Central Mine Planning & Design Institute, the subsidiary of country's largest coal miner Coal India, has raised Rs 469.74 crore from 22 anchor investors on March 19, a working day before the IPO opening. Life Insurance Corporation of India, and Nippon Life are the largest investors in the anchor book, each buying Rs 105 crore worth CMPDI shares.
The company approached capital markets to raise Rs 1,837.8 crore via initial public offering (IPO) of 10.71 crore equity shares which is entirely an offer-for-sale by Coal India. The price band for the offer has been fixed at Rs 163-172 per share.
The coal and mineral consultancy company on Wednesday has finalised allocation of 2.73 crore shares to anchor investors at the upper price band.
"Out of the total allocation, 1.19 crore shares worth Rs 205 crore were allocated to four domestic mutual funds, which have applied through their total nine schemes," Central Mine Planning & Design Institute in its filing to exchanges said.
Marquee investors like Life Insurance Corporation of India, Nippon Life India, ICICI Prudential Mutual Fund, LIC Mutual Fund, Edelweiss, Baring Private Equity, General Insurance Corporation, BNP Paribas, Goldman Sachs, Societe Generale, and Citigroup Global participated in the anchor book.
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Life Insurance Corporation of India, and Nippon Life India are the largest investors amongst them, each picking up 61.04 lakh share worth Rs 105 crore. This follows ICICI Prudential Mutual Fund which acquired more than 31 lakh shares worth Rs 55 crore.
Further, LIC Mutual Fund, Baring Private Equity Fund, and BNP Paribas Financial Markets each bought nearly Rs 25 crore worth shares, while Edelweiss Trusteeship, Societe Generale, and Goldman Sachs Bank Europe each purchased shares worth Rs 20 crore.
Central Mine Planning & Design Institute, which is valued at Rs 12,281 crore at the upper price band, will open its IPO for the public on March 20 and close on March 24. As this is entirely an offer-for-sale, the company will not receive any funds from the IPO proceeds.
Incorporated in 1975, CMPDI that claims one of the largest coal and mineral consultancy companies in India, offers consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services.
The company will finalise IPO share allotment by March 25, while the trading in CMPDI shares will commence on the bourses effective March 30.
IDBI Capital Markets & Securities, and SBI Capital Markets are appointed as the book running lead managers for the Central Mine Planning & Design Institute IPO.
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