Sunil सिंघनिया...

Sunil Singhania’s Abakkus backed Caliber Mining and Logistics files DRHP for Rs 600 crore IPO

Sunil Singhania’s Abakkus backed Caliber Mining and Logistics is among one of the top 10 mining operators managing overburden removal, coal extraction and coal logistics together as an integrated services provider, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 600 crore through Initial Public Offering (IPO).

The IPO, with a face value of Rs 10, is a mix of fresh issue of shares up to Rs 500 crore and an offer-for-sale of up to Rs 100 crore by Promoter Selling Shareholders.

Offer of Sale consists of shareholders selling shares up to Rs 25 crore by Mohit Satishkumar Chadda, Rs 25 crore by Anuj Krishanlal Chadda, Rs 25 crore by Manish Krishanlal Chadda, Rs 25 crore by Rahul Roshanlal Chadda.

According to the shareholding pattern, as on the date of this Draft Red Herring Prospectus, Promoter and Promoter Group held 94.91%, and Abakkus Four2eight Opportunities Fund held 3.89%.

The company, in consultation with the BRLMS, may consider a pre-IPO placement of specified securities aggregating up to Rs. 100 crores. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.

The proceeds from the fresh issue to the extent of Rs 175 crore by repayment or prepayment in full or part of all or certain outstanding borrowings availed by the Company; Rs 200 crore for funding capital expenditure for purchase of machinery for contract requirements; and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the Offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.

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 Limited (WCL) and Northern Coalfields Limited (NCL). Since entering logistics in Fiscal 2016 and contract mining in Fiscal 2021, the company’s market share in contract mining has grown from less than 1% in Fiscal 2020 to 3.5% in Fiscal 2024, as noted in a CRISIL report mentioned in the DRHP. Its operations are supported by a robust fleet of 1,473 vehicles, including 1,373 owned and 100 leased units.

The company specializes in open-cast coal mining, with coal extraction and overburden removal seeing significant growth due to investments in equipment. In Fiscal 2024, it extracted 4.98 million tonnes (MT) of coal and removed 68.07 million cubic meters (Mcum) of overburden. Maintenance and cost efficiencies are ensured through in-house workshops at its headquarters in Chandrapur and key mining sites. Logistics services focus on coal transportation and have recently expanded to include iron ore, serving marquee clients like GMR Warora Energy Limited and Dhariwal Infrastructure Limited.

As of October 31, 2024, its order book stood at ₹5,084.71 crore, with 96.60% attributed to mining and overburden removal and the rest to logistics. The execution period for contracts ranges from 11 to 68 months for mining and 6 to 12 months for logistics. Caliber is led by experienced promoters—Mohit, Anuj, Manish, and Rahul Chadda—whose strategic vision has driven its growth, supported by a skilled team of 295 employees. With integrated operations and a growing footprint, Caliber Mining and Logistics continues to strengthen its position in the Indian mining and logistics industry.

The Company's revenue from operations grew at a CAGR of 60.05% from ₹372.08 crore in Fiscal 2022 to ₹953.12 crore in Fiscal 2024. Profit after tax grew at a CAGR of 47% from ₹44.31 crore in Fiscal 2022 to ₹95.12 crore in Fiscal 2024.

For the three months ended June 30, 2024, revenue from operations stood at Rs 363.22 crore, and profit after tax stood at Rs 34.43 crore.

DAM Capital Advisors Limited is the sole book-running lead manager and KFin Technologies Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.