The initial public offering (IPO) of CMR Green Technologies, a non-ferrous metal recycler, has received a strong response from investors on the second day of bidding, with the issue subscribed 9.57 times so far. According to data available on the National Stock Exchange (NSE), the Rs 630.62-crore IPO received bids for 22,05,84,078 shares against 2,30,43,930 shares on offer, translating into 9.57 times subscription. The category for non-institutional investors fetched 21.76 times subscription, while the quota for retail individual investors (RIIs) subscribed 7.88 times. The portion for qualified institutional buyers (QIBs) attracted 3.45 per cent bidding.
Raises Rs 188.44 crore from anchor investors
Ahead of the IPO subscription opening, the company said that it garnered Rs 188.44 crore from anchor investors ahead of its initial public offering (IPO). According to a circular uploaded on the BSE website, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs were among the biggest anchor investors.
CMR Green Technologies Price Band
The proposed IPO is an offer for sale of up to 3.28 crore equity shares by promoters and a selling shareholder. The company has set a price band of Rs 182-192 per equity share.
CMR Green Technologies IPO GMP Today
According to Investorgain, CMR Green Technologies’ unlisted shares are trading at a grey market premium (GMP) of Rs 67, Rs 1 higher than that of yesterday. Considering the upper price band of Rs 192, the company’s shares are expected to list at around Rs 259, reflecting a grey market premium of 34.90 per cent.
CMR Green Technologies IPO Listing Date
Shares of CMR Green Technologies will list on both NSE and BSE. They are expected to be listed on the stock exchanges on June 10.
What does the company do?
Faridabad-based CMR Green Technologies processes and manufactures aluminium alloys (ingot and liquid), zinc alloys and furnace-ready scrap of stainless steel, copper, brass, lead and magnesium, among others.
The company currently operates 13 recycling facilities across India and has built a procurement network spanning domestic markets as well as Asia, Africa, the Middle East, Europe, and the Americas. Its customer base primarily comprises automotive original equipment manufacturers (OEMs) and Tier-I suppliers.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
