The initial public offering of CMR Green Technologies – was subscribed 1.83 times as of 3.15 pm on the first day of bidding, driven by strong participation from non-institutional investors and retail investors.
The non-institutional investor (NII) portion was subscribed 3.83 times, while the retail category saw 1.99 times subscription. The employee segment was booked 2.64 times. Demand from qualified institutional buyers (QIBs) remained muted at 0.02 times.
IPO details
for subscription at a price band of ₹182-192 per share. The IPO is entirely an offer for sale comprising up to 3.28 crore equity shares by promoters and an investor-selling shareholder.
CMR Green Technologies, a non-ferrous metal recycler, had earlier raised ₹188.44 crore from anchor investors ahead of the IPO. The company allotted 98.14 lakh shares to 18 anchor funds at ₹192 apiece.
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 include 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 the book-running lead managers to the issue.
The offer concludes on June 5, 2026. Shares of the company are expected to list on the stock exchanges on June 10.
Brokerages recommend subscribe
SBI Securities has recommended investors “subscribe” to the IPO at the cut-off price, citing the company’s leadership position in the domestic aluminium recycling industry and favourable sector growth prospects.
“CGTL is a leading non-ferrous metal recycling company and the largest player (by capacity) in the Domestic Aluminium recycling industry,” SBI Securities said.
The brokerage added that the company is well-positioned to benefit from strong industry tailwinds, with the India recycled aluminium market expected to grow at a CAGR of 11.2 per cent by sales volume and 13.2 per cent by value between FY26E and FY30E.
At the upper end of the price band, the issue is valued at a price-to-earnings ratio of 27.1x based on FY25 earnings and 20.3x based on annualised 9MFY26 earnings, SBI Securities noted.
Anand Rathi also assigned a “subscribe for long term” rating to the IPO.
“The company is well-positioned to capitalise on the growing shift toward sustainable metal recycling, supported by market leadership, scale advantages, product diversification, and favourable industry dynamics,” the brokerage said.