Caliber Mining and Logistics opens Rs 450 crore IPO at Rs 402-424 band
Caliber Mining and Logistics Limited opened its Rs 450 crore mainboard IPO on 17 July at a price band of Rs 402 to Rs 424 per share, per the RHP filed with SEBI and NSE issue data.
The Development
Caliber Mining and Logistics Limited opened its initial public offering for subscription on Friday, 17 July 2026, having set a price band of Rs 402 to Rs 424 per equity share of face value Rs 10, per the red herring prospectus filed with SEBI and the issue record on the National Stock Exchange (NSE). The mainboard offer is a book-built issue aggregating up to Rs 450 crore, comprising a fresh issue of up to Rs 400 crore and an offer for sale of up to Rs 50 crore, per the RHP. Anchor bidding took place on 16 July, and the NSE issue record shows an anchor portion of 31,83,961 equity shares.
The three-day bidding window closes on Tuesday, 21 July 2026. As of the close of the first day of bidding, the issue had been subscribed 1.21 times overall, per NSE bid data, with the retail portion at 1.58 times, the non-institutional investor portion at 1.59 times and the qualified institutional buyer portion at 0.29 times. The development was surfaced via first-day coverage in Mint.
The Company
Caliber Mining and Logistics, formerly Caliber Mercantile Private Limited, describes itself in the RHP as a mining operator "managing overburden removal, coal extraction and coal logistics together as an integrated services provider." The company, based in Chandrapur, Maharashtra, discloses a fleet of 1,911 vehicles, plant and machinery as of 30 April 2026, and states it does not own any of the mines it works.
Per the RHP, the company's largest customers are the mine-owning subsidiaries of Coal India Limited, namely Western Coalfields Limited and Northern Coalfields Limited. The company discloses revenue from operations of Rs 1,677.66 crore in Fiscal 2026, up from Rs 1,430.40 crore in Fiscal 2025 and Rs 953.12 crore in Fiscal 2024, a compound annual growth rate of 32.67 per cent over the period. Restated profit for the year was Rs 157.90 crore in Fiscal 2026, against Rs 131.55 crore in Fiscal 2025, per the offer document. The RHP reports an order book of Rs 9,550.89 crore as of 15 May 2026 and a net worth of Rs 647.54 crore as of 31 March 2026. The promoters are Mohit, Anuj, Manish, Rahul and Priya Chadda.
The Offer Structure
The offer combines a fresh issue of up to Rs 400 crore with an offer for sale of up to Rs 50 crore, per the RHP. The selling shareholders in the offer for sale are the promoters Mohit, Anuj, Manish and Rahul Chadda, each offering shares aggregating up to Rs 1,250 lakhs (Rs 12.5 crore); the company will not receive any proceeds from the offer-for-sale portion. The price band is Rs 402 to Rs 424 per share and the bid lot is 35 equity shares, per NSE, making the minimum application 35 shares and rising in multiples of 35 thereafter. At the upper band, one lot works out to Rs 14,840.
The objects of the fresh issue, per the RHP, are the repayment or prepayment of certain borrowings, funding 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 to the offer. The equity shares are proposed to be listed on the BSE and the NSE, with the NSE as the designated stock exchange. Readers working through allotment arithmetic can use Oquilia's lumpsum calculator or CAGR calculator; prior coverage sits on the Oquilia news desk.
Risk Factors
The RHP sets out the risks the company is required to disclose, and customer concentration features prominently. The offer document discloses that the top three customers accounted for 90.11 per cent of revenue from operations in Fiscal 2026, with the single largest customer, Northern Coalfields Limited, contributing 44.16 per cent. Among the risk factors, the company states that the loss of any of its top customers could adversely affect its business, results of operations and financial condition.
The RHP also lists dependence on large-scale mining contracts, noting that contracts of over Rs 1,000 crore represented 76.12 per cent of revenue from operations in Fiscal 2026, which increases exposure to individual contract risks. The offer document flags operating risks in mining, including accidents, flooding and equipment failures, and the impact of any rise in the cost of power and fuel on profitability. The company further discloses that it does not maintain insurance coverage against various potential risks associated with its operations. These are the company's own disclosures and not an assessment by this desk.
What Happens Next
The subscription window remains open until 21 July 2026, with the cut-off for UPI mandate confirmation set at 5:00 PM on the closing day, per the NSE issue record. After bidding closes, the registrar finalises the basis of allotment, after which shares are credited to successful applicants and the blocked amounts of unsuccessful applicants are released. The shares are then admitted for trading on the BSE and the NSE.
These are the standard mechanics of a book-built mainboard issue and are stated here as process, not as any prediction of demand or price. Category-wise subscription figures continue to be published on the NSE and BSE websites through the bidding window, and the final subscription multiples will be known only at close. The complete offer document, including the full risk-factors section, remains available on SEBI's website and the exchanges.
FAQ
What is the price band and lot size?
The price band is Rs 402 to Rs 424 per equity share, and the bid lot is 35 equity shares, per NSE. Applications are made for a minimum of 35 shares and in multiples of 35 thereafter. At the upper end of the band, one lot amounts to Rs 14,840. The face value of each share is Rs 10.
When does the issue open and close?
The issue opened for subscription on 17 July 2026 and closes on 21 July 2026, per the RHP and the NSE issue record. Anchor bidding took place on 16 July 2026. The cut-off time for UPI mandate confirmation is 5:00 PM on the closing day.
What does the company do?
Per the RHP, Caliber Mining and Logistics is an integrated coal mining and logistics operator handling overburden removal, coal extraction, coal loading and unloading, road transportation and rail coordination. Its largest customers are the Coal India subsidiaries Western Coalfields Limited and Northern Coalfields Limited.
Where can I read the RHP?
The red herring prospectus is filed with SEBI and is available on SEBI's website under Filings, Public Issues, as well as on the NSE and BSE websites and the websites of the company and the book-running lead manager. It contains the complete financial statements and the full risk-factors section.
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 - read it directly before making any decision.
This report is based on the red herring prospectus filed with SEBI and issue and subscription data from the NSE. It was surfaced via coverage in Mint.