CMR Green Technologies IPO Fully Subscribed on Day 1

New Delhi, Jun 3 (PTI) The initial public offer of CMR Green Technologies Ltd, a non-ferrous metal recycler, was fully subscribed on the first day of bidding.

The Rs 630.62-crore IPO received bids for 5,66,05,068 shares against 2,30,43,930 shares on offer, translating into 2.46 times subscription, according to NSE data.

The category for non-institutional investors fetched 5.67 times subscription, while the quota for retail individual investors (RIIs) subscribed 2.45 times. The portion for qualified institutional buyers (QIBs) attracted 3 per cent bidding.

The IPO received full subscription on a day when the benchmark indices ended lower. The 30-share BSE Sensex dropped 303.67 points, or 0.41 per cent, to settle at 74,346.17. The 50-share NSE Nifty declined 77.95 points, or 0.33 per cent, to end at 23,405.60.

CMR Green Technologies on Tuesday said it has garnered Rs 188.44 crore from anchor investors.


The IPO is open for public subscription till June 5. The company has set a price band of Rs 182-192 per equity share.

The IPO is entirely an offer for sale of up to 3.28 crore equity shares by promoters and an investor selling shareholder.

Faridabad-based CMR Green Technologies processes and manufactures aluminium alloys (ingot and liquid), zinc alloys and furnace-ready scrap of stainless steel, copper, brass, lead and magnesium, among others.

The company operates 13 recycling facilities across India and has built a procurement network spanning domestic markets as well as Asia, Africa, the Middle East, Europe and the Americas. Its customer base primarily comprises automotive original equipment manufacturers (OEMs) and Tier-I suppliers.

Its clients include Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Endurance Technologies, Rockman Industries, and Craftsman Automation.

Shares of CMR Green Technologies are expected to be listed on the stock exchanges on June 10.