CMR Green Technologies - Day 2: 9.61x Subscribed & GMP ₹64
Synopsis:
- CMR Green Technologies is India’s leading non-ferrous metal recycling company by installed capacity, strongly integrated with the automotive sector.
- The IPO is a book-built offering of ₹630.88 crore, which is 100% offer for sale (OFS) of 3.29 crore shares.
- The bidding process began on June 3, 2026, and will run for three days until June 5, 2026.
- By the end of Day 2, the IPO was oversubscribed with an overall subscription of 9.61 times the number of shares offered.
- The Grey Market Premium (GMP) is at ₹64, which indicates a healthy estimated listing premium of ~33%.
The public issue witnessed a strong demand on day 2, with the overall subscription reaching 9.61 times and the Grey Market Premium (GMP) at ₹64, after a steady start on day 1.
The ₹630.88 crore public issue is entirely an Offer for Sale (OFS) of up to 3.29 crore equity shares by current promoters and an investor shareholder. The proceeds of the sale will go 100% to the selling shareholders, as there is no fresh issue component. The IPO demand on day 2 was led by the retail and Non-Institutional Investors (NII).
The CMR Green Technologies IPO has been well received by the Indian investors, primarily due to its market leadership in the domestic secondary aluminium market and its strategic role in India's evolving circular economy.
Now, let's take a look at the CMR Green Technologies IPO Day 2.
Key dates for the CMR Green Technologies IPO
The CMR Green Technologies IPO has been opened for public bidding from Wednesday, June 3, 2026, and will close on Friday, June 5, 2026. The basis of IPO allotment will be finalised on Monday, June 8, 2026, after the bidding window closes.
The refunds for unsuccessful applicants and the credit of shares to the demat accounts of the successful bidders will begin on Tuesday, June 9, 2026. The shares are expected to debut on the BSE and NSE exchanges on Wednesday, June 10, 2026. The issue is priced at a price band of ₹182 to ₹192 per equity share.
The minimum application size for retail investors is 1 lot (78 shares), and the investment amount is ₹14,976 (at the upper price range). The registrar of the issue is Kfin Technologies Ltd, and Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors are the book-running lead managers.
About CMR Green Technologies
CMR Green Technologies Limited is a leading company in the non-ferrous metal recycling and circular economy space in India, established in 2006. The company processes and produces recycled aluminium alloys, zinc alloy ingots, aluminium billets, and segregated metal scrap for the furnace.
It has 13 recycling plants across the country and is the largest non-ferrous metal recycler in India.
The company's primary business comes from the automotive sector, where it holds 42-45% of the market in the cast alloy automotive segment. It has marquee customers such as major OEMs and Tier-1 suppliers like Maruti Suzuki, Hero MotoCorp, Honda Cars India, Bajaj Auto, and Royal Enfield, which ensures a steady inflow of revenue.
They reported a total income of Rs. 6,696.66 crore, and a PAT of Rs. 155.04 crore in FY25.
Recent GMP and subscription status on day 2
The CMR Green Technologies IPO saw a robust investor response with an overall subscription of 9.61 times at the end of Day 2 (June 4, 2026). The Non-Institutional Investor (NII) segment was the primary contributor, oversubscribing its quota by an impressive 21.80 times.
Retail individual investors overbooked their allotted portion by 7.94 times. Employees subscribed 6.80 times their quota, while the Qualified Institutional Buyers subscribed 3.45 times.
Before the public issue, CMR Green Technologies had already raised ₹188.44 crore via an anchor book on June 2. The company offered 98.14 lakh equity shares to 15 anchor investors at a price of ₹192 per share.
The Grey Market Premium (GMP) has surged to ₹64 per share in the unlisted market. This indicates an estimated listing price of ₹256, which indicates a 33.33% listing gain at the upper price band of ₹192.
What is next?
The robust Day 2 performance is attributed to the CMR Green Technologies' dominant market position, robust and extensive infrastructure, and structural tailwinds in India's recycling and sustainable materials industry. The IPO is priced at a P/E multiple of 27.13 times its FY25 earnings at the upper price band of ₹192, which experts largely view as fairly valued relative to its listed peers.
As the final day of bidding (June 5) approaches, all eyes will be on the Qualified Institutional Buyers (QIB) segment as they often step up their bidding activity on the final day, which could push subscription figures significantly higher and further stabilise the grey market premium ahead of the June 10 listing.
