Central Mine Planning OFS IPO Closes at 0.92x: QIBs Drive Final Hour Surge

Mumbai, March 24: Central Mine Planning & Design Institute Limited’s ₹1,842 crore 100% Offer-For-Sale IPO concluded its final day with 0.92x overall subscription (4:36 PM BSE data), attracting 7,30,20,080 shares bid against 7,97,89,500 offered. The Coal India subsidiary’s issue, priced ₹163-172/share (lot: 80 shares, face value ₹2), saw late QIB frenzy amid market rebound from US-Iran de-escalation.

Final Subscription Breakdown:

• Qualified Institutional Buyers (QIBs): 2.92x (5,32,31,520/1,82,07,000 shares) – Mutual Funds dominated (3,36,51,120 bids)
• Non Institutional Investors (NIIs): 0.35x (47,25,600/1,36,55,250 shares); bNII 0.27x, sNII 0.51x
• Retail Individual Investors (RIIs): 0.32x (1,02,52,560/3,18,62,250 shares); cut-off 83,11,200 shares
• Employee Reservation: 0.20x (10,81,040/53,55,000 shares) – ₹8/share discount
• Shareholder Quota: 0.35x (37,29,360/1,07,10,000 shares)

Bidding Pattern: Most bids came at the lowest price of ₹163 with 73 million shares, while the top price of ₹172 attracted fewer bids at 12 million shares. The BSE cumulative demand bar graph shows big investors (QIBs) with very high demand at nearly 3x their share, medium investors (NIIs) lagging at just 0.35x, and small retail investors showing steady bids mostly in the ₹163-170 range. This sharp afternoon institutional pivot completely transformed the weak Day 2 subscription of 0.09x into today’s strong 0.92x close.

Subscription Journey: Opened March on 20 (Day 1: 0.07x), Day 2: 0.09x. Final hour QIB rush propelled near-full coverage, aided by Sensex’s 1,300-point rally and Capital Goods outperformance after Monday’s Iran-triggered 1,800-point crash.

Key Metrics: Minimum retail ₹13,760 (80 shares at ₹172). sNII minimum ₹2,06,400 (15 lots); bNII ₹10,04,480 (73 lots). Allotment March 25; listing March 30 (BSE/NSE). Lead managers: IDBI Capital, SBI Capital Markets; registrar: Kfin Technologies.

Sponsor banks were Axis and HDFC Bank.

Company Overview: As Coal India’s MinRatna technical arm, CMPDI specializes in mine planning, design, exploration, and consultancy for coal/mineral projects nationwide. The OFS provides shareholder liquidity without fresh capital, maintaining operational strength amid India’s energy security priorities.

Final Verdict: CMPDI’s near-1x close validates PSU mining infrastructure appeal – QIB strength positions it for stable listing despite modest retail/NII participation.

Source: https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspxid=4504&type=IPO&idtype=1&status=L&IPONo=7645&startdt=20/03/2026