CMR Green Technologies IPO Day 2 LIVE: The initial public offering (IPO) of CMR Green Technologies opened for subscription on June 3 and will close on June 5. At the end of the first day, the offer was booked 2.46 times, given strong demand from NII and retail investors.
The ₹630.88-crore issue is entirely an offer for sale (OFS), with no fresh issue component.
Under the IPO, promoters and an investor shareholder will sell up to 3.28 crore equity shares. Since the issue is entirely an OFS, the company will not receive any proceeds from the public offering.
Promoter and promoter group shareholders Mohan Agarwal, Gauri Shankar Agarwal HUF and Mohan Agarwal HUF are among the selling shareholders, along with investor shareholder Global Scrap Processors.
The IPO has been priced in the range of ₹182-192 per share. Investors can bid for a minimum of 78 shares, requiring an investment of ₹14,976 at the upper end of the price band.
CMR Green Technologies IPO GMP
The grey market premium (GMP) for CMR Green Technologies IPO is at ₹60 on the second day of the bidding.
Based on the current GMP and the upper end of the price band, the shares are estimated to list at around ₹252 apiece, implying a potential gain of nearly 31% over the issue price. Market observers noted that the highest GMP seen so far for the issue is ₹63, compared with a low of ₹24 recorded earlier.
About the company
CMR Green Technologies is one of India’s largest non-ferrous metal recyclers. According to its red herring prospectus, citing an ICRA report, the company was the largest player in India’s secondary aluminium market by revenue among its peers in FY25.
The company also enjoys a significant scale advantage, with installed capacity nearly four times that of its closest domestic competitor in the recycled aluminium segment.
Its product portfolio includes recycled aluminium alloys in ingot and liquid form, zinc alloy ingots, dross, and furnace-ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, among other products.
Stay tuned for live updates on subscription numbers, GMP trends and key developments from Day 2 of the CMR Green Technologies IPO.
