Caliber Mining and Logistics, which is backed Sunil Singhania-led asset manager Abakkus that recently raised its first Category-II fund, has filed its draft papers for an initial public offering (IPO) of shares.
Caliber Mining and Logistics has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator to raise Rs 600 crore through a public listing.
The IPO will comprise a mix of a fresh issuance of shares up to Rs 500 crore, and an offer-for-sale of up to Rs 100 crore by promoters Chadda family. Of the total amount to be raised, there is also an option of a pre-IPO placement of up to Rs 100 crore through fresh shares.
The promoter and promoter group held 94.91% stake in the firm, while Abakkus held 3.89%.
Of the amount to be raised, the company will use up to Rs 175 crore for repayment or pre-payment of dues, up to Rs 200 crore for capital expenditure, and the rest for other corporate purposes.
Caliber Mining and Logistics provides end-to-end coal mining and logistics services, including coal extraction, overburden removal, loading and unloading, road transportation, and rail coordination. Operating across Maharashtra, Chhattisgarh, and Madhya Pradesh, its key clients include Coal India subsidiaries Western Coalfields Ltd and Northern Coalfields Ltd.
DAM Capital Advisors Ltd is the sole book-running lead manager to the issue.
The company’s market share in contract mining has grown from less than 1% in FY20 to 3.5% in FY24, as per a CRISIL report mentioned in the DRHP. Its operations are supported by a fleet of 1,473 vehicles, including 1,373 owned and 100 leased ones.
As of October 31, 2024, its order book stood at Rs 5,085 crore, with 96.60% attributed to mining and overburden removal and the rest to logistics.
Caliber’s revenue from operations grew at a CAGR of 60.05% from Rs 372 crore in FY22 to Rs 953 crore in FY24. Profit after tax grew at a CAGR of 47% from Rs 44 crore to Rs 95 crore in the same period.
For the three months ended June 30, 2024, revenue from operations stood at Rs 363.22 crore, and profit after tax at Rs 34.43 crore.
