Key facts
- CMR Green Technologies' IPO opened today.
- The IPO is an offer for sale valued at Rs 631 crore.
- The price band for the IPO is set between Rs 182 and Rs 192 per share.
- A grey market premium (GMP) of Rs 63 suggests a potential 32% listing gain.
- The IPO subscription window is from June 3 to June 5.
- The IPO saw 65% subscription on day one.
- The company is India's largest non-ferrous metal recycler with 13 facilities.
CMR Green Technologies Ltd., a non-ferrous metal recycler specializing in the secondary aluminum market, is launching its Initial Public Offering (IPO) today. The Rs 631 crore offer for sale is priced in the range of Rs 182 to Rs 192 per share and will be open for subscription from June 3 to June 5. The IPO is currently trading at a significant grey market premium (GMP) of Rs 63, suggesting a potential listing gain of approximately 32%. This strong GMP indicates robust investor interest in the company, which analysts acknowledge has a strong market position. However, concerns have been noted regarding the offer structure and the company's profit margins. On its first day, the IPO saw 65% subscription. The company operates 13 facilities and is India's largest non-ferrous metal recycler.