Caliber Mining IPO opens at Rs 402-424 band; Day 1 bids 1.21 times

The Development

Caliber Mining and Logistics Limited opened its initial public offering on Friday, 17 July 2026, with the three-day bidding window scheduled to close on Tuesday, 21 July 2026, per the red herring prospectus dated 13 July 2026 that was filed with the Registrar of Companies at Nagpur and is available on SEBI's website. The offer is a 100% book-built issue with a price band of Rs 402 to Rs 424 per equity share of face value Rs 10, and a total size of up to Rs 450 crore, split between a fresh issue of up to Rs 400 crore and an offer for sale of up to Rs 50 crore.

This is a mainboard offering that will list on both the NSE and the BSE, with the NSE as the designated stock exchange. As of the close of the first day of bidding, at 17:00 on 17 July, the offer had been subscribed 1.21 times overall, per NSE bid data, with the retail portion at 1.58 times, the non-institutional portion at 1.59 times and the qualified institutional buyers' category at 0.29 times. Those are exchange figures as of that timestamp and move through the window. Anchor bidding was held on 16 July, per the RHP, with 31,83,961 equity shares reserved for anchor investors.

The Company

Caliber Mining and Logistics, formerly Caliber Mercantile Private Limited, is a Chandrapur and Nagpur-based integrated coal mining and logistics operator. Per the RHP, the company manages overburden removal, coal extraction and coal logistics as an integrated services provider, running a fleet of 1,911 vehicles, plant and machinery as of 30 April 2026. Its operations are located across Maharashtra, Madhya Pradesh and Chhattisgarh, though the company discloses that it does not own any of the mines.

The company's largest customers are subsidiaries of Coal India Limited, namely Western Coalfields Limited and Northern Coalfields Limited. Per the restated financial information in the offer document, revenue from operations rose from Rs 953.12 crore in Fiscal 2024 to Rs 1,430.40 crore in Fiscal 2025 and Rs 1,677.66 crore in Fiscal 2026, a compound annual growth rate the company puts at 32.67%. Restated profit for the year was Rs 95.90 crore, Rs 131.55 crore and Rs 157.90 crore across those three fiscals, the RHP states. The company discloses an order book of Rs 9,550.89 crore as of 15 May 2026, up from Rs 5,668.30 crore as of 31 March 2026, and total borrowings of Rs 1,057.61 crore at the end of Fiscal 2026.

The Offer Structure

The offer comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to Rs 50 crore, per the RHP and the NSE issue details. The offer for sale is being made by four promoter selling shareholders, Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda and Rahul Roshanlal Chadda, each offering shares aggregating up to Rs 12.50 crore. The company confirms it will not receive any proceeds from the offer for sale, which will accrue to the selling shareholders.

The bid lot is 35 equity shares and in multiples thereof, per NSE, so a single lot at the upper band works out to about Rs 14,840, and the maximum retail application is Rs 2,00,000. The stated objects of the fresh issue are the repayment or prepayment of certain borrowings, capital expenditure for the purchase of commercial vehicles, plant and machinery, and general corporate purposes. DAM Capital Advisors Limited is the book-running lead manager and KFin Technologies Limited is the registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market coverage is on the Oquilia news desk.

Risk Factors

The RHP sets out the risks the company is required to disclose. Among them, the company discloses significant customer concentration: its top three customers accounted for 90.11% of revenue from operations in Fiscal 2026, and its single largest customer, Northern Coalfields Limited, contributed 44.16% in that year. The loss of any top customer, the RHP lists, could adversely affect the business, results of operations and financial condition.

The offer document also flags a dependence on large-scale mining contracts, each above Rs 1,000 crore, which together represented 76.12% of Fiscal 2026 revenue from operations. The RHP lists operating risks inherent to mining, including accidents, flooding, equipment failures and the unavailability of diesel and water, and notes the company does not maintain insurance coverage against various potential hazards. Rising costs of power, fuel, stores and spares are cited as a further risk to profitability, as is the company's history of related-party transactions, with one of its key logistics customers being a related party. These are the company's own disclosures, not an external assessment.

What Happens Next

With bidding open through 21 July, the standard mainboard mechanics follow from here. The subscription window closes at 5:00 PM on the final day for UPI mandate confirmation, after which the basis of allotment is finalised by the registrar in consultation with the designated stock exchange. Applicants whose bids are not allotted have their blocked funds released, while successful applicants receive shares in their demat accounts.

Listing then follows on the NSE and the BSE, with the debut price set on the listing day against the issue price. The exact allotment and listing dates are stated in the exchange notices and the RHP. None of this sequence is a prediction of demand or price; it is the process the offer will pass through, as stated on the official record.

FAQ

What is the price band and lot size?

The price band is Rs 402 to Rs 424 per equity share of face value Rs 10, per the NSE issue details. The bid lot is 35 shares and in multiples thereof, so a single lot at the upper band comes to about Rs 14,840. The maximum application for a retail individual investor is Rs 2,00,000.

When does the issue open and close?

The offer opened on 17 July 2026 and closes on 21 July 2026, per the RHP and NSE. Anchor bidding was held on 16 July. The UPI mandate confirmation cut-off is 5:00 PM on the closing day, per the exchange notice.

What was the first-day subscription?

Per NSE bid data as of 17:00 on 17 July, the issue was subscribed 1.21 times overall, with retail at 1.58 times, non-institutional investors at 1.59 times and qualified institutional buyers at 0.29 times. These are exchange figures as of that timestamp and change through the window.

How is the basis of allotment decided?

For a mainboard book-built issue that is oversubscribed, retail applicants are allotted through a computerised lottery for at least one lot, while larger categories are allotted on a proportionate basis. The registrar finalises the basis with the designated stock exchange, and the details appear in the exchange notice once allotment is complete.

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges, so read it directly before making any decision.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website, on the NSE and BSE websites, and on the company and lead manager's websites, as stated in the abridged prospectus.

This report is based on the red herring prospectus filed with SEBI and NSE public-issue data. It was surfaced via coverage in Mint.