CMR Green Technologies Secures Rs 188 Crore from Anchor Investors Pre-IPO
CMR Green Technologies
IPOCMR Green Technologies Raises Rs 188.4 Crore from Anchor Investors Ahead of IPO Launch
CMR Green Technologies, a non-ferrous metal recycler specializing in aluminium and zinc die-casting alloys, has successfully raised Rs 188.4 crore from 15 anchor investors on June 2. This fund-raising exercise is a significant step ahead of the company's initial public offering (IPO) launch for public subscription.
IPO Details
The company has tapped the capital markets to mobilize Rs 630.9 crore by issuing 3.28 crore equity shares via initial public offering (IPO). This is entirely an offer-for-sale by promoters and investor Global Scrap Processors. The price band for the offer, which opens for public subscription on June 3 and closes on June 5, has been fixed at Rs 182-192 per share.
Anchor Investor Allocation
CMR Green Technologies has finalized the allocation of 98.14 lakh shares to anchor investors at the upper price band. Out of the total allocation, 61.31 lakh shares were allocated to 7 domestic mutual funds, including SBI Mutual Fund, ICICI Prudential MF, HDFC MF, Nippon Life India, and Kotak Mahindra Trustee. Additionally, 6.77 lakh shares of the anchor book portion were allocated to two life insurance companies - Bajaj Life Insurance and Kotak Mahindra Life Insurance Company.
| Investor | Number of Shares | Amount (in Crore) |
|---|---|---|
| Goldman Sachs Funds | 10.41 lakh | 20 |
| BNP Paribas Funds Emerging Markets Environmental Solutions | 4.01 lakh | 7.71 |
| Citigroup | 2.6 lakh | 5 |
| Susquehanna Pacific | 2.6 lakh | 5 |
The entire IPO proceeds, excluding issue expenses, will be received by selling shareholders, and the company will not receive any money from the offer.
Read also: SMR Jewels IPO Successfully Lists with Institutional Support
Company Overview
CMR Green Technologies claims to be the leading non-ferrous metal recycler in terms of installed capacity and has the highest market share in the Indian secondary aluminium market in terms of revenue amongst peer companies. Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors are acting as the merchant bankers for the CMR Green Technologies IPO.
Investor Takeaway
Investors should be aware of the upcoming IPO of CMR Green Technologies and its potential for growth in the energy sector.
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