The Rs 631 crore IPO of CMR Green Technologies opened for subscription on Wednesday and has been subscribed 65% so far, with a total of 2.30 crore shares on offer. The NII segment has been fully subscribed at 1.26 times, while the retail portion is also seeing healthy demand at 76% subscription.
Grey market trends point to strong investor interest ahead of the issue, with the IPO commanding a grey market premium (GMP) of around 33%. This suggests an estimated listing price of about Rs 255–Rs 256 per share compared to the upper price band of Rs 192.
The issue will remain open until June 5. It is a completely offer-for-sale (OFS) issue worth Rs 630.6 crore, meaning the company will not receive any proceeds from it. The price band has been set at Rs 182–Rs 192 per share, and investors can apply for a minimum lot size of 78 shares.
CMR Green Technologies IPO Subscription Details
As of Day 1, 11:40 AM, the IPO has been subscribed 65%, according to BSE data.
Retail Individual Investors (RIIs) have subscribed 76% of their quota, which is 1.14 crore shares on offer.
Non-Institutional Investors (NIIs) have shown strong demand, subscribing 1.26 times the 49.07 lakh shares allotted to them.
However, Qualified Institutional Buyers (QIBs) have not yet placed any bids for the 65.42 lakh shares reserved for them.
CMR Green Technologies is India’s largest non-ferrous metal recycler by installed capacity and held the highest market share in the domestic secondary aluminium segment in FY25, according to an ICRA report cited in the company’s prospectus.
The company operates 13 manufacturing facilities and produces recycled aluminium alloys, aluminium billets, zinc alloy ingots, and other recycled metal products. It also holds an estimated 42%–45% share in the cast alloy segment used by the automotive industry.
The business is well positioned to benefit from the global shift toward recycled metals, as industries increasingly focus on low-carbon manufacturing solutions. As per the ICRA report, recycled aluminium emits significantly lower greenhouse gases compared to primary aluminium production and requires much lower capital investment.
On the financial front, the company reported operating revenue of Rs 6,666 crore in FY25, reflecting a 12% year-on-year growth. Profit after tax stood at Rs 155 crore, recovering from a loss in FY24, which was primarily due to a one-time goodwill impairment charge.
Ahead of the IPO, CMR Green Technologies also raised Rs 188 crore from anchor investors, including participation from domestic mutual funds, insurance companies, and foreign institutional investors.
Swastika Investmart has assigned a "Neutral" rating to the IPO. The brokerage said the valuation of around 27 times FY25 earnings appears reasonable relative to peers and acknowledged the company's industry leadership and strong market position.
However, it flagged concerns around the issue being a pure OFS, customer concentration risks, dependence on a few key clients and relatively thin operating margins. Swastika said high-risk investors may consider the issue primarily from a listing gains perspective.
The IPO comes at a time when investor appetite for manufacturing and sustainability-linked businesses remains healthy, particularly in sectors linked to recycling, resource efficiency and the circular economy.
