Integrated mining services firm Caliber Mining and Logistics will launch its ₹450 crore initial public offering (IPO) on Friday, July 17. The issue will conclude on July 21. The price band has been set at ₹402 to ₹424 per share.
The initial share sale is a mix of fresh issuance of shares totalling ₹400 crore and an offer for sale (OFS) component of ₹50 crore by promoters Mohit Satishkumar Chadda, Manish Krishanlal Chadda, Anuj Krishanlal Chadda and Rahul Roshanlal Chadda.
The fresh issue proceeds will be utilised for debt repayment, funding capital expenditure for the purchase of commercial vehicles, plant and machinery and corporate general purposes.
“In addition, we expect to achieve the benefit of listing of the equity shares on the stock exchanges, enhancement of our company’s visibility and brand name amongst our existing and potential customers and creation of a public market for the equity shares in India,” according to the red herring prospectus.
The company is also exploring the deployment of electric vehicles (EVs) in mining operations. “Multiple vendors have given us the testing vehicles (and) we are in the test mode. We have raised multiple queries and solutions are being discussed. I believe in the next 6-12 months, there will be a larger picture on where EV will go in green mining,” Mohit Chadda, Chairman and Managing Director, Calibre Mining and Logistics Ltd told news agency PTI.
Caliber Mining and Logistics IPO: Lot size
A lot consists of 35 shares and multiples thereafter.
Caliber Mining and Logistics IPO: Allotment and listing date
| Event | Date |
|---|---|
| Subscription period | July 17 to July 21 |
| Basis of allotment | July 22 |
| Initiation of Refunds | July 23 |
| Credit of Shares to Demat | July 23 |
| Listing date | July 24 |
Incorporated in 2014, Caliber Mining and Logistics is a mining operator handling overburden removal, coal extraction and coal logistics together as an integrated services provider.
It offers its customers end-to-end services, including overburden removal, coal extraction, coal loading and unloading, road transportation and coordination of rail transportation.
The firm’s largest customers are subsidiaries of Coal India Limited, namely Northern Coalfields Limited (NCL) and Western Coalfields Limited (WCL).