Caliber Mining and Logistics IPO Subscription Status Day 1: Retail Leads Opening Day at 0.49x Subscription

Caliber Mining and Logistics Limited's initial public offering opened for bidding on July 17, picking up steady demand through the morning to be subscribed 0.34 times as of 11:03 am, according to the latest bidding data. Retail individual investors led the charge with 0.49 times subscription, while non-institutional investors were close behind at 0.46 times. Bids from qualified institutional buyers had yet to be disclosed at the time of this update, a category watchers will be tracking closely as the week progresses.

The Rs 450-crore mainboard offering, which hit the market today, comprises a fresh issue of shares worth up to Rs 400 crore alongside an offer for sale of up to Rs 50 crore by promoters, and will run through July 21. Investors can bid within a price band of Rs 402 to Rs 424 per equity share, in lots of 35 shares apiece; the minimum investment amount is to be updated. The opening followed a Rs 135-crore anchor round a day earlier, on July 16, when the company allotted 31.83 lakh shares to seven anchor investors at the top of the price band. Quant Mutual Fund took the largest slice, picking up 11.79 lakh shares worth Rs 50 crore, while Ashoka India Equity Investment Trust committed Rs 25 crore and 3P India Equity Fund and Helios Small Cap Fund put in Rs 15 crore apiece. Proceeds from the issue are earmarked for repaying certain borrowings, purchasing commercial vehicles and machinery, and general corporate purposes, with listing planned on the BSE and NSE once bidding closes.

Dam Capital Advisors Ltd is the sole book running lead manager for the Caliber Mining and Logistics IPO.

Conclusion

With bidding set to continue through July 21, attention now turns to whether qualified institutional buyers will step up their participation as the issue heads into Day 2, following retail and NII investors who set the pace on the opening day.

The IPO allotment is expected to be finalised on July 22, while the shares will list on the BSE and NSE on July 24.

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