CMR Green Technologies IPO price band set at ₹183 to ₹192 per share; check lot size and key dates

CMR Green Technologies IPO: Non-ferrous metal recycler CMR Green Technologies' initial public offering will open for subscription on Friday, June 3. The issue will conclude on June 5. The price band has been set at ₹183 to ₹192 per share.

The initial share sale is solely an offer for sale (OFS) of 32,858,323 shares valued at ₹630.88 crore, with no fresh issue component.

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

As there is no fresh issuance of shares, CMR Green Technologies will not get any proceeds from the issue. The funds raised will go to selling shareholders.

"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," the firm said in its red herring prospectus.

The company was earlier planning the issuance of up to 4.29 crore equity shares. However, issue size was reduced to 3.28 crore shares.

CMR Green Technologies IPO: Lot size

The minimum investment for an individual investor is 78 shares and in multiples thereafter. Half of the net offer is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

CMR Green Technologies IPO: Allotment and listing date

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

Its customer base largely comprises original equipment manufacturers (OEMs) and Tier-1 suppliers in the automotive sector, including Bajaj Auto, Hero MotoCorp, Honda Cars India, Royal Enfield Motors, Rockman Industries, Endurance Technologies, and Craftsman Automation.

The company's shares will debut on the NSE and the BSE. Equirus Capital Ltd, Motilal Oswal Investment Advisors and ICICI Securities are the book-running lead managers for the IPO. KFin Technologies serves as the registrar.