CMR Green Technologies IPO was fully subscribed on Day 1.
Retail and NII investors drove demand; QIB bids remained muted.
GMP of ₹63 signals a potential 33% listing gain.
The initial public offering of CMR Green Technologies was fully subscribed on the first day of bidding on Wednesday, driven by strong participation from retail and non-institutional investors.
According to exchange data, the IPO was fully booked on Day 1, with the non-institutional investor (NII) portion subscribed 2.18 times and the retail investor category receiving 1.22 times bids. The employee segment was subscribed 1.93 times, while the qualified institutional buyers (QIB) portion saw bids for 0.01 times the shares reserved.
1 May 2026
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The ₹630.88-crore IPO opened for subscription on June 3 and will close on June 5. The public issue is entirely an offer for sale (OFS), with no fresh issue component. Under the offering, promoters and an investor shareholder are collectively selling up to 3.28 crore equity shares.
Promoter and promoter group shareholders Mohan Agarwal, Gauri Shankar Agarwal HUF and Mohan Agarwal HUF are among the selling shareholders, along with investor shareholder Global Scrap Processors.
Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO.
CMR Green Technologies has fixed the price band at ₹182-192 per share. Investors can apply for a minimum of 78 shares, translating into an investment of ₹14,976 at the upper end of the price band.
Ahead of the issue opening, the company raised ₹188.4 crore from anchor investors by allotting 98.14 lakh equity shares to 18 anchor investors at ₹192 apiece.
GMP Signals Strong Debut
The grey market premium (GMP) for the IPO stood at ₹63 on the first day of subscription.
Based on the current premium, the stock is indicating a potential listing price of around ₹255 per share, implying a listing gain of nearly 33% over the upper end of the price band.
The current GMP is also the highest recorded for the issue so far, compared with a low of ₹24 seen earlier.
Motilal Oswal highlighted the company's leadership position in aluminium recycling, strong market share and exposure to long-term sustainability and decarbonisation trends. The brokerage noted that demand for recycled aluminium and expansion into newer segments such as extrusion and rolled alloys could support future growth.
Meanwhile, Swastika Investmart assigned a "Neutral" rating to the IPO. The brokerage said the valuation of around 27 times FY25 earnings appears reasonable compared with peers and acknowledged the company's strong industry position.
However, it flagged concerns related to the issue being a pure OFS, customer concentration risks, dependence on a limited number of key clients and relatively thin operating margins. The brokerage added that high-risk investors may consider the issue primarily from a listing gains perspective.
The IPO comes at a time when investor interest remains strong in manufacturing and sustainability-linked businesses, particularly companies operating in recycling, resource efficiency and circular economy segments.
