The CMR Green Technologies IPO starts today. Here are the details about the GMP, review, and the issue.
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CMR Green Technologies will begin its initial public offering (IPO) for public subscription from June 3 to June 5. The price range for shares is ₹182 to ₹192 each. The company has already secured ₹188.44 crore from anchor investors and is likely to be listed on the stock exchanges on June 10.
CMR Green Technologies has opened its IPO for subscription from June 3 to June 5, with shares priced between ₹182 and ₹192 each. The minimum purchase is 78 shares. Before the IPO launched, the company raised ₹188.44 crore from anchor investors by selling 98.14 lakh shares at ₹192 each to 18 institutional investors, including well-known funds like SBI, ICICI Prudential, HDFC, Nippon India, Kotak, and Goldman Sachs.
CMR Green Technologies is the largest aluminium recycling company in India and is expected to benefit from the increasing demand for recycled metals. The IPO will allocate up to 50% of shares for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for retail investors. Employees can also buy shares worth ₹2.5 crore at a discounted price.
Currently, the grey market premium (GMP) is ₹63, suggesting a potential listing price of about ₹255 per share, which is around 33% higher than the highest price in the band. This IPO is solely an Offer for Sale (OFS) of 3.28 crore shares, meaning the proceeds will go to current shareholders, not to the company itself.
Allotment of shares is expected on June 8, with refunds and demat credits on June 9, and the shares are likely to be listed on June 10 on both BSE and NSE. SBI Securities has advised investors to subscribe to the IPO due to the company’s leadership position and growth potential. In contrast, Swastika Investmart has a neutral stance, expressing concerns over customer dependence, low profit margins, past losses, and lack of new funds. Overall, this IPO may attract investors seeking short-term gains as well as those with a positive outlook on the metal recycling industry in the long run.
CMR Green Technologies is the largest aluminium recycling company in India and is expected to benefit from the increasing demand for recycled metals. The IPO will allocate up to 50% of shares for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for retail investors. Employees can also buy shares worth ₹2.5 crore at a discounted price.
Currently, the grey market premium (GMP) is ₹63, suggesting a potential listing price of about ₹255 per share, which is around 33% higher than the highest price in the band. This IPO is solely an Offer for Sale (OFS) of 3.28 crore shares, meaning the proceeds will go to current shareholders, not to the company itself.
Allotment of shares is expected on June 8, with refunds and demat credits on June 9, and the shares are likely to be listed on June 10 on both BSE and NSE. SBI Securities has advised investors to subscribe to the IPO due to the company’s leadership position and growth potential. In contrast, Swastika Investmart has a neutral stance, expressing concerns over customer dependence, low profit margins, past losses, and lack of new funds. Overall, this IPO may attract investors seeking short-term gains as well as those with a positive outlook on the metal recycling industry in the long run.
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Originally published on major financial portals.
