CMR Green Technologies mobilises Rs 188 cr from anchor investors ahead of IPO

New Delhi, Jun 2 (PTI) CMR Green Technologies, a non-ferrous metal recycler, on Tuesday said it has garnered Rs 188.44 crore from anchor investors ahead of its initial public offering (IPO).

SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs are among the biggest anchor investors, according to a circular uploaded on the BSE website.

Other anchor investors included 360 One Equity Opportunity Fund, Abakkus Growth Fund, BNP Paribas, Citigroup Global Markets Mauritius and Susquehanna Pacific.

According to the circular, the company allotted 98.14 lakh equity shares to 18 funds at Rs 192 per share, the upper end of the IPO price band.

Domestic mutual funds accounted for the largest

share of the anchor book, receiving 61.31 lakh shares, or 62.47 per cent of the anchor allocation, through 10 schemes of seven fund houses.

CMR Green Technologies’ Rs 630.62-crore IPO will be open for public subscription during June 3-5. The company has set a price band of Rs 182-192 per equity share.

The proposed IPO is entirely an offer for sale of up to 3.28 crore equity shares by promoters and an investor selling shareholder.

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 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.

Its clients include Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Endurance Technologies, Rockman Industries, and Craftsman Automation.

Shares of CMR Green Technologies are expected to be listed on the stock exchanges on June 10. PTI SP TRB