The initial public offering of CMR Green Technologies Ltd, a non-ferrous metal recycler, has witnessed a strong response from investors on the last day of the bidding today, i.e. on June 5, 2206. The offer was subscribed to 85.22 times till 3 pm on June 5. According to the National Stock Exchange (NSE), the Rs 631-crore IPO received bids for 1,96,37,37,360 shares against 2,30,43,930 shares on offer. The quota for non-institutional investors (NIIs) was booked 155.90 times. The retail portion of the IPO fetched a subscription of 22.90 times, and the Qualified Institutional Buyers (QIBs) segment was booked 142.78 times.
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
Amid the massive response from investors, the grey market premium (GMP) of CMR Green Technologies’ unlisted shares have jumped to Rs 70. Considering the upper price band of Rs 192, the company’s shares are expected to list at around Rs 262, reflecting a grey market premium of 36.46 per cent.
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.
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.)
