CMPDI And Speciality Medicines IPO Opening on Friday With ₹1,871 Crore Combined Issue

Mumbai, March 18: Two IPOs, Central Mine Planning & Design Institute (CMPDI) and Speciality Medicines Ltd will be open for subscription on Friday, March 20 2026, bringing a combined issue size of ₹1,871 crore to the primary market.

The dual opening follows final prospectus filings and exchange notifications, with both companies aligning their book-building windows between March 20 and March 24 2026. The offerings represent contrasting structures: a large PSU-led offer for sale and a smaller SME fresh issue.

CMPDI IPO Structure, Pricing And Financials

The CMPDI IPO is entirely an offer for sale aggregating ₹1,842.12 crore. This structure indicates that proceeds will go to existing shareholders primarily government-backed entities rather than the company itself.

The price band has been fixed at ₹163 to ₹172 per share, with a lot size of 80 shares. At the upper end, retail investors are required to commit a minimum of ₹13,760.

CMPDI operates as a key consultancy arm in the coal and mining sector, providing mine planning, exploration, and engineering services. According to disclosures, the company holds a dominant market share of around 61% in its segment.

Financially, CMPDI reported total income of ₹2,177.53 crore and profit after tax of ₹666.91 crore for FY25. Margins remain notably strong, reflecting the asset-light consultancy model.

Speciality Medicines IPO Structure, Pricing And Business Overview

In contrast, Speciality Medicines Ltd is raising ₹29.14 crore through a fresh issue, meaning the funds will be deployed into business operations and expansion initiatives.

The price band is set at ₹117 to ₹124 per share, with a lot size of 1,000 shares. This results in a minimum investment of ₹1,24,000 at the upper price band typical for SME listings where entry thresholds are higher.

The company operates in specialty pharmaceutical formulations, focusing on high-value and niche therapeutic products. Its model includes both contract manufacturing for global markets and domestic distribution of specialized medicines.

For FY25, the company reported revenue of ₹58.54 crore and profit after tax of ₹8.61 crore, indicating steady but smaller-scale operations compared to mainboard issuers.

Book-Building Process And Investor Allocation

Both IPOs are being offered through the book-building process, where investors bid within a price band and the final issue price is determined based on demand.

Allocation is broadly structured as:

• Up to 50% for Qualified Institutional Buyers (QIBs)
• At least 35% for retail investors
• Around 15% for Non-Institutional Investors (NIIs)

In SME IPOs, allocation ratios may vary slightly, and participation typically involves larger ticket sizes due to higher lot requirements.

Timeline And Listing Schedule

Both IPOs opened on March 20 2026 and are scheduled to close on March 24 2026.

As per timelines indicated in filings:

• Allotment is expected around March 25 2026
• Refunds and share credits by March 27 2026
• Tentative listing on March 30 2026

CMPDI will list on BSE and NSE, while Speciality Medicines will list on the BSE SME platform.

Market Positioning And Issue Contrast

The simultaneous launch of CMPDI and Speciality Medicines highlights two distinct capital market strategies.

CMPDI’s IPO is a large-scale stake dilution by existing shareholders, likely targeting institutional demand given its size and profitability profile. Meanwhile, Speciality Medicines is raising fresh capital for growth, positioned within the SME segment with a niche pharmaceutical focus.

The contrast in size, structure, and sector underscores the range of opportunities currently entering the IPO market within a single subscription window.

Source:

https://www.sebi.gov.in/filings/public-issues/mar-2026/central-mine-planning-and-design-institute-limited-rhp_100326.html