CMR Green Technologies' Rs 631 crore IPO opened with a grey market premium of Rs 63, indicating a potential 32% listing gain. The subscription window is from June 3 to June 5.
The strong grey market premium and high subscription rate on day one indicate significant investor appetite for CMR Green Technologies' IPO, potentially signaling a successful market debut for the non-ferrous metal recycler.
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.
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