CMR Green Technologies IPO Experiences Strong Demand Amid Indications from Growth Model

CMR Green Technologies IPO Sees Massive Subscription, Set to Debut on June 10

CMR Green Technologies IPO, which was open for subscription between June 3-5, witnessed a massive subscription in its 3 days of bidding and is now all set to finalize its share allotment on Monday, June 8. Investors can check the allotment of the ₹630.88-crore IPO on BSE, NSE, and its registrar Kfin Technologies. The company will make its stock market debut on Wednesday, June 10, on both the exchanges.

The IPO of CMR Green Technologies witnessed an overall subscription of 127.07 times in 3 days. The Retail Investors portion was subscribed 27.08 times, while the Non-Institutional Investors (NIIs) segment saw 172.35 times booking. Meanwhile, the Qualified Institutional Buyers (QIBs) category garnered a strong 270.46 times bids and the employees section was booked 18.53 times.

Ahead of its allotment, the grey market premium (GMP) for the CMR Green Technologies IPO stood at ₹71. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated listing price is pegged at ₹260 apiece, reflecting a strong premium of 35.42% over the issue price of ₹192.

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CMR Green Technologies IPO Details

CMR Green Technologies IPO is a book-built issue aggregating ₹630.88 crore and comprises entirely an offer for sale (OFS) of 3.29 crore equity shares. Since the issue consists solely of an OFS, the company will not receive any proceeds from the public offering. The selling shareholders include promoters and promoter group entities — Mohan Agarwal, Gauri Shankar Agarwal HUF, and Mohan Agarwal HUF — along with investor selling shareholder Global Scrap Processors.

The IPO's final issue price has been fixed at ₹192 per share. Investors can bid for a minimum of 78 shares, translating into a minimum investment of ₹14,976 for retail investors. The offer also includes a reservation of up to 1,43,678 shares for eligible employees, who are being offered a discount of ₹18 per share to the issue price.

Read also: CMR Green Technologies IPO Sees Substantial Demand on Third Day of Booking

Equirus Capital is the book-running lead manager to the issue, while KFin Technologies is acting as the registrar. Ahead of the IPO, the company raised ₹188.4 crore from anchor investors. Prominent participants in the anchor book included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs.

About CMR Green Technologies

Incorporated in 2006, CMR Green Technologies operates in the non-ferrous metal recycling and secondary aluminium segment, with a focus on manufacturing aluminium and zinc die-casting alloys. The company's product portfolio includes recycled aluminium alloys in both ingot and liquid forms, zinc alloy ingots, and segregated furnace-ready scrap of stainless steel, copper, brass, zinc, lead, and magnesium, among other materials. It also manufactures aluminium billets catering to both automotive and non-automotive applications. CMR Green Technologies supplies its products to leading original equipment manufacturers (OEMs) and Tier-1 automotive component makers, including Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki, and Jindal Stainless.