Caliber Mining & Logistics IPO opens: Should you apply? Price band, issue size, GMP & more
Caliber Mining & Logistics is selling its shares in the price band of Rs 402-424 apiece, applied for a minimum of 35 shares and its multiples to raise Rs 450 crore between July 17-21.
- Jul 17, 2026,
- Updated Jul 17, 2026 9:45 AM IST
The initial public offering (IPO) of Caliber Mining & Logistics opens for subscription on Friday, July 17 as the coal extraction player is selling its shares for Rs 402-424 apeice. Investors can apply for a minimum of 35 equity shares and its multiples thereafter. The issue can be subscribed till Tuesday, July 21.
Caliber Mining & Logistics is eyeing to raise a total of Rs 450 crore via IPO, which includes a fresh share sale of Rs 400 and an offer-for-sale (OFS) of up to 11,79,245 equity shares. Net proceeds from the issue shall be utilized towards repayment or prepayment of debt; funding capital expenditure for purchase of machinery and general corporate purposes.
Incorporated in 2014, Chandrapur-based Caliber Mining & Logistics is an integrated service provider specializing in coal extraction and coal logistics. Based in Maharashtra, the company offers comprehensive mining and logistics services, including coal extraction, overburden removal, coal loading and unloading, road transportation, and rail transportation coordination.
Ahead of its IPO, Caliber Mining & Logistics raised Rs 134.99 crore from anchor investors as it allocated 31, 83, 961 shares at Rs 424 apiece. Its anchor book included names like Quant Mutual FUnds, Ashoka India Equity Investment Trust, Helios Mutual Fund, 3P India Equity Fund, Abakkus Fund, Carnelian India Amritkaal Fund and Anchorage Capital Fund.
Caliber Mining & Logistics reported a net profit of Rs 157.90 crore with a revenue of Rs 1,684.66 crore for the financial year ended on March 31, 2026. The company clocked a net profit at Rs 131.55 crore with a revenue of Rs 1,435.57 crore for the year 2024-25. At the current valuations, the company commands a market capitalization close to Rs 2,780 crore.
The company has reserved 50 per cent of shares for qualified institutional bidders, while non-institutional investors will get 15 per cent of allocation. Retail investors will get 35 per cent shares in the IPO. Last heard, the company was commanding a grey market premium of Rs 105 apeice, suggesting a 25 per cent listing pop for the investors.
DAM Capital Advisors is the sole book running lead manager for Caliber Mining & Logistics IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on July 24, Friday. Here's what a host of brokerage firms say on the IPO of Caliber Mining & Logistics:
Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Caliber Mining is seeking a P/E of 17.5 times, and a post-issue market capitalization of Rs 2,780 crore, making the issue appears to be fully priced. The company reportedly has an order book of around Rs. 9,500 crore, providing good revenue visibility over the next few years, said Anand Rathi Share & Stock Brokers.
Its strong order book, strong client base, huge operational capabilities allowing efficient execution of large-scale mining contracts, long-term business stability. However, leverage remains relatively high post IPO proceeds, leverage should further reduce, additionally large project dependence, execution, and mining-related operational risks remain key considerations," it said with a 'subscribe for long-term' tag.
SBI Securities Rating: Subscribe Caliber is a mining operator managing OB removal, coal extraction and coal logistics together as an integrated services provider. Historically, the company has recorded revenue, Ebitda and adjusted PAT CAGR of 32.7 per cent, 33.1 per cent and 30.6 per cent, respectively over the FY24-FY26 period. It will repay Rs 208 crore of its debt, which shall aid its profitability, said SBI Securities.
"Its D/E ratio is expected to decline from 1.6 times in FY26 to 1 times post debt repayment in FY27. Caliber also intends to utilize fresh proceeds to fund capex for new commercial vehicles and machines, aimed at scaling the business. The issue is valued at EV/EBITDA multiple of 7.7 times based on post-issue capital," it said with a 'subscribe' rating for the IPO.
Arihant Capital Markets Rating: Subscribe The IPO of Caliber Mining is valued at 14.4 times FY26 diluted EPS of Rs 29.47, which appears reasonable considering the company's robust earnings growth, improving profitability and sizeable executable order book. The IPO proceeds will be utilized for debt repayment and business expansion, which is expected to strengthen the balance sheet and lower finance costs, said Arihant Capital.
"Backed by a healthy order book, healthy return ratios, improving margins and favourable long-term industry fundamentals, Caliber is well-positioned to sustain its growth trajectory. We recommend a 'subscribe' rating for investors with a medium- to long-term investment horizon," it added.
Swastika Investmart Rating: Subscribe Caliber Minings & Logistics reportedly has an order book of over Rs 9,500 crore, providing good revenue visibility over the next few years. The post-issue P/E is around 17–18 times FY26 earnings, which is acceptable compared with listed mining-services peers. RoNW of 24.38 per cent is the highest among listed peers, reflecting excellent capital utilization, said Swastika Investmart.
"Around 89 per cent of the IPO is a fresh issue, with proceeds aimed at business growth rather than promoter exit. Almost the entire top-line comes from just two subsidiaries of Coal India —Western Coalfields (WCL) and Northern Coalfields (NCL). Subscribe for medium-to-long term investment or to capture potential listing gains," it added.
Marwadi Financial Services Rating: Subscribe with caution "We assign a 'subscribe with caution' rating to this IPO, supported by the company's growing presence in the mining industry and a healthy order book," said Marwadi Financial Services. "However, we remain cautious from a long-term investment perspective due to high client concentration, with 90.11 per cent of revenue from operations derived from its top three customers in FY26."
SMIFS Rating: Subscribe Caliber Mining & Logistics' expansion into Odisha and Jharkhand, entry into iron ore logistics, and long-standing relationship with CIL position it well for sustained growth, said SMIFS. "We recommend Subscribe to the issue from a long-term perspective, driven by a scalable asset-backed model, strong order visibility, and favourable structural industry tailwinds," it adds.
Kantilal Chhaganlal Securities Rating: Subscribe Caliber Mining operates with a relatively high leverage profile. Reduction in debt may lead to lower finance costs and improved profitability and return ratios. The company had a strong order book of approximately Rs 9,550 crore, providing healthy revenue visibility over the medium term, said Kantilal Chhaganlal Securities.
The issue appears fairly valued compared to its listed peers, considering its strong growth prospects, improving financial position, and healthy order book. Considering its robust operating performance, strong order pipeline, planned deleveraging, and long-term growth potential hence, we recommend investors 'subscribe' to the issue with a long-term investment horizon," it added.
BP Equities Rating: Subscribe While the valuation appears reasonable, Caliber Mining & Logistics integrated mining and logistics business model, healthy order book, improving profitability, and favourable industry outlook provide healthy long-term growth visibility, said BP Equities. "We recommend a 'subscribe' rating for the issue with a long-term investment horizon."
Ventura Rating: Subscribe Caliber Mining and Logistics is an integrated contract mining and logistics company focused on India's coal sector, offering end-to-end mining, transportation and logistics services. Backed by a robust order book of over Rs 9,550 crore, the company enjoys strong revenue visibility and long-standing relationships with Coal India subsidiaries, said Ventura.
It reported healthy FY26 growth, with revenue rising 17.4 per cent and profit increasing 20 per cent, supported by strong margins and return ratios. IPO proceeds will be used for debt reduction, equipment purchases and expanding execution capabilities to support future growth, it said with a 'subscribe' rating.
Equivision Rating: Subscribe Caliber Mining and Logistics has exhibited robust financial and operational growth. The company reported FY26 Ebitda and PAT margins of 25.7 per cent and 9.4 per cent, respectively, which are higher than peer averages. It also benefits from strong revenue visibility, supported by an opening order book to be executed over the next 3-7 years, said Equivision.
"Its operational capabilities are backed by a fleet of 1,911 vehicles, plants, and machinery, allowing efficient execution of large-scale mining contracts. However, investors should continue to monitor customer concentration, dependence on large contracts, execution capability, leverage levels, and operational risks inherent in mining activities," it added with a 'subscribe' rating for the IPO.
The initial public offering (IPO) of Caliber Mining & Logistics opens for subscription on Friday, July 17 as the coal extraction player is selling its shares for Rs 402-424 apeice. Investors can apply for a minimum of 35 equity shares and its multiples thereafter. The issue can be subscribed till Tuesday, July 21.
Caliber Mining & Logistics is eyeing to raise a total of Rs 450 crore via IPO, which includes a fresh share sale of Rs 400 and an offer-for-sale (OFS) of up to 11,79,245 equity shares. Net proceeds from the issue shall be utilized towards repayment or prepayment of debt; funding capital expenditure for purchase of machinery and general corporate purposes.
Incorporated in 2014, Chandrapur-based Caliber Mining & Logistics is an integrated service provider specializing in coal extraction and coal logistics. Based in Maharashtra, the company offers comprehensive mining and logistics services, including coal extraction, overburden removal, coal loading and unloading, road transportation, and rail transportation coordination.
Ahead of its IPO, Caliber Mining & Logistics raised Rs 134.99 crore from anchor investors as it allocated 31, 83, 961 shares at Rs 424 apiece. Its anchor book included names like Quant Mutual FUnds, Ashoka India Equity Investment Trust, Helios Mutual Fund, 3P India Equity Fund, Abakkus Fund, Carnelian India Amritkaal Fund and Anchorage Capital Fund.
Caliber Mining & Logistics reported a net profit of Rs 157.90 crore with a revenue of Rs 1,684.66 crore for the financial year ended on March 31, 2026. The company clocked a net profit at Rs 131.55 crore with a revenue of Rs 1,435.57 crore for the year 2024-25. At the current valuations, the company commands a market capitalization close to Rs 2,780 crore.
The company has reserved 50 per cent of shares for qualified institutional bidders, while non-institutional investors will get 15 per cent of allocation. Retail investors will get 35 per cent shares in the IPO. Last heard, the company was commanding a grey market premium of Rs 105 apeice, suggesting a 25 per cent listing pop for the investors.
DAM Capital Advisors is the sole book running lead manager for Caliber Mining & Logistics IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on July 24, Friday. Here's what a host of brokerage firms say on the IPO of Caliber Mining & Logistics:
Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Caliber Mining is seeking a P/E of 17.5 times, and a post-issue market capitalization of Rs 2,780 crore, making the issue appears to be fully priced. The company reportedly has an order book of around Rs. 9,500 crore, providing good revenue visibility over the next few years, said Anand Rathi Share & Stock Brokers.
Its strong order book, strong client base, huge operational capabilities allowing efficient execution of large-scale mining contracts, long-term business stability. However, leverage remains relatively high post IPO proceeds, leverage should further reduce, additionally large project dependence, execution, and mining-related operational risks remain key considerations," it said with a 'subscribe for long-term' tag.
SBI Securities Rating: Subscribe Caliber is a mining operator managing OB removal, coal extraction and coal logistics together as an integrated services provider. Historically, the company has recorded revenue, Ebitda and adjusted PAT CAGR of 32.7 per cent, 33.1 per cent and 30.6 per cent, respectively over the FY24-FY26 period. It will repay Rs 208 crore of its debt, which shall aid its profitability, said SBI Securities.
"Its D/E ratio is expected to decline from 1.6 times in FY26 to 1 times post debt repayment in FY27. Caliber also intends to utilize fresh proceeds to fund capex for new commercial vehicles and machines, aimed at scaling the business. The issue is valued at EV/EBITDA multiple of 7.7 times based on post-issue capital," it said with a 'subscribe' rating for the IPO.
Arihant Capital Markets Rating: Subscribe The IPO of Caliber Mining is valued at 14.4 times FY26 diluted EPS of Rs 29.47, which appears reasonable considering the company's robust earnings growth, improving profitability and sizeable executable order book. The IPO proceeds will be utilized for debt repayment and business expansion, which is expected to strengthen the balance sheet and lower finance costs, said Arihant Capital.
"Backed by a healthy order book, healthy return ratios, improving margins and favourable long-term industry fundamentals, Caliber is well-positioned to sustain its growth trajectory. We recommend a 'subscribe' rating for investors with a medium- to long-term investment horizon," it added.
Swastika Investmart Rating: Subscribe Caliber Minings & Logistics reportedly has an order book of over Rs 9,500 crore, providing good revenue visibility over the next few years. The post-issue P/E is around 17–18 times FY26 earnings, which is acceptable compared with listed mining-services peers. RoNW of 24.38 per cent is the highest among listed peers, reflecting excellent capital utilization, said Swastika Investmart.
"Around 89 per cent of the IPO is a fresh issue, with proceeds aimed at business growth rather than promoter exit. Almost the entire top-line comes from just two subsidiaries of Coal India —Western Coalfields (WCL) and Northern Coalfields (NCL). Subscribe for medium-to-long term investment or to capture potential listing gains," it added.
Marwadi Financial Services Rating: Subscribe with caution "We assign a 'subscribe with caution' rating to this IPO, supported by the company's growing presence in the mining industry and a healthy order book," said Marwadi Financial Services. "However, we remain cautious from a long-term investment perspective due to high client concentration, with 90.11 per cent of revenue from operations derived from its top three customers in FY26."
SMIFS Rating: Subscribe Caliber Mining & Logistics' expansion into Odisha and Jharkhand, entry into iron ore logistics, and long-standing relationship with CIL position it well for sustained growth, said SMIFS. "We recommend Subscribe to the issue from a long-term perspective, driven by a scalable asset-backed model, strong order visibility, and favourable structural industry tailwinds," it adds.
Kantilal Chhaganlal Securities Rating: Subscribe Caliber Mining operates with a relatively high leverage profile. Reduction in debt may lead to lower finance costs and improved profitability and return ratios. The company had a strong order book of approximately Rs 9,550 crore, providing healthy revenue visibility over the medium term, said Kantilal Chhaganlal Securities.
The issue appears fairly valued compared to its listed peers, considering its strong growth prospects, improving financial position, and healthy order book. Considering its robust operating performance, strong order pipeline, planned deleveraging, and long-term growth potential hence, we recommend investors 'subscribe' to the issue with a long-term investment horizon," it added.
BP Equities Rating: Subscribe While the valuation appears reasonable, Caliber Mining & Logistics integrated mining and logistics business model, healthy order book, improving profitability, and favourable industry outlook provide healthy long-term growth visibility, said BP Equities. "We recommend a 'subscribe' rating for the issue with a long-term investment horizon."
Ventura Rating: Subscribe Caliber Mining and Logistics is an integrated contract mining and logistics company focused on India's coal sector, offering end-to-end mining, transportation and logistics services. Backed by a robust order book of over Rs 9,550 crore, the company enjoys strong revenue visibility and long-standing relationships with Coal India subsidiaries, said Ventura.
It reported healthy FY26 growth, with revenue rising 17.4 per cent and profit increasing 20 per cent, supported by strong margins and return ratios. IPO proceeds will be used for debt reduction, equipment purchases and expanding execution capabilities to support future growth, it said with a 'subscribe' rating.
Equivision Rating: Subscribe Caliber Mining and Logistics has exhibited robust financial and operational growth. The company reported FY26 Ebitda and PAT margins of 25.7 per cent and 9.4 per cent, respectively, which are higher than peer averages. It also benefits from strong revenue visibility, supported by an opening order book to be executed over the next 3-7 years, said Equivision.
"Its operational capabilities are backed by a fleet of 1,911 vehicles, plants, and machinery, allowing efficient execution of large-scale mining contracts. However, investors should continue to monitor customer concentration, dependence on large contracts, execution capability, leverage levels, and operational risks inherent in mining activities," it added with a 'subscribe' rating for the IPO.