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Aluminum Recycler IPO: Anchor Investors Pledge ₹188 Crore
3 Jun
Summary
- IPO opens June 3-5 with price band of ₹182-192 per share.
- Anchor investors raised ₹188.44 crore before the public issue.
- Listing expected on BSE and NSE on June 10.
The CMR Green Technologies IPO will be open for subscription from Wednesday, June 3, to Friday, June 5, with a price band set at ₹182-192 per share. Ahead of the public offering, the company secured ₹188.44 crore via its anchor book on June 2, with 98.14 lakh equity shares allocated to 18 anchor investors at ₹192 per share.
Key institutional investors participating in the anchor round included SBI Mutual Fund, ICICI Prudential Mutual Fund, and Goldman Sachs. The company has fixed a lot size of 78 equity shares for the IPO, with allocations reserved for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and retail investors, alongside a portion for eligible employees.
The company is recognized as the largest player in India's aluminum recycling industry, poised to benefit from increasing demand for recycled metals. Experts anticipate a robust listing, with grey market premiums indicating positive sentiment. SBI Securities has recommended subscribing to the IPO due to favorable industry dynamics and growth prospects.
However, Swastika Investmart has assigned a 'Neutral' rating, citing risks such as the issue being an offer-for-sale (OFS), a FY24 loss, and customer concentration. The IPO valuation is considered reasonable, with shares priced at a P/E multiple of 27.13 times earnings, comparable to listed peers. The listing is tentatively scheduled for June 10 on both BSE and NSE.
