CMR Green Technologies share price made a bumper debut on the bourses today, Wednesday, 10 June. On NSE, CMR Green Technologies share price opened at ₹268 per share, 39.58% higher than the issue price of ₹192. On BSE, the stock opened at ₹275.40 apiece, up 43.44% than the issue price.
The initial public offering (IPO) of CMR Green Technologies Ltd, a non-ferrous metal recycling company, received an overwhelming investor response, with the issue subscribed 127 times by the close of bidding on Friday. The strong demand was driven primarily by robust participation from qualified institutional buyers (QIBs) and non-institutional investors (NIIs).
The IPO had already achieved full subscription on the very first day of bidding on Wednesday, reflecting strong investor interest despite a largely weak and volatile broader market environment during the week.
Ahead of the issue opening, CMR Green Technologies raised ₹188.44 crore from anchor investors on Tuesday, providing further confidence in the offering.
The company had fixed the IPO price band at ₹182-192 per equity share. The strong subscription underscores investor optimism about the company’s growth prospects and the broader opportunities in the metal recycling and circular economy space.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said that investors may consider booking profits, either partially or fully, if the stock lists at a strong premium, as it would help lock in gains. However, long-term investors can continue to hold the stock and closely track the company’s quarterly performance, margin trends, and execution of its business strategy before taking a more definitive long-term investment view.
CMR Green Technologies IPO GMP today
CMR Green Technologies IPO GMP is ₹64.5. Considering the upper end of the IPO price band and the current grey-market premium, the estimated listing price of CMR Green Technologies shares is ₹256.5 apiece, which is 33.59% above the IPO price of ₹192.
Following the grey-market activity observed over the last 14 sessions, today’s IPO GMP is showing an upward trend and is expected to have a solid listing. The minimum GMP recorded is ₹24, whereas the maximum GMP is ₹71, according to expert opinion.
CMR Green Technologies IPO details
The IPO consists entirely of an Offer for Sale (OFS) of 3.28 crore equity shares from current promoters and investors, with no new shares being issued. Consequently, the company will not generate any funds through the IPO, and all proceeds will go directly to the selling shareholders.
In the OFS, promoters Mohan Agarwal, Gauri Shankar Agarwala HUF, and Mohan Agarwal HUF plan to sell a combined total of 64.59 lakh shares. Investor Global Scrap Processors will be responsible for facilitating the sale of the bulk of the shares, which totals approximately 2.6 crore shares.
When the Red Herring Prospectus (RHP) was submitted on 27 May, the promoters retained an 86.95% ownership in CMR Green, while the public shareholder, Global Scrap Processors, possessed a 13.05% stake, equivalent to 2.85 crore shares.
Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors have been selected as the merchant bankers to oversee the CMR Green Technologies IPO.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
