IPO GMPs: After a strong start to the year, activity in India’s primary market has slowed in recent weeks, as heightened geopolitical tensions, volatile crude oil prices, persistent foreign fund outflows, and broader market uncertainty have prompted several companies to delay their public offerings. While the SME IPO segment has remained relatively active, the mainboard IPO market has witnessed a noticeable lull.
However, investor interest is set to return this week with two mainboard public issues—CMR Green Technologies and Hexagon Nutrition—opening for subscription.
Let’s take a look at the issue details and grey market premium (GMP) trends for the upcoming IPOs:
CMR Green Technologies IPO
Non-ferrous metal recycler CMR Green Technologies has fixed a price band of ₹182-192 per share for its ₹630-crore initial public offering.
The issue will open for public subscription from 3 June to 5 June, while anchor investor bidding will commence on 2 June.
As stated in the red herring prospectus (RHP), the IPO of the Faridabad-based firm consists solely of an offer for sale (OFS) of up to 3.28 crore equity shares by promoters and an investor-seller shareholder. Consequently, the company will not obtain any funds from this issuance.
CMR Green Technologies specialises in the processing and production of aluminium and zinc alloys, as well as furnace-ready scrap of various metals, including stainless steel, copper, brass, lead, and magnesium.
CMR Green Technologies IPO GMP is ₹52.5. 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 ₹244.5 apiece, which is 27.34% above the IPO price of ₹192.
Based on grey-market activity over the past six sessions, today’s IPO GMP is trending upward and is anticipated to have a strong debut. The minimum GMP recorded is ₹24.00, while the maximum is ₹52.50, according to experts.
Hexagon Nutrition IPO
Mumbai-based Hexagon Nutrition has set a price band of ₹42-45 per share for its ₹139-crore IPO.
The public issue will open on 5 June and close on 9 June, while the anchor investor portion will open for a day on 4 June.
The proposed offering includes a complete OFS of over 3.08 crore equity shares by the company’s promoters. Since this is strictly an OFS, Hexagon Nutrition will not gain any funds from the offering, and all proceeds will go to the selling shareholders.
Established in 1993, Hexagon Nutrition began as a micronutrient formulations company and later diversified into branded nutrition products, positioning itself as a dedicated nutrition player in India.
These two offerings are anticipated to serve as a new gauge of investor interest in new listings amidst a cautious market context and a slowdown in the frequency of major IPO launches.
Hexagon Nutrition IPO GMP today was ₹0, indicating shares were trading at the issue price of ₹45 with no premium or discount in the grey market, according to investorgain.com.
IPO Market Outlook
Mohit Gulati, Fund Manager & CIO, ITI Growth Opportunities, believes FY26 marked a turning point for India’s IPO market after an extended period of exuberance.
“FY26 will likely be remembered as the year the IPO boom lost momentum. India topped global IPO league tables for much of the year, with 94 mainboard listings raising nearly ₹1.60 lakh crore and issuance volumes growing around 20% year-on-year. However, the momentum weakened considerably in the final quarter, with nearly 75% of FY26 listings now trading below their listing-day prices.
The Iran conflict did more than disrupt energy markets—it undermined the liquidity and risk appetite that had fuelled the primary market rally. Sharp foreign institutional investor outflows, pressure on the rupee, and stretched IPO valuations have collectively forced a reassessment of risk.
Looking ahead to FY27, I remain cautious on the IPO market. Investors today have access to several established market leaders and quality blue-chip stocks at attractive valuations in the secondary market. In such an environment, the risk-reward equation for many new listings appears less favourable.
While selectively priced and fundamentally strong IPOs may still attract interest, only companies with compelling business models, clear differentiation and reasonable valuations are likely to find strong investor demand. In my view, investors may be better served focusing on proven businesses already listed on the exchanges rather than chasing new issues priced on expectations from a market cycle that has largely turned,” Gulati said.
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.
