The ₹630.88-crore initial public offering (IPO) of CMR Green Technologies, a leading non-ferrous metal recycler and secondary aluminium manufacturer, received a decent response from investors on the first day of bidding. The issue was subscribed 2.46 times, driven by strong demand from high-net-worth individuals (HNIs) and retail investors.

According to exchange data, the IPO of the Faridabad-based company received bids for 5.67 crore shares against the 2.30 crore shares on offer at the price band of ₹182-192 per share, attracting applications worth nearly ₹1,090 crore.

The strongest demand came from the non-institutional investor (NII) segment, which was subscribed 5.68 times. The retail investor portion was subscribed 2.47 times, while the employee reservation category also witnessed healthy interest, garnering a subscription of 3.19 times.

However, participation from qualified institutional buyers (QIBs) remained subdued at 0.03 times on the opening day.

Under the issue structure, up to 50% of the offer is reserved for qualified institutional buyers (QIBs), while retail investors and non-institutional investors have quotas of 35% and 15%, respectively.

Given the positive response to the IPO, CMR Green Technologies' shares were commanding a grey market premium of ₹60 in the unlisted market. Based on the upper price band of ₹192 per share, the GMP suggests a potential listing price of ₹252, implying a gain of 31.25% over the issue price.

IPO details

The IPO, which will close on June 5, is entirely an offer for sale (OFS) comprising 3.29 crore equity shares, valuing the company at approximately ₹4,205.87 crore. Since there is no fresh issue component, the company will not receive any proceeds from the IPO, with the entire amount going to existing shareholders who are diluting their stakes.

Ahead of the IPO opening, CMR Green Technologies raised ₹188.44 crore from 15 anchor investors through the allotment of 98.14 lakh shares at ₹192 apiece, the upper end of the price band.

Investors can bid for a minimum lot of 78 shares, translating into an investment of ₹14,976 at the upper end of the price band. The minimum application size for sNIIs is 1,092 shares, requiring an investment of about ₹2.10 lakh, while bNIIs must apply for at least 5,226 shares, amounting to over ₹10 lakh.

The basis of allotment is expected to be finalised on June 8, while the shares are scheduled to list on the BSE and NSE on June 10.

The current offering marks CMR Green Technologies' second attempt to enter the capital markets.

The company had previously filed draft IPO papers in September 2021 for a significantly larger issue comprising a fresh issue of ₹300 crore and an offer for sale of 3.34 crore shares. Although it secured approval from the Securities and Exchange Board of India (SEBI) in February 2022, it eventually deferred its listing plans due to challenging market conditions.

This time, the company has returned with a smaller IPO consisting solely of an OFS, reflecting a more measured approach to the capital markets.

Founded in 2006, CMR Green Technologies operates in the non-ferrous metal recycling industry and manufactures recycled aluminium alloys, zinc die-casting alloys, aluminium billets, and processed metal scrap.

The company supplies to several major automotive original equipment manufacturers (OEMs) and component makers, including Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Maruti Suzuki, Endurance Technologies, and Jindal Stainless.

On the financial front, the company reported total income of ₹6,696.66 crore in FY25, compared with ₹5,968.44 crore in FY24. It posted a net profit of ₹155.04 crore in FY25, against a loss of ₹838.56 crore in the previous year.

EBITDA also recovered significantly to ₹328.62 crore from a negative ₹705.98 crore in FY24, highlighting a strong operational turnaround.

The momentum has continued into the current financial year. For the nine months ended December 2025, the company reported revenue of ₹6,291 crore and a profit after tax of ₹162.39 crore, already surpassing its full-year FY25 earnings.