The ₹630.62 crore initial public offering (IPO) of CMR Green Technologies received a strong response from investors ahead of the close of bidding on Friday, with the issue subscribed 123.11 times as of 3.39 pm.
The qualified institutional buyers (QIB) portion was subscribed 262.15 times, while the non-institutional investors (NII) category saw 169.65 times subscription. The retail investor segment was booked 25.04 times and the employee portion was subscribed 17.36 times.
The IPO, priced in the range of ₹182-₹192 per share, is entirely an offer for sale of up to 3.28 crore equity shares by promoters and an investor-selling shareholder.
Ahead of the issue opening, CMR Green Technologies had raised ₹188.44 crore from anchor investors by allotting 98.14 lakh shares at ₹192 apiece to 18 anchor funds.
Major anchor investors included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund and Goldman Sachs. Other investors included 360 One Equity Opportunity Fund, Abakkus Growth Fund, BNP Paribas, Citigroup Global Markets Mauritius and Susquehanna Pacific.
CMR Green Technologies is engaged in non-ferrous metal recycling and is the largest player by capacity in the domestic aluminium recycling industry.
Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors were the book running lead managers to the issue. The shares are expected to list on June 10.