Caliber Mining opens Rs 450 crore IPO at Rs 402-424 band

The Development

Caliber Mining and Logistics Limited has opened its Rs 450 crore initial public offering for subscription, with the three-day bidding window running from 17 July to 21 July 2026, per the red herring prospectus dated 13 July 2026 that the company filed with the Registrar of Companies at Nagpur and that is hosted on SEBI's website. The Nagpur-based mining-services company has fixed a price band of Rs 402 to Rs 424 per share for the mainboard issue, which is scheduled to list on both the BSE and the National Stock Exchange on 24 July, with the NSE named as the designated stock exchange.

The offer combines a fresh issue of equity shares aggregating up to Rs 400 crore with an offer for sale of up to Rs 50 crore by the promoter selling shareholders. Anchor investor bidding was held on 16 July, the day before the public window opened, per the offer document. The development was surfaced through IPO-desk coverage in The Economic Times, though the terms here are drawn from the offer document. At the RHP stage the offer is legally operative: the band, the dates and the objects are fixed, and applications are placed through the exchanges' book-building platform.

The Company

Caliber Mining and Logistics, incorporated in 2014, describes itself in the RHP as an integrated mining-services provider operating across the coal-mining value chain. The company discloses that its services span overburden removal, coal extraction, loading and unloading, road transportation and rail-coordination services, and that it operates a fleet of 162 excavators and 362 tip trailers. Per the RHP, it does not own any mines; its largest customers are mine-owning entities, principally subsidiaries of Coal India Limited such as Western Coalfields Limited and Northern Coalfields Limited. It entered coal logistics in Fiscal 2016 and iron-ore logistics in Fiscal 2023, with operations across Maharashtra, Madhya Pradesh and Chhattisgarh.

On the numbers the offer document states, 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 moved from Rs 95.90 crore to Rs 131.55 crore to Rs 157.90 crore across the same three years, per the RHP, while net worth stood at Rs 647.54 crore in Fiscal 2026 for a return on net worth the company puts at 24.38%. The promoters are Mohit Satishkumar Chadda, the chairman and managing director, along with Anuj Krishanlal Chadda, Manish Krishanlal Chadda, Rahul Roshanlal Chadda and Priya Anuj Chadda.

The Offer Structure

Per the RHP, the total offer of Rs 450 crore comprises a fresh issue of up to Rs 400 crore and an offer for sale of up to Rs 50 crore, with the five promoters named as the selling shareholders; the company does not receive the offer-for-sale proceeds. The face value is Rs 10 per share and the price band is Rs 402 to Rs 424. The minimum bid lot is 35 shares, which works out to a minimum application of Rs 14,840 at the upper end of the band. The document notes that pre-IPO placements of 23,58,490 equity shares at Rs 424 each, aggregating Rs 100 crore, were completed before the filing and reduced the fresh issue accordingly.

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 to the offer. Readers working through the arithmetic of a lot can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market 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 states that the top three customers accounted for 90.11% of revenue from operations in Fiscal 2026, with the single largest customer, Northern Coalfields Limited, contributing 44.16%, and it warns that the loss of any top customer could adversely affect the business. Among the risk factors the company discloses is a dependence on the award of large-scale mining contracts, each above Rs 1,000 crore, which the RHP says represented 76.12% of Fiscal 2026 revenue and whose future award is subject to uncertainty.

The RHP also lists operating risks including accidents, flooding, machinery and equipment failures, and the unavailability of diesel fuel and water. The company flags increases in the cost of power, fuel, and stores and spares, and the need for approvals, licenses and permits, including diesel-storage clearance from the Petroleum and Explosives Safety Organisation. It further discloses that it does not maintain insurance against various operational hazards. These are the company's own disclosures, not an assessment by this desk.

What Happens Next

From the current milestone the mechanics follow the standard book-building sequence. Anchor investors were allotted shares on 16 July, ahead of the public window, and the exchanges publish that allocation as a circular. The three-day subscription period runs to 21 July, with the UPI mandate confirmation cut-off at 5:00 pm on the closing date, per the offer document. Bids are placed category-wise across qualified institutional buyers, non-institutional investors and retail individual investors, and the NSE and BSE publish subscription figures as the window progresses.

After the close, the basis of allotment is expected to be finalised on or about 22 July, followed by refunds and the unblocking of application amounts for unsuccessful bids and the crediting of shares to successful applicants. The RHP schedules listing and the commencement of trading on the NSE and the BSE for 24 July 2026. Each step is a matter of exchange and registrar process rather than a signal of demand or price.

FAQ

What is the price band and lot size?

Per the RHP, the price band is Rs 402 to Rs 424 per share of Rs 10 face value. The minimum bid lot is 35 shares, which amounts to Rs 14,840 at the upper end of the band. Larger bids are made in multiples of the lot, subject to the category limits the offer document sets out.

When does the issue open and close?

The bid or offer period opened on 17 July 2026 and closes on 21 July 2026, per the red herring prospectus, with the UPI mandate confirmation cut-off at 5:00 pm on the closing date. Anchor investor bidding took place on 16 July.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website, on the NSE and BSE websites, on the company's website and on the lead manager's website. It contains the complete disclosures, including the full risk-factors section, the restated financials and the objects of the offer.

How is the basis of allotment decided?

For a book-built issue, shares are allotted category-wise. Where a category is oversubscribed, retail applicants are allotted by a computerised lottery run by the registrar under exchange supervision, with the basis of allotment finalised after the issue closes, expected here on or about 22 July.

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 the abridged prospectus hosted on the exchanges. It was surfaced via IPO-desk coverage in The Economic Times.