CMR Green Tech IPO Sees Robust Subscription on Second Day, Reaches Five Times Subscribed

CMR Green Technologies IPO Receives Strong Investor Response on Second Day of Bidding

The initial public offering (IPO) of CMR Green Technologies continued to receive a strong investor response on the second day of bidding on Thursday, with the issue subscribed 4.78 times so far. This follows the IPO being fully subscribed on the opening day of the share sale on Wednesday.

According to data available from the National Stock Exchange (NSE) till 12:15 pm, the issue received bids for more than 11 crore shares against 2.3 crore shares on offer. The non-institutional investors' (NII) category was subscribed 11.11 times, while the retail individual investors' (RII) portion received 4.77 times subscription. The qualified institutional buyers' (QIB) segment attracted a subscription of 6 percent.

CMR Green Technologies, a non-ferrous metal recycler, had earlier raised Rs 188.44 crore from anchor investors. The company's shares are commanding a grey market premium (GMP) of about 31-33 percent, with Investorgain quoting a GMP of Rs 63.5 per share, indicating a 33.07 percent listing gain. IPO Watch quoted a GMP of 31.25 percent.

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The IPO opened for public subscription on June 3 and will close on June 5. The price band has been fixed at Rs 182-192 per equity share. CMR Green Technologies operates 13 recycling facilities across India and has established a procurement network across domestic markets as well as Asia, Africa, the Middle East, Europe, and the Americas.

The company's customer base mainly comprises automotive original equipment manufacturers (OEMs) and Tier-I suppliers. Its clients include Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Rockman Industries, and Craftsman Automation. The company's shares are expected to be listed on the stock exchanges on June 10, while the share allotment is expected on June 8.