CMPDI IPO: Coal India arm to launch issue on Mar 20; check all key details here

Central Mine Planning and Design Institute (CMPDI), the consultancy arm of Coal India, is set to launch its initial public offering (IPO) on March 20 and closing on March 24. The Rs 1,842 crore issue has a price band fixed between Rs 163 and Rs 172 per share, with each share carrying a face value of Rs 2.

The IPO is a pure offer-for-sale (OFS) of 10.71 crore equity shares, with the government and Coal India reducing their stake. CMPDI’s shares are expected to be listed on both the BSE Ltd and NSE on March 30, 2026. Retail investors can bid for a minimum lot of 80 shares, requiring an investment of Rs 13,760 at the upper end of the price band.

The IPO reserves 35 per cent of the issue for retail investors, 50 per cent for qualified institutional buyers (QIBs), and 15 per cent for non-institutional investors. As the issue is entirely an OFS, CMPDI will not receive any proceeds from the offer as all proceeds shall go to the selling shareholders, that is, Coal India Ltd.

IDBI Capital Markets and SBI Capital Markets are the book-running lead managers, and Kfin Technologies Ltd will serve as the registrar. The credit of shares to successful applicants’ Demat accounts and initiation of refunds will proceed after the basis of allotment is finalised, with UPI mandate confirmation due by March 24.

CMPDI, established in 1974, is a leading provider of consultancy and technical services for coal and mineral exploration, mine planning, and mine design. The company supports mining projects with services such as geological exploration, environmental planning, surveying, remote sensing, and infrastructure engineering.

CMPDI commands a 61 per cent market share in FY25 and is a preferred partner for Coal India, the world’s largest coal producer. It operates through business verticals including resource evaluation, mine planning, environmental monitoring, and geomatics.

Financially, CMPDI has shown consistent growth. Revenue rose to Rs 2,177 crore in FY25 from Rs 1,770 crore in FY24, while profit after tax increased to Rs 667 crore in FY25 from Rs 503 crore a year earlier. For the nine months ending December 2025, revenue was Rs 1,544 crore and profit after tax was Rs 425 crore.

The government, through the Ministry of Coal and Coal India, currently owns 100 per cent of CMPDI ahead of the IPO. At the higher price band, CMPDI’s post-listing market capitalisation is projected at Rs 12,280.8 crore. Last heard, it was commanding a grey market premium (GMP) of Rs 19 apeice, suggesting a 11 per cent listing pop for the investors.