CMR Green Technologies cuts IPO size to ₹631 crore; fixes price band at ₹182-192, targets ₹4,206 crore valuation

CMR Green Technologies, a non-ferrous metal recycler and secondary aluminium manufacturer, on Friday announced the price band for its upcoming initial public offering (IPO), which will open for subscription between June 3 and June 5. The anchor investor portion will open for a day on June 2, while share allotment is expected to be finalised on June 8. The company is likely to list its shares on the NSE and BSE on June 10.

The Faridabad-based company has fixed the IPO price band at ₹182-192 per share, targeting a market capitalisation of around ₹4,205.87 crore at the upper end of the issue price.

The public issue comprises entirely an offer for sale (OFS) of 3.29 crore equity shares worth ₹630.88 crore. Since the IPO does not include a fresh issue component, the company will not receive any proceeds from the offering.

Notably, this marks CMR Green Technologies’ second attempt to tap the capital markets with a smaller issue size. The company had earlier filed draft IPO papers in September 2021 for an offering comprising a fresh issue of ₹300 crore and an OFS of 3.34 crore shares by promoters and existing investors. Although the proposal received Sebi approval in February 2022, the company later deferred the listing plans.

Investors can bid for a minimum lot size of 78 shares, requiring an investment of ₹14,976 at the upper end of the price band for retail investors. For small non-institutional investors (sNII), the minimum application size is 14 lots or 1,092 shares amounting to ₹2.09 lakh, while big non-institutional investors (bNII) will need to apply for at least 67 lots or 5,226 shares worth ₹10.03 lakh.

Under the issue structure, qualified institutional buyers (QIBs) can be allotted up to 50% of the net offer, while retail investors will receive not less than 35% and non-institutional investors at least 15%.

Strong presence in recycled metals business

Founded in 2006, CMR Green Technologies operates in the non-ferrous metal recycling segment and specialises in recycled aluminium alloys, zinc die-casting alloys, and metal scrap processing.

The company manufactures recycled aluminium alloys in both ingot and liquid form, zinc alloy ingots, and segregated furnace-ready scrap comprising stainless steel, copper, brass, zinc, lead, and magnesium. It also produces aluminium billets catering to both automotive and non-automotive industries.

CMR Green supplies to several leading OEMs and Tier-1 automotive component manufacturers, including Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki, and Jindal Stainless.

Financial recovery and sectoral tailwinds

On the financial front, the company reported total income of ₹6,696.66 crore in FY25, compared with ₹5,968.44 crore in FY24. Profit after tax stood at ₹155.04 crore in FY25, marking a sharp recovery from a loss of ₹838.56 crore in the previous year.

EBITDA also improved significantly to ₹328.62 crore in FY25 from a negative ₹705.98 crore in FY24.

For the nine months ended December 2025, the company reported revenue of ₹6,291 crore and a net profit of ₹162.39 crore, indicating continued operational momentum.

The company’s total assets increased to ₹3,650.58 crore as of December 2025 from ₹2,815.86 crore in March 2025. Net worth stood at ₹594.18 crore, while total borrowings rose to ₹1,303.22 crore from ₹894.03 crore during the same period.

The IPO comes at a time when investor interest in recycling, sustainability, and circular economy-linked businesses remains robust, driven by rising demand for recycled metals from the automotive and manufacturing sectors.

The sector has also seen increased capital market activity in recent years. Last year, Jain Resource Recycling raised ₹1,250 crore through its IPO, while Ardee Industries, a recycling and manufacturing company, is preparing for a public listing after receiving Sebi approval earlier this year for its proposed IPO.

Equirus Capital is the book-running lead manager to the issue, while KFin Technologies is acting as the registrar.

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