CMR Green Technologies IPO Subscribed 9.6 Times On Day 2, NII Portion Booked 21.8 Times Ahead Of June 10 Listing

Mumbai: The initial public offering (IPO) of CMR Green Technologies Ltd continued to attract strong investor interest on the second day of bidding.

According to NSE data, the Rs 631-crore public issue was subscribed 9.59 times overall by Thursday evening. Investors placed bids for 22.10 crore shares against the 2.30 crore shares available for subscription.

The Faridabad-based company is one of India's leading non-ferrous metal recyclers and serves several major automobile manufacturers.

NII Investors Lead the Subscription

The non-institutional investor (NII) category saw the highest demand during the second day of bidding.

The NII portion was subscribed 21.80 times, showing strong participation from high-net-worth individuals and larger investors.

The retail investor segment also witnessed healthy demand and was subscribed 7.91 times.

Meanwhile, the Qualified Institutional Buyers (QIB) category was subscribed 3.45 times.

The IPO had already achieved full subscription on the first day of bidding, highlighting strong market confidence in the company.

Anchor Investors Invest Rs 188.44 Crore

Ahead of the IPO opening, CMR Green Technologies raised Rs 188.44 crore from anchor investors on Tuesday.

The public issue opened for subscription on Wednesday and will remain open until Friday.

The company has fixed a price band of Rs 182-192 per share for the offering.

Entire Issue is an Offer for Sale

The IPO is entirely an Offer for Sale (OFS) of up to 3.28 crore equity shares.

The shares are being sold by the company's promoters and an existing investor shareholder. Since it is an OFS, the company itself will not receive any funds from the issue.

Business and Operations

CMR Green Technologies is engaged in recycling and processing non-ferrous metals.

The company manufactures aluminium alloys, zinc alloys and furnace-ready scrap of stainless steel, copper, brass, lead and magnesium.

It operates 13 recycling facilities across India and sources scrap materials from domestic and international markets, including Asia, Africa, Europe, the Middle East and the Americas.

Its customer base includes major automotive companies such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, and Craftsman Automation.

Listing Date

Shares of CMR Green Technologies are expected to be listed on Indian stock exchanges on June 10, subject to completion of the allotment process and regulatory formalities.