Caliber Mining shares made a decent listing at nearly 19 percent premium over the initial public offering (IPO) price on Friday, following a massive 146.64 times subscription in the primary market between July 17-21.

Shares of Caliber Mining and Logistics were listed at Rs 500.25 per share on the NSE, a premium of 17.98 percent. The Rs 450-crore issue had a price band of Rs 402-424 per share.

On the BSE, the shares of the company were listed at Rs 504 per share, a premium of 18.87 percent. The company's market capitalisation post listing of shares stood at Rs 3,294.94 crore.

Caliber Mining market debut was almost at par with the expectations in the grey market, which had anticipated a listing gain of around 19 percent.

Shivani Nyati, Head of Wealth at Swastika Investmart, said the listing has been encouraging, however, some profit booking in the near term cannot be ruled out after the sharp gain.

"Fresh investors should avoid chasing the stock at current levels and instead wait for a dip or consolidation before entering. Overall, investors who received allotment can continue to hold the stock for the medium to long term, with a stop-loss at Rs 475 (closing basis)," she added.

The IPO got bids for 114.90 crore shares against 78.35 lakh shares on offer, as per NSE data.

Earlier, the company raised Rs 135 crore from anchor investors.

Incorporated in 2014, Caliber Mining and Logistics provides integrated mining services, including overburden removal, coal extraction and coal logistics. The company operates across Maharashtra, Madhya Pradesh and Chhattisgarh.

It does not own any mines but offers end-to-end mining and logistics services to its customers.