CMR Green Technologies - Day 1: 2.46x Subscribed & GMP ₹64
CMR Green Technologies Ltd has today introduced its much-awaited Initial Public Offering (IPO). It has made a historic move as the largest non-ferrous metal recycling company in terms of installed capacity in India to launch its IPO, and it has drawn the attention of sustainability-focused investors and institutional giants to its dominant market position and operations in the sustainable manufacturing and circular economy segment.
The IPO is a book-build of Rs 630.88 crores. This issue is entirely an offer of sale (OFS) of 3.29 crore shares, i.e., there is no fresh issue component for this IPO, and the company will not get any proceeds from the IPO offering.
Before the public opening, CMR Green Technologies had already raised Rs 188.4 crores through anchor investors, such as Goldman Sachs, BNP Paribas, Citigroup, HDFC Mutual Fund, and SBI, at the upper end of the price band.
Key takeaways
- CMR Green Technologies IPO opened for subscription today, on June 3, 2026, and will close on June 5, 2026.
- The IPO is a book-built issue worth ₹630.88 crore, and the issue is entirely an Offer for Sale (OFS).
- The price band has been fixed at ₹182–₹192 per share.
- Day 1 achieved an overall subscription of 2.46x, with a GMP of Rs. 64, indicating positive investor sentiment.
Key dates for the CMR Green Technologies IPO
CMR Green Technologies IPO is currently in its three-day subscription window, which opened today, June 3, 2026, and will close on June 5, 2026. The IPO allotment is expected to be finalised on June 8, 2026. The shares and refunds will be credited to the demat account from June 9, 2026.
On June 10, 2026, it is expected that its shares will debut on Indian stock exchanges and will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The IPO is priced at the price band of Rs 182-Rs 192 per share with a minimum application lot size of 78 shares, which requires an investment of Rs 14,976 for retail participation at the upper price band. The book-running lead managers of this IPO offering are Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors, and the registrar of the issue is KFin Technologies Ltd.
About CMR Green Technologies
CMR Green Technologies, based in Faridabad, has become a domestic giant in the non-ferrous metal recycling and secondary aluminium market. It specialises in aluminium and zinc die-casting alloys. The company has 13 manufacturing plants in India and supplies recycled aluminium alloys, zinc alloy ingots, and aluminium billets. It currently has an estimated 42%-45% market share in the cast alloy segment of the automotive industry, helping Tier-1 component manufacturers and major OEMs to switch to lower-carbon manufacturing solutions.
On the financial front, the business of CMR Green Technologies saw a significant turnaround in FY25, as the total income grew to Rs. 6,696.66 crore and a PAT of Rs. 155.04 crore from a loss of Rs. 838.56 crore in FY24. As the world is transitioning towards green manufacturing, CMR Green is poised to be a major player in the recycling and circular economy cycle.
Subscription and GMP on day 1
The CMR Green Technologies IPO received a robust response on the first day due to its dominant market share and operations in sustainability themes. At the end of Day 1, the issue achieved an overall subscription of 2.46 times.
Retail Individual Investors (RIIs) demonstrated strong early participation and subscribed to their quota by 2.47 times. The Non-Institutional Investors (NIIs) aggressively led the demand, and their quota was subscribed to 5.68 times, and employees subscribed to their quota by 3.19 times. While the Qualified Institutional Buyers (QIBs) quota stayed silent on Day 1, with 0.03 times the subscription.
In the unlisted market, the Grey Market (GMP) for CMR Green Technologies was approximately Rs 64 at the upper price band of Rs 192 at the end of Day 1. This indicates a tentative listing price of Rs. 256 with a potential listing gain of 33.33%.
Investor sentiment at the end of Day 1
Investor sentiment is largely bullish about the CMR Green Technologies IPO due to CMR Green's undisputed leadership position in the aluminium recycling industry, its dominant market share, and exposure to long-term decarbonisation trends. These factors are the major strengths of this IPO, which are attracting investors' interest.
However, simultaneously, its 100% OFS structure, customer concentration risks in the automotive industry, and comparatively low operating margins are driving some caution among investors. Thus, investors are likely to keep a close eye on this subscription, which will close on 5th June 2026.
