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What is the story about?
The initial public offering (IPO) of CMR Green Technologies, a leading non-ferrous metal recycling company focused on aluminium and zinc die-casting alloys, witnessed strong investor demand on its final day of bidding on Friday, June 5.
As of 10:05 am, the IPO had been subscribed 10.6 times, with investors bidding for 24.37 crore shares against the 2.30 crore shares on offer. The issue closes for subscription later in the day.
The mainboard offering continued to attract robust participation across investor categories, led by strong interest from non-institutional investors.
In the grey market, CMR Green Technologies' unlisted shares were commanding a premium of around ₹70 per share over the upper end of the issue price on Friday.
However, grey market premiums are unofficial indicators and can fluctuate significantly based on market sentiment.
ALSO READ | CMR Green Technologies IPO: Should you subscribe to the issue?
Among investor categories, the non-institutional investor (NII) portion was subscribed 25.37 times, while the retail investor segment saw demand of 8.35 times. The qualified institutional buyer (QIB) category was booked 3.46 times.
The company is offering shares in a price band of ₹182-192 apiece, with investors required to bid for a minimum of 78 shares and in multiples thereafter.
Through the public issue, CMR Green Technologies aims to raise ₹630.9 crore by offering 3.28 crore equity shares.
The IPO consists entirely of an offer-for-sale (OFS) by existing shareholders, including the promoter group and Global Scrap Processors. Consequently, the company will not receive any proceeds from the issue, and the net funds raised will accrue to the selling shareholders after deducting issue-related expenses.
Following the OFS, promoter shareholding is expected to decline to 84% from 86.9% currently.
CMR Green Technologies is India's largest non-ferrous metal recycler by installed capacity and is also the market leader among listed peers in the secondary aluminium segment by revenue.
Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are acting as the book-running lead managers for the issue.
As of 10:05 am, the IPO had been subscribed 10.6 times, with investors bidding for 24.37 crore shares against the 2.30 crore shares on offer. The issue closes for subscription later in the day.
The mainboard offering continued to attract robust participation across investor categories, led by strong interest from non-institutional investors.
In the grey market, CMR Green Technologies' unlisted shares were commanding a premium of around ₹70 per share over the upper end of the issue price on Friday.
However, grey market premiums are unofficial indicators and can fluctuate significantly based on market sentiment.
ALSO READ | CMR Green Technologies IPO: Should you subscribe to the issue?
Among investor categories, the non-institutional investor (NII) portion was subscribed 25.37 times, while the retail investor segment saw demand of 8.35 times. The qualified institutional buyer (QIB) category was booked 3.46 times.
The company is offering shares in a price band of ₹182-192 apiece, with investors required to bid for a minimum of 78 shares and in multiples thereafter.
Through the public issue, CMR Green Technologies aims to raise ₹630.9 crore by offering 3.28 crore equity shares.
The IPO consists entirely of an offer-for-sale (OFS) by existing shareholders, including the promoter group and Global Scrap Processors. Consequently, the company will not receive any proceeds from the issue, and the net funds raised will accrue to the selling shareholders after deducting issue-related expenses.
Following the OFS, promoter shareholding is expected to decline to 84% from 86.9% currently.
CMR Green Technologies is India's largest non-ferrous metal recycler by installed capacity and is also the market leader among listed peers in the secondary aluminium segment by revenue.
Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are acting as the book-running lead managers for the issue.
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