Central Mine Planning IPO GMP declines ahead of issue opening on Friday; check key details

Central Mine Planning and Design Institute to open on March 20.

• CMPDIL IPO opens March 20 with Rs 1,842 crore issue size.
• GMP for CMPDIL IPO declined to about 2 percent before opening.
• CMPDIL stock market debut set for March 30.

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Central Mine Planning IPO GMP declined ahead of the issue opening on Friday.

According to platforms tracking the grey market activities, the shares of the company are commanding a GMP of about 2 perent in the unofficial market. Investorgain quoted a GMP of Rs 4 for the shares of the company, indicating a listing gain of 2.33 percent. IPO Watch also quoted a GMP of 2.33 percent.

Central Mine Planning and Design Institute (CMPDIL) is an arm of state-owned Coal India. The price band has been fixed at Rs 163 to Rs 172 per share, valuing the company at around Rs 12,280 crore at the higher end, the company announced.

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The company's maiden public offering will conclude on March 24. Central Mine Planning shares will make its stock market debut on March 30.

CMPDIL was incorporated in 1975 as a wholly-owned subsidiary of Coal India. It offers consultancy and support services for the entire spectrum of coal and mineral exploration, as well as mine planning and design services.

Its services also include infrastructure engineering, environmental management, geomatics, specialized technology services, and management systems, primarily for the coal industry and other minerals.

Earlier, Bharat Coking Coal (BCCL), another subsidiary of Coal India, came out with its Rs 1,071-crore IPO in January.

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