering (IPO).
The company's shares opened at Rs 500.25 apiece on the NSE, compared to the IPO issue price of Rs 424, marking a gain of 17.92 per cent. On the BSE, the stock debuted at Rs 504 per share.
However, after the listing, the stock witnessed some profit booking and was trading around Rs 487 per share by 10.55 am. The company's market capitalisation stood at approximately Rs 3,172.7 crore.
Analysts advised investors to exercise caution after the sharp listing gains. Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said the strong debut reflected healthy investor confidence and the positive response received during the IPO.
"While the listing has been encouraging, some profit booking in the near term cannot be ruled out after the sharp gain," she said.
Nyati suggested that fresh investors avoid entering at current levels and wait for a possible correction or consolidation. Investors who received allotment can continue to hold the stock for the medium to long term, with a stop-loss at Rs 475 on a closing basis, she added.
The Caliber Mining and Logistics IPO received an overwhelming response from investors, with the issue being subscribed 146.64 times on the final day of bidding on July 21.
According to NSE data, the IPO received bids for 114.90 crore shares against the 78.35 lakh shares offered.
The Qualified Institutional Buyers (QIBs) portion was subscribed 240.71 times, while the non-institutional investor category received bids 267.36 times the shares available. The retail investor segment was subscribed 41.15 times.
The company had raised Rs 135 crore from anchor investors on Thursday ahead of the IPO launch.
The public issue comprised a fresh issue of equity shares worth Rs 400 crore and an offer-for-sale (OFS) of shares worth Rs 50 crore by promoters. The shares were offered in a price band of Rs 402-424 per share.
Incorporated in 2014, Caliber Mining and Logistics provides integrated mining services, including overburden removal, coal extraction and coal transportation.
The company operates across Maharashtra, Madhya Pradesh and Chhattisgarh. It does not own mining assets but provides end-to-end mining and logistics solutions to its clients.
DAM Capital Advisors Ltd acted as the book-running lead manager for the IPO.