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CMR Green Technologies IPO Fully Subscribed
4 Jun
Summary
- CMR Green Technologies IPO fully subscribed on first day.
- Company processes non-ferrous metals and manufactures alloys.
- Shares expected to be listed on stock exchanges on June 10.
The initial public offering (IPO) of CMR Green Technologies Ltd, a prominent non-ferrous metal recycler, achieved full subscription on its inaugural bidding day. The Rs 630.62-crore issue saw bids for 2.46 times the available shares, demonstrating robust investor confidence.
On Tuesday, the company announced it had successfully raised Rs 188.44 crore from anchor investors. The IPO, which remains open for public subscription until June 5, has set a price band of Rs 182-192 per equity share.
This entirely offer-for-sale IPO involves up to 3.28 crore equity shares by promoters and a selling shareholder. Faridabad-based CMR Green Technologies specializes in processing and manufacturing aluminum alloys, zinc alloys, and furnace-ready scrap of various metals.
With 13 recycling facilities across India and a broad procurement network, the company serves a primary customer base of automotive original equipment manufacturers (OEMs) and Tier-I suppliers. Key clients include major names like Honda Cars India and Bajaj Auto. Shares are projected to be listed on stock exchanges on June 10.
