The initial public offering (IPO) of CMR Green Technologies Ltd has garnered significant attention, achieving a 2.46 times subscription rate on its inaugural day of bidding, Wednesday, June 3, 2026. The strong demand was primarily fueled by non-institutional investors (NIIs), retail investors, and the company's employees.
Subscription Breakdown
According to data from the exchanges, the non-institutional investors' portion was subscribed an impressive 5.67 times. Retail investors also showed substantial interest, with their category booked 2.45 times. The employee segment saw robust participation, subscribed 3.18 times. However, demand from qualified institutional buyers (QIBs) remained subdued on Day 1, with a subscription rate of 0.03 times.
IPO Details and Pricing
The Rs 630.62-crore IPO is entirely an offer for sale (OFS), involving up to 3.28 crore equity shares sold by promoters and an investor-selling shareholder. The price band for the shares is set between Rs 182 and Rs 192 per share. Ahead of the public launch, the non-ferrous metal recycler successfully raised Rs 188.44 crore from anchor investors, allotting 98.14 lakh shares at the upper price band of Rs 192 per share.
Prominent anchor investors include major financial institutions such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs. Other participants included 360 One Equity Opportunity Fund, Abakkus Growth Fund, BNP Paribas, Citigroup Global Markets Mauritius, and Susquehanna Pacific. Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors are serving as the book-running lead managers for the issue.
Brokerage Outlook and Listing
Several brokerages have issued a 'Subscribe' recommendation for the CMR Green Technologies IPO, citing various strengths. SBI Securities highlighted the company's use of derivative financial instruments to hedge risks and its strong position to capitalize on the growing Indian recycled aluminum market, projected to expand at a CAGR of 11.2% (volume) and 13.2% (USD bn) from FY26E-FY30E.
SMIFS noted that as utilization improves and new facilities mature, incremental capacity should boost both topline growth and profit expansion, supported by scale benefits and a richer product mix. They view it as a good long-term investment, strengthened by its role in the circular economy and leadership in its segment.
DR Choksey Finserv acknowledged that while margins are thin due to the high-turnover, low-margin nature of the business, they are improving. They anticipate earnings growth from utilization ramp-up and higher value-added products. Ventura Securities pointed to strengths like market leadership, diversified product portfolio, large-scale capacity, and sustainable production, while also noting weaknesses such as segment concentration and commodity volatility.
Shares of CMR Green Technologies are slated for listing on the stock exchanges on June 10, 2026.
Grey Market Premium (GMP)
In the grey market, CMR Green Technologies was commanding a premium (GMP) of Rs 64 per share on Wednesday. Based on the upper end of the price band at Rs 192, this GMP indicates a potential listing gain of 33.33 per cent for investors.