The Rs 631 crore initial public offering (IPO) of CMR Green Technologies was booked over 127 times at the end of the subscription process on Friday. The company received bids for over 292 crore shares as against 2.3 crore shares on offer.

Demand was led by Qualified Institutional Buyers (QIBs), whose category was subscribed to 270.46 times, while retail investors subscribed 27.03 times.

The issue is entirely an offer-for-sale (OFS), priced in the range of Rs 182-192 per share, with a lot size of 78 shares.

With strong subscription and a healthy grey market premium, investors are closely tracking the issue’s potential listing performance.

CMR Green Technologies IPO Subscription Status

The IPO saw robust participation, with overall subscription reaching 127.04 times.
Retail Individual Investors (RIIs) subscribed 27.03 times the 1.14 crore shares reserved for them.
The Non-Institutional Investor (NII) segment led demand, subscribing 172.35 times the 49.07 lakh shares allocated.
Qualified Institutional Buyers (QIBs) subscribed to their reserved portion of 65.42 lakh shares, a robust 270.46 times

CMR Green Technologies IPO GMP Today

As of June 5, 2026, the grey market premium (GMP) for the IPO hovered around 40%. At the upper price band of Rs 192 per share, this implies a likely listing price of about Rs 269.

The GMP reflects the unofficial trading premium of IPO shares before listing, offering a sense of market sentiment and expected listing gains, though it is not a reliable indicator of actual listing performance.

About CMR Green Technologies

CMR Green Technologies is India’s largest non-ferrous metal recycling company by installed capacity and was the market leader in the domestic secondary aluminium segment in FY25, according to an ICRA report cited in its draft prospectus.

The company operates 13 manufacturing facilities across India, producing recycled aluminium alloys, billets, zinc alloy ingots and other value-added products. It is also a key player in the automotive cast alloy market, with an estimated 42%-45% share.

CMR Green is positioned to benefit from rising global demand for sustainable, low-carbon manufacturing. Recycled aluminium production generates significantly lower greenhouse gas emissions than primary aluminium and requires lower capital expenditure, the ICRA report noted.

In FY25, the company reported operating revenue of Rs 6,666 crore, up 12% year-on-year, while profit stood at Rs 155 crore, reversing a loss in FY24 driven largely by a one-time goodwill impairment.

Ahead of the IPO, the company raised Rs 188 crore from anchor investors, attracting a mix of domestic mutual funds, insurers and foreign institutional investors.

Brokerage Views

Analysts have offered mixed views on the issue.

Motilal Oswal highlighted CMR Green’s leadership in aluminium recycling, strong market share and exposure to long-term decarbonisation and sustainability themes. It also pointed to growth opportunities in segments such as extrusion and rolled alloys.

Swastika Investmart assigned a “Neutral” rating, noting that valuations of around 27x FY25 earnings appear reasonable versus peers, while acknowledging the company’s strong industry positioning.

However, it flagged risks including the pure OFS structure, customer concentration, dependence on a few key clients and relatively thin margins. It added that high-risk investors may consider the IPO primarily for listing gains.

The IPO comes amid sustained investor interest in manufacturing and sustainability-linked businesses, particularly those tied to recycling, resource efficiency and the circular economy.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)