Caliber Mining and Logistics Ltd, an integrated coal mining and logistics services provider, is set to launch its ₹450 crore initial public offering. The issue comprises a fresh issue of ₹400 crore and an Offer for Sale (OFS) of ₹50 crore, valuing the company at an estimated post-issue market capitalization of approximately ₹2,772 crore.

The company provides end-to-end mining solutions, including overburden removal, coal extraction, coal loading and unloading, road transportation, and rail logistics coordination. Its operations span Maharashtra, Madhya Pradesh, and Chhattisgarh, with major customers including subsidiaries of Coal India Ltd., primarily Western Coalfields Ltd. and Northern Coalfields Ltd.

Caliber intends to utilize around ₹208 crore from the fresh issue proceeds for debt repayment, which is expected to lower finance costs and strengthen profitability. The remaining funds will be invested in capital expenditure, including the purchase of commercial vehicles, mining equipment, and machinery to enhance execution capabilities and support future business growth.

According to Deven Choksey Research, the IPO is valued at 14.5 times FY26 estimated earnings and 7.7 times FY26 EV/EBITDA at the upper price band. The brokerage believes the valuation is reasonable compared with listed contract mining and infrastructure peers, supported by the company's healthy order book, execution track record, and long-term growth prospects. Based on these factors, it has recommended subscribing to the IPO with a long-term investment horizon.