The initial public offering (IPO) of CMR Green Technologies Ltd concluded on Friday, June 5, with an overwhelming response from investors, achieving a subscription rate of over 127 times. The strong demand underscores significant market confidence in the company.
Exceptional Investor Interest
According to subscription data, the Rs 630.88 crore public issue garnered bids totaling approximately Rs 56,220 crore. Investors placed bids for 2,92,81,25,148 equity shares against the 2,30,43,930 shares initially offered, resulting in a 127.07 times oversubscription.
All investor categories showed robust participation:
- Qualified Institutional Bidders (QIBs): Subscribed 270.46 times, accounting for bids worth Rs 33,976 crore.
- Non-Institutional Investors (NIIs): Subscribed 172.35 times.
- Retail Investors: Saw a steady subscription of 27.08 times.
- Employee Reservation: Booked 18.53 times.
The three-day bidding process for the IPO commenced on Wednesday, June 3, and closed on Friday, June 5. The price band for the offering was established between Rs 182 and Rs 192 per equity share. The entire public issue comprised an Offer For Sale (OFS) of up to 3.28 crore equity shares by the company's promoters and an investor-selling shareholder.
Grey Market Premium and Listing Details
In the grey market, CMR Green Technologies' grey market premium (GMP) demonstrated a consistent upward trend throughout the bidding period. The GMP opened at Rs 60 per share on Wednesday, rose to Rs 70 on Thursday, and concluded at Rs 71 on Friday. Against the upper price band of Rs 192, this latest GMP suggests a potential listing gain of approximately 37% for investors.
The basis of allotment for the CMR Green Technologies IPO is anticipated to be finalized on Monday, June 8. Following this process, the company's equity shares are expected to officially list on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Wednesday, June 10.