CMR Green Technologies IPO Day 3 Update: Subscription Oversubscribed by Nearly 10 Times, GMP Reaches ₹70

CMR Green Technologies IPO Reaches Final Day of Bidding

The ₹631-crore initial public offering (IPO) of non-ferrous metal recycler CMR Green Technologies entered its last day of bidding on June 5, with the offer being subscribed 9.59 times overall on the second day of bidding on Thursday. This is a testament to the strong demand from non-institutional investors (NIIs) that has driven the subscription process.

The IPO had achieved full subscription on the opening day itself, indicating a high level of interest in the company's shares. Ahead of the issue launch, CMR Green Technologies raised ₹188.44 crore from anchor investors through the allocation of shares at the upper end of the price band. The IPO is priced at ₹182-192 per share, and consists entirely of an offer for sale (OFS) of up to 3.28 crore equity shares by promoters and an investor shareholder. As there is no fresh issue component, the company will not receive any proceeds from the offering.

CMR Green Technologies IPO GMP Jumps to ₹70

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The Grey Market Premium (GMP) for the CMR Green Technologies IPO has jumped to its highest so far of ₹70 per share. This means that shares of CMR Green Technologies are trading at ₹262 in the unofficial market, signalling a 36% listing pop. The lowest GMP for the IPO has been ₹24.

About CMR Green Technologies

Faridabad-based CMR Green Technologies is one of India's leading non-ferrous metal recyclers, manufacturing aluminium alloys, zinc alloys, and furnace-ready scrap of stainless steel, copper, brass, lead, and magnesium. The company operates 13 recycling facilities across India and has established a sourcing network spanning domestic markets as well as Asia, Africa, the Middle East, Europe and the Americas. Its customer base includes automotive original equipment manufacturers (OEMs) and Tier-I suppliers, with clients such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Rockman Industries and Craftsman Automation.

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Shares of CMR Green Technologies are expected to debut on the stock exchanges on June 10.