CMR Green Technologies IPO opens: Check price band, lot size, key dates

CMR Green Technologies IPO: The initial public offering of CMR Green Technologies, a non-ferrous metal recycler, opened for subscription on Wednesday, June 3. The issue will close on June 5.

The ₹630.88 crore initial share sale is an offer for sale of 3.29 crore shares, with no fresh issue component.

Under the OFS, promoters Mohan Agarwal, Mohan Agarwal HUF and Gauri Shankar Agarwala HUF, and investor Global Scrap Processors will sell their stake.

The company has fixed a price band of ₹182-₹192 per equity share. A lot consists of 78 shares and multiples thereof.

"Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders and will also provide a public market for the equity shares in India," CMR Green Technologies said in its red herring prospectus.

Before the IPO, the company raised ₹188.44 crore from anchor investors, including SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, and Goldman Sachs.

360 One Equity Opportunity Fund, BNP Paribas, Citigroup Global Markets Mauritius, Abakkus Growth Fund, and Susquehanna Pacific also participated in the anchor round.

According to a circular, the company allotted 98.14 lakh shares to 18 funds at ₹192 per equity share, the upper end of the price band.

CMR Green Technologies IPO: Allotment and listing date

Faridabad-based CMR Green Technologies is into processing and manufacturing aluminium alloys (liquid and ingot), zinc alloys and furnace-ready scrap of copper, brass, lead, stainless steel, and magnesium, among others.

It has 13 recycling facilities across India. The company's customer base primarily comprises automotive OEMs (original equipment manufacturers) and Tier-I suppliers.

Its clients include Bajaj Auto, Hero MotoCorp, Honda Cars India, Royal Enfield Motors, Rockman Industries, Endurance Technologies and Craftsman Automation.

CMR Green Technologies IPO GMP

According to investorgain.com and media reports, the unlisted shares of CMR Green Technologies were trading at ₹255 per share, reflecting a grey market premium (GMP) of 32.81% over the upper price band of ₹192.