Shares of Central Mine Planning & Design Institute (CMPDI), the consultancy arm of Coal India, made a weak debut on Dalal Street on Monday, tracking bearish trend in broader market.

The CMPDI shares listed at ₹162.80 on the BSE, down 5.35% over its issue price of ₹172, taking its market capitalisation to ₹11,624 crore. On the NSE, CMPDI opened at ₹160, down 6.98% over the initial public offering (IPO) price.

Meanwhile, benchmark indices - BSE Sensex and NSE Nifty – were down by 1% each as crude oil prices spiked to $108 per barrel (bbl) as the U.S.-Iran conflict entered its fifth week. In the opening trade, the Sensex tumbled 1,192 points, or 1.61%, to 72,391.98 , while the Nifty 50 declined 349 points, or 1.53%, to 22,470.

The listing was below the Street expectations, as the stock was commanding a modest grey market premium (GMP) of ₹5 in the unlisted market ahead of debut.

IPO subscribed 1.05X

CMPDI’s ₹1,842-crore IPO, which opened for subscription last week, received a lukewarm response amid weak secondary market sentiment driven by geopolitical tensions in the Middle East. The issue managed to scrape through on the final day (March 24), closing with a marginal subscription of 1.05 times.

Demand was largely driven by institutional investors, while participation from retail and non-institutional investors remained subdued. According to exchange data, the qualified institutional buyers (QIB) portion was subscribed 3.48 times, led by mutual funds and domestic financial institutions.

In contrast, the non-institutional investor (NII) segment saw weak traction at 0.35 times subscription, while the retail individual investors (RII) category was subscribed just 0.33 times. The employee quota also witnessed muted interest at 0.21 times, and the shareholder reservation portion was subscribed 0.36 times.

As per the allocation structure, up to 50% of the issue was reserved for QIBs, at least 35% for retail investors, and the remaining 15% for NIIs.

The IPO was entirely an offer for sale (OFS) of 10.71 crore equity shares, meaning the proceeds will go to the selling shareholders rather than the company.

CMPDI is among India’s largest coal and mineral consultancy firms, with a market share of 61% in FY25, and serves as the preferred consultant to Coal India. The company has reported steady financial growth in recent years.

For the nine months ended December 2025, CMPDI posted total income of ₹1,543.93 crore and a profit after tax of ₹425.36 crore. For FY25, total income rose to ₹2,177.53 crore from ₹1,770.18 crore in FY24, while net profit increased to ₹666.91 crore from ₹503.23 crore in the previous fiscal. EBITDA grew to ₹915.71 crore in FY25 from ₹764.44 crore in FY24, reflecting improved operating performance.

CMPDI’s net worth stood at ₹2,041.85 crore in FY25, with total assets at ₹2,682.80 crore, indicating a strengthening balance sheet.