CMR Green Technologies IPO Sees Strong Demand, Receives 97 Times Subscription on Day 3

CMR Green Technologies IPO Sees 97-Times Subscription on Final Day

CMR Green Technologies, a non-ferrous metal recycler, received bids for over 223 crore shares against 2.3 crore shares on offer, translating to a 97-times subscription in the primary market. This comes as per data available from the National Stock Exchange (NSE) till 3 p.m.

The subscription numbers for various categories of investors reveal a robust interest in the IPO. The quota for non-institutional investors (NIIs) was booked 160 times, while the retail portion of the IPO fetched a subscription of 23.44 times. The Qualified Institutional Buyers (QIBs) segment was booked 180 times.

The CMR Green Technologies IPO, which was initially fully subscribed on the first day of bidding on Wednesday, has garnered Rs 188.44 crore from anchor investors earlier. The company has set a price band of Rs 182-192 per equity share, which indicates a significant demand for the shares.

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Grey market activities suggest that the shares of CMR Green Technologies are commanding a premium of about 36 percent. This is in line with the GMP quoted by Investorgain, which is Rs 70 for the shares of the company, indicating a listing gain of 36.46 percent. IPO Watch also quoted a similar GMP rate.

CMR Green Technologies, based in Faridabad, processes and manufactures a range of aluminium alloys, zinc alloys, and furnace-ready scrap of various metals. The company operates 13 recycling facilities across India and has built a procurement network spanning domestic markets as well as international markets in Asia, Africa, the Middle East, Europe, and the Americas. Its customer base primarily comprises automotive original equipment manufacturers (OEMs) and Tier-I suppliers.

The shares of CMR Green Tech are scheduled to be listed on the exchanges on June 10.