The CMR Green Technologies IPO will open for public subscription from Wednesday, 3 June to Friday, 5 June. CMR Green Technologies IPO price band has been set at ₹182-192 per share.
CMR Green Technologies IPO received a strong institutional investor response ahead of its public issue, with the company raising ₹188.44 crore through its anchor book on Tuesday, 2 June. Ahead of the CMR Green Technologies IPO subscription opening on 3 June, the company allotted 98.14 lakh equity shares to 18 anchor investors at ₹192 per share.
Leading domestic institutional investors that participated in the anchor round include SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs. Other investors in the anchor book included 360 One Equity Opportunity Fund, Abakkus Growth Fund, BNP Paribas, Citigroup Global Markets Mauritius, and Susquehanna Pacific.
The CMR Green Technologies IPO has fixed a lot size of 78 equity shares, with investors able to bid in multiples of 78 shares thereafter.
As per regulatory requirements, up to 50% of the issue has been reserved for Qualified Institutional Buyers (QIBs), while at least 15% is allocated to Non-Institutional Investors (NIIs) and at least 35% to retail investors.
The company has also earmarked shares worth ₹2.5 crore for eligible employees, who may receive the shares at a discount to the issue price.
According to the tentative schedule, the CMR Green Technologies IPO allotment is expected to be finalised on 8 June, while refunds for unsuccessful applicants and credit of shares to successful bidders’ demat accounts are likely to take place on 9 June.
The CMR Green Technologies share listing is tentatively scheduled for 10 June, with the stock expected to debut on both the BSE and NSE.
CMR Green Technologies IPO GMP today
CMR Green Technologies IPO GMP is ₹63. 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 ₹255 apiece, which is 32.81% above the IPO price of ₹192.
Based on grey-market activity over the last seven sessions, today’s IPO GMP is trending upwards and anticipates a robust listing. Experts indicate that the lowest GMP is ₹24, while the highest reaches ₹63.
CMR Green Technologies IPO review
SBI Securities has recommended subscribing to the CMR Green Technologies IPO, citing the company’s leadership position in the non-ferrous metal recycling industry and favourable long-term sector prospects.
According to the brokerage, CMR Green Technologies is the largest player by capacity in India’s aluminium recycling industry and is well-positioned to benefit from growing demand for recycled metals. The company also employs derivative instruments, including forward exchange contracts, to hedge risks arising from foreign currency movements and commodity price fluctuations.
SBI Securities highlighted that the Indian recycled aluminium market is expected to witness strong growth, with sales volumes and market value projected to expand at compound annual growth rates (CAGRs) of 11.2% and 13.2%, respectively, between FY26 and FY30.
At the upper end of the CMR Green Technologies IPO price band of ₹192 per share, the issue is valued at a price-to-earnings (P/E) multiple of 27.1 times FY25 earnings and 20.3 times annualised 9MFY26 earnings on a post-issue basis.
Given the company’s market leadership, growth prospects and favourable industry dynamics, SBI Securities has recommended that investors subscribe to the IPO at the cut-off price.
Swastika Investmart has assigned a ‘Neutral’ rating to the CMR Green Technologies IPO, highlighting both the company’s industry leadership and certain business risks.
According to the brokerage, CMR Green Technologies enjoys the largest recycling capacity among its peers and has established itself as a preferred partner within the industry, positioning it well to benefit from the growing demand for recycled metals.
Swastika Investmart noted that the IPO valuation appears reasonable, with the issue priced at a P/E multiple of 27.13 times earnings, which compares favourably with listed peers. The brokerage also pointed to the company’s strong turnaround in FY25 as a positive indicator for future performance.
However, it flagged several concerns, including the fact that the public issue is entirely an offer-for-sale (OFS), meaning the proceeds will go to existing shareholders rather than the company. The brokerage also highlighted the company’s FY24 loss, thin operating margins, and customer concentration risks as factors warranting caution.
Given the balanced risk-reward profile, Swastika Investmart has maintained a ‘Neutral’ stance on the IPO. The brokerage added that investors with a higher risk appetite may consider the issue primarily from a listing gains perspective, while long-term investors should remain mindful of the business and execution risks.
CMR Green Technologies IPO details
The IPO consists solely of an offer-for-sale (OFS) of 3.28 crore equity shares by current promoters and investors, without any component of a fresh issue. Consequently, the company will not obtain any funds from the IPO, and the capital raised will be directed entirely to the selling shareholders.
Within the OFS, promoters Mohan Agarwal, Gauri Shankar Agarwala HUF, and Mohan Agarwal HUF will sell 64.59 lakh shares together. Investor Global Scrap Processors will be responsible for selling the bulk of approximately 2.6 crore shares.
When the Red Herring Prospectus (RHP) was filed on 27 May, the promoters owned an 86.95% stake in CMR Green, whereas the public shareholder, Global Scrap Processors, held a 13.05% stake, equal 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.
