The initial public offering (IPO) of CMR Green Technologies, a prominent non-ferrous metal recycler, commenced for bidding on Wednesday, June 3, 2026, and will remain open until Friday, June 5, 2026. The company aims to raise approximately Rs 631 crore through this public issue.
IPO Key Details and Price Band
Investors can subscribe to shares of CMR Green Technologies within a price band of Rs 182 to Rs 192 per equity share. The minimum application size requires bidding for 78 equity shares, with subsequent bids in multiples thereof. The entire Rs 630.88 crore IPO consists solely of an offer-for-sale (OFS) of up to 32,858,323 equity shares by promoters and other existing shareholders. Consequently, the company itself will not receive any proceeds from the issue.
Ahead of its public debut, CMR Green Technologies successfully raised Rs 188.44 crore from anchor investors, allocating 9.81 million equity shares at Rs 192 apiece. Notable anchor investors included Goldman Sachs Funds, BNP Paribas Funds, Citigroup, SBI Mutual Fund, HDFC MF, and Nippon India MF, among others.
Company Profile: A Leader in Metal Recycling
Incorporated in 2006 and based in Faridabad, CMR Green Technologies holds a leading position in the secondary aluminium market. The company specializes in manufacturing recycled aluminium alloys, zinc alloy ingots, and segregating furnace-ready scrap of various non-ferrous metals like stainless steel, copper, brass, zinc, lead, and magnesium.
CMR Green produces aluminium billets that serve both automotive and non-automotive sectors. Its extensive client roster includes major Original Equipment Manufacturers (OEMs) and Tier-1 automotive component manufacturers such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Maruti Suzuki, and Jindal Stainless.
Financial Performance and Valuation
For the nine-month period ending December 31, 2025, CMR Green Technologies reported a net profit of Rs 162.39 crore on a revenue of Rs 6,291 crore. In the financial year ending March 31, 2025, the company recorded a net profit of Rs 155.04 crore with revenues totaling Rs 6,696.66 crore. At the current valuations, the company commands a market capitalization of approximately Rs 4,205 crore.
The company has reserved shares worth Rs 2.5 crore for its eligible employees, who will receive a discount of Rs 18 per share. The net offer is allocated with 50 percent for Qualified Institutional Bidders (QIBs), 35 percent for retail investors, and 15 percent for non-institutional investors.
Brokerage Recommendations: Why Subscribe?
Several brokerage firms have issued "Subscribe" ratings for the CMR Green Technologies IPO, citing the company's market leadership, strong sector tailwinds, and attractive valuation.
- SBI Securities: Recommends 'subscribe,' highlighting CMR Green's position as the largest player in the domestic aluminium recycling industry. They anticipate the Indian recycled aluminium market to grow at a CAGR of 11.2-13.2 percent from FY26E-FY30E.
- SMIFS: Also recommends 'subscribe,' noting the company's role in the circular economy, technical processing capabilities, and leadership in its segment. They foresee future growth from utilization ramp-up and higher value-added products.
- DR Choksey Finserv: Suggests 'subscribe,' emphasizing the strong structural tailwinds for aluminium recycling, including EV adoption, tightening global carbon regulations, and India's circular economy policy push. They acknowledge thin margins but view it as a long-term shift.
- BP Equities: Advises 'subscribe for long-term,' pointing out the IPO's valuation at a P/E multiple of 21.3 times based on FY26E earnings, which is considered lower than peers.
- Kantilal Chhaganlal Securities: Recommends 'subscribe for long-term,' citing CMR Green as the leading non-ferrous metal recycler by installed capacity and an attractive P/E valuation of 27.13 times compared to peers based on FY25 annualized 9MFY26.
- Ventura Securities: Gives a 'subscribe' rating, acknowledging market leadership, diversified product portfolio, and sustainable production methods, despite noting segment concentration and commodity volatility as weaknesses.
Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors are the book running lead managers for the IPO, with Kfin Technologies Ltd serving as the registrar. Shares of CMR Green Technologies are slated for listing on both BSE Ltd and NSE on Wednesday, June 10, 2026.