CMR Green Technologies IPO: CMR Green Technologies IPO, which remained open for subscription from June 3 to June 5, received a strong response from investors during the three-day bidding period and is now set to make its stock market debut on June 10 on both the BSE and NSE. With the listing date approaching, investors are closely tracking the issue’s potential listing premium and expected gains.
The basis of allotment for the ₹630.88 crore public issue was finalised on June 8. Successful applicants are scheduled to receive the shares in their demat accounts on June 9, ahead of the company’s listing on the stock 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.
CMR Green Technologies IPO GMP today
Ahead of its market debut, CMR Green Technologies IPO was commanding a grey market premium (GMP) of ₹70 per share. Considering the upper end of the issue price band and the prevailing GMP, the estimated listing price stands at ₹262 per share, indicating a premium of 36.46% over the final issue price of ₹192.
The grey market premium reflects the amount investors are willing to pay over and above the IPO issue price in the unofficial market.
CMR Green Technologies IPO Details
CMR Green Technologies launched a book-built public issue worth ₹630.88 crore, comprising entirely an offer for sale (OFS) of 3.29 crore equity shares. As the IPO is solely an OFS, the company will not receive any proceeds from the issue. The stake sale is being undertaken by promoters and promoter group entities, including Mohan Agarwal, Gauri Shankar Agarwal HUF and Mohan Agarwal HUF, along with investor selling shareholder Global Scrap Processors.
The final issue price has been fixed at ₹192 per share. Retail investors were required to apply for a minimum lot of 78 shares, translating into a minimum investment of ₹14,976.
The IPO also reserved up to 1,43,678 equity shares for eligible employees, who were offered a discount of ₹18 per share to the issue price.
Equirus Capital acted as the book-running lead manager for the issue, while KFin Technologies served as the registrar.
Prior to the IPO opening, the company secured ₹188.4 crore from anchor investors. The anchor book saw participation from several marquee institutional investors, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund and Goldman Sachs.
About CMR Green Technologies
Established in 2006, CMR Green Technologies operates in the non-ferrous metal recycling and secondary aluminium industry, with a core focus on manufacturing aluminium and zinc die-casting alloys.
Its product portfolio comprises 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. The company also manufactures aluminium billets catering to both automotive and non-automotive segments.
CMR Green Technologies serves a wide range of leading original equipment manufacturers (OEMs) and Tier-1 automotive component suppliers, including Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki and Jindal Stainless.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
