The initial public offering (IPO) of CMR Green Technologies Ltd was subscribed 2.46 times on the first day of bidding on Wednesday, supported by strong participation from non-institutional investors (NIIs), retail investors and employees. The three-day issue will close for subscription on June 5, 2026.

According to exchange data, the NII portion was subscribed 5.67 times, while the retail investors' category saw 2.45 times subscription. The employee segment was booked 3.18 times. Demand from qualified institutional buyers (QIBs) remained subdued at 0.03 times by the end of Day 1.

The Rs 630.62-crore IPO is priced in the range of Rs 182-192 per share and is entirely an offer for sale (OFS) of up to 3.28 crore equity shares by promoters and an investor-selling shareholder.

Ahead of the IPO launch, the non-ferrous metal recycler raised Rs 188.44 crore from anchor investors. It allotted 98.14 lakh shares to 18 anchor funds at the upper price band of Rs 192 per share.

Prominent anchor investors include SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund and Goldman Sachs. Other participants comprise 360 One Equity Opportunity Fund, Abakkus Growth Fund, BNP Paribas, Citigroup Global Markets Mauritius and Susquehanna Pacific.

Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are acting as the book-running lead managers to the issue.

Shares of CMR Green Technologies are scheduled to be listed on the stock exchanges on June 10, 2026.

Brokerage views

SBI Securities: Subscribe

The brokerage noted that the company uses derivative financial instruments, including forward exchange contracts, to hedge risks arising from foreign currency movements and commodity price fluctuations.

"It is well placed to capitalise on strong sector tailwinds, with India recycled aluminium market - sales volume (mnt) and India recycled aluminium market (USD bn) to grow at a CAGR of 11.2 per cent/13.2 per cent from FY26E-FY30E. We recommend investors to 'subscribe' to the issue at the cut-off price," it added.

SMIFS: Subscribe

"As utilisation improves further and the new facilities mature, the incremental capacity should increasingly reflect in both topline growth and profit expansion, supported by scale benefits, better fixed-cost absorption, and a richer product mix. It model is strengthened by its role in the circular economy, technical processing capabilities, and leadership in a segment," SMIFS stated.

"We view CMR Green Technologies as a good long-term investment, with the next phase of earnings growth likely to come from utilisation ramp-up, higher value-added products, and continued expansion across India’s recycled metals market," it also said.

DR Choksey Finserv: Subscribe

"The near-term picture requires patience. Margins, while improving, remain thin and will stay that way this is a high-turnover, low-margin business by design. The balance sheet has been stretched by two years of aggressive capex, and working capital will continue to consume cash as volumes scale. We do not expect a sudden inflection in profitability," DR Choksey stated.

Ventura Securities: Subscribe

"Strengths include market leadership, diversified product portfolio, largescale capacity, multiple strategic facilities, and sustainable, low-capex production. Weaknesses encompass segment concentration, reliance on top customers, moderate margins, and exposure to commodity and operational volatility," Ventura Securities stated.

CMR Green Technologies IPO GMP

In the grey market, CMR Green was commanding a grey market premium (GMP) of Rs 64 per share on Wednesday. Based on the upper end of the price band at Rs 192, the GMP indicates a potential listing gain of 33.33 per cent.