The initial public offering (IPO) of CMR Green Technologies is set to open for subscription on Wednesday, June 3, 2026, amid significant investor interest. The Grey Market Premium (GMP) for the issue has more than doubled in the past week, indicating strong market anticipation despite broader market volatility.
CMR Green Technologies, a Faridabad-based non-ferrous metal recycler specializing in secondary aluminium and zinc die-casting alloys, will offer shares in a price band of Rs 182 to Rs 192 per share. Investors can bid for a minimum of 78 equity shares, with the issue closing on Friday, June 5. The anchor book is scheduled to open on Tuesday, June 2.
Issue Details and Financial Performance
The IPO is entirely an offer-for-sale (OFS) of up to 3,28,58,323 equity shares by promoters and existing shareholders, targeting to raise Rs 630.88 crore. As it's a pure OFS, the company itself will not receive any proceeds from the issue.
For the financial year ended March 31, 2025, CMR Green Technologies reported a net profit of Rs 155.04 crore on revenue of Rs 6,696.66 crore. In the nine months ending December 31, 2025, the company posted a net profit of Rs 162.39 crore with revenue of Rs 6,291 crore.
Expert Opinions on Subscription
Several analysts have weighed in on the IPO's prospects:
- Kunvarji Wealth Solutions recommends subscribing to the IPO with a long-term view, citing CMR Green's position as a leading player in the non-ferrous metal recycling industry with significant capacity and preferred partner status.
- Swastika Investmart assigns a 'neutral' rating, noting the attractive valuation at 27.13x P/E and the encouraging FY25 turnaround. However, they highlight the pure OFS nature, promoter exit, and a sharp FY24 loss as 'red flags', advising high-risk investors to consider it for listing gains only.
- Beacon Capital Advisors gives a 'may apply' tag, acknowledging the company's market leadership in recycled aluminium and projected growth in the Indian recycled aluminium market. They caution about relatively low margins due to hedging strategies that may limit upside from favorable aluminium price movements.
Company Profile and Risks
CMR Green Technologies manufactures recycled aluminium alloys, zinc alloy ingots, and segregated furnace-ready scrap. It also produces aluminium billets for the automotive and non-automotive sectors, serving major OEMs and Tier-1 component manufacturers like Honda Cars India, Bajaj Auto, Maruti Suzuki, and Royal Enfield.
Despite its strong market position, concerns include thin margins, customer concentration, and the fact that the IPO proceeds do not go to the company. The company has reserved shares worth Rs 2.5 crore for eligible employees, who will receive a discount of Rs 18 per share. Of the net offer, 50% is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).
Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors are the book-running lead managers, with Kfin Technologies Ltd as the registrar. The shares are scheduled to be listed on the BSE and NSE on June 10.