• Source:JND

PSU IPO Update: Coal Central Mine Planning and Design Institute (CMPDIL), an arm of state-owned Coal India, will float its initial public offering (IPO) on March 20 next week days after Bharat Coking Coal, an another Coal India's arm, made debut on stock exchanges.

According to red herring prospectus, CMPDIL maiden public offering will remain open for public subscription till March 24, while bidding for anchor investors will take place on March 18.

IPO Is Entire Offer For Sale

The issue will be entirely an offer for sale (OFS) of 10.71 crore shares by Coal India, with no fresh issue component, meaning proceeds would go to coal India instead of to be used in operation or expansion of the company.

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CMPDIL provides consultancy services to Coal India Limited and its subsidiaries in the areas of coal exploration, mine planning and design, coal profitability and utilization, related engineering services, environmental engineering, information and communication technology, laboratory services and field services.

IDBI Capital Markets & Securities and SBI Capital Markets are the lead managers running the books for the public issue. Earlier, Bharat Coking Coal (BCCL), another subsidiary of Coal India, floated a Rs 1,071-crore IPO in January.

GSP Crop Science IPO To Open On March 18

Meanwhile, Agrochemical Company GSP Crop Science Ltd has fixed a price band of Rs 304-320 per share for its Rs 400 crore IPO. The IPO is set to open for public subscription on March 16 and will conclude on March 18.

At the upper end of the price band, the company's market cap is valued at Rs 1,489 crore.

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IPO Is Combination Of Fresh Shares And Offer For Sale

The Ahmedabad-based company's IPO will see a fresh issue of shares worth Rs 240 crore, along with an offer for sale (OFS) of shares worth Rs 160 crore by the promoter. According to information shared by the company, Rs 170 crore from the latest issue will be used for debt repayment, while the remaining portion will be used for general corporate purposes.


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