CMR Green Technologies Sets IPO Price Band at ₹182-192/Share

• CMR Green Technologies IPO price band ₹182-192/share for ₹630 Cr entirely OFS by promoters & Global Scrap Processors

• IPO opens June 3-5 (anchor June 2); min 78 shares; 50% QIB, 15% non-institutional, 35% retail; ₹2.5 Cr reserved for employees at discount

• Second IPO attempt after 2021; recycles non-ferrous metals (aluminium, zinc, copper); clients include Honda, Bajaj, Hero, Royal Enfield; lists on BSE & NSE

CMR Green Technologies, a non-ferrous metal recycler, on Friday fixed a price band of ₹182-192 per equity share for its ₹630 crore initial public offering (IPO).

The three-day IPO will open for public subscription from June 3-5, while bidding for anchor investors will commence on June 2, the company announced.

The Faridabad-based company's proposed IPO is entirely an offer-for-sale (OFS) of up to 3.28 crore equity shares by promoters and an investor selling shareholder, according to the red herring prospectus (RHP).

Promoters -- Mohan Agarwal, Gauri Shankar Agarwala HUF and Mohan Agarwal HUF -- along with Mauritius-based investor Global Scrap Processors, will offload shares in the OFS.

Earlier, the company's total issue size was proposed at up to 4.29 crore shares.

At present, promoters and promoter group entities hold around 87% stake in the company, while the remaining 13% is owned by Global Scrap Processors.

Investors can bid for a minimum of 78 equity shares and in multiples thereof. The company has also reserved shares worth ₹2.5 crore for employees, who will be offered a discount on the issue price.

The IPO has reserved not more than 50% of the offer for qualified institutional buyers, not less than 15% for non-institutional investors, and not less than 35% of the offer is reserved for retail investors.

This marks the second attempt by CMR Green Technologies to tap the capital markets after it shelved its 2021 IPO plan despite receiving approval from the Securities and Exchange Board of India (Sebi).

CMR Green Technologies specialises in processing and manufacturing aluminium alloys (ingot and liquid), zinc alloys, and furnace-ready scrap of stainless steel, copper, brass, lead, and magnesium, among others.

Its customer base largely comprises Original Equipment Manufacturer (OEMs) and Tier-1 suppliers in the automotive sector, including Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Endurance Technologies, Rockman Industries and Craftsman Automation.

The company's shares will be listed on the BSE and the National Stock Exchange.

Equirus Capital Ltd, ICICI Securities and Motilal Oswal Investment Advisors are the book-running lead managers for the IPO.