CMR Green Technologies, Hexagon Nutrition IPOs: GMPs Offer Clues Ahead of Market Debut

India's IPO Market Set to Rebound as CMR Green Technologies and Hexagon Nutrition Open for Subscription

Activity in India's primary market has slowed significantly in recent weeks, as heightened geopolitical tensions, volatile crude oil prices, persistent foreign fund outflows, and broader market uncertainty have prompted several companies to delay their public offerings. Despite this slowdown, investor interest is set to return this week with two mainboard public issues - CMR Green Technologies and Hexagon Nutrition - opening for subscription.

CMR Green Technologies IPO

CMR Green Technologies, a Faridabad-based non-ferrous metal recycler, has fixed a price band of ₹182-192 per share for its ₹630-crore initial public offering (IPO). The issue will open for public subscription from 3 June to 5 June, while anchor investor bidding will commence on 2 June. The IPO consists solely of an offer for sale (OFS) of up to 3.28 crore equity shares by promoters and an investor-seller shareholder, with the company not obtaining any funds from this issuance.

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CMR Green Technologies specialises in the processing and production of aluminium and zinc alloys, as well as furnace-ready scrap of various metals, including stainless steel, copper, brass, lead, and magnesium. The CMR Green Technologies IPO grey market premium (GMP) is ₹52.5, indicating an estimated listing price of ₹244.5 apiece, which is 27.34% above the IPO price of ₹192.

Hexagon Nutrition IPO

Mumbai-based Hexagon Nutrition has set a price band of ₹42-45 per share for its ₹139-crore IPO. The public issue will open on 5 June and close on 9 June, while the anchor investor portion will open for a day on 4 June. The proposed offering includes a complete OFS of over 3.08 crore equity shares by the company's promoters, with all proceeds going to the selling shareholders.

Established in 1993, Hexagon Nutrition began as a micronutrient formulations company and later diversified into branded nutrition products, positioning itself as a dedicated nutrition player in India. The Hexagon Nutrition IPO GMP today was ₹0, indicating shares were trading at the issue price of ₹45 with no premium or discount in the grey market.

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IPO Market Outlook

Mohit Gulati, Fund Manager & CIO, ITI Growth Opportunities, believes FY26 marked a turning point for India's IPO market after an extended period of exuberance. He notes that FY26 will likely be remembered as the year the IPO boom lost momentum, with 94 mainboard listings raising nearly ₹1.60 lakh crore and issuance volumes growing around 20% year-on-year. However, the momentum weakened considerably in the final quarter, with nearly 75% of FY26 listings now trading below their listing-day prices.

Looking ahead to FY27, Gulati remains cautious on the IPO market, citing sharp foreign institutional investor outflows, pressure on the rupee, and stretched IPO valuations as factors that have collectively forced a reassessment of risk. He believes that investors may be better served focusing on proven businesses already listed on the exchanges rather than chasing new issues priced on expectations from a market cycle that has largely turned.