GMP IPO Watch
CMPDI IPO Final Day: A "Mini Ratna" Powerhouse at a Reasonable Price—Should You Bid?
The ₹1,842 crore IPO of Central Mine Planning & Design Institute (CMPDI), a critical technical arm of Coal India, closes for subscription today, March 24, 2026. Priced at ₹163–₹172, this 100% Offer for Sale (OFS) is a value-play for those eyeing India’s core energy sector. We look at the 25% Day 2 subscription, the ₹1.50 GMP, and why long-term investors are watching this one.
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1. Final Call: Today is Day 3
If you have been waiting on the sidelines, today is the last window to apply.
Subscription Update: By the end of Day 2, the issue was subscribed 0.25x (25%).
Institutional Interest: The Qualified Institutional Buyers (QIB) portion is leading at 62%, while Retail and HNI participation remains steady but cautious. A final-day "surge" from institutional investors is expected before the 5:00 PM cutoff.
2. The Business: The Technical Brain of Indian Mining
CMPDI isn't a mining company that digs coal; it is the consultancy firm that tells others how to dig it.
Niche Dominance: They hold a nearly 61% market share in India’s coal and mineral consultancy space.
Beyond Coal India: While they are a subsidiary of Coal India, they have diversified to serve private players and government bodies like the National Mineral Exploration Trust (NMET).
Asset-Light Model: Since they provide "brain power" (planning, design, and exploration) rather than heavy machinery, their margins are incredibly high—boasting an EBITDA margin of ~42%.
3. Grey Market Premium (GMP) & Listing Sentiment
Current GMP: ₹1.50 (as of March 24 morning).
Estimated Listing: ₹173.50 (approx. 1% gain).
Expert Insight: The grey market is signaling a "flat" listing. This reflects the current volatility in the broader Nifty (which saw a sharp dip yesterday) and the fact that this is a large-cap PSU issue, which rarely sees massive 50% "pops" on day one. It is priced for stability, not speculation.
4. Critical IPO Details & Lot Size
| Event / Detail | Important Dates & Info |
|---|---|
| IPO Closing Date | Today, Tuesday, March 24, 2026 |
| Price Band | ₹163 to ₹172 per share |
| Retail Lot Size | 80 Shares |
| Minimum Investment | ₹13,760 (1 Lot) |
| Employee Discount | ₹8 per share |
| Listing Date | Monday, March 30, 2026 (NSE & BSE) |
5. Financials: A Debt-Free Cash Machine
CMPDI’s financials are remarkably strong for a PSU subsidiary:
Profit Growth: PAT jumped from ₹296 Cr in FY23 to ₹667 Cr in FY25.
Zero Debt: The company operates with a debt-free balance sheet, allowing it to maintain a high ROCE (Return on Capital Employed) of over 48%.
