The initial public offering (IPO) of CMR Green Technologies received a strong response from the investors as the issue was subscribed 2.46 times on the first day of bidding on June 3. It received bids for 5,66,05,068 shares against 2,30,43,930 offered.
Non-Institutional Investors booked the issue 5.67 times and retail investors subscribed to the issue 2.45 times. Qualified Institutional Buyers subscribed to the offer 0.03 times.
As subscription for the IPO enters its second day, the unlisted shares of CMR Green Technologies were trading at a premium of around 31%.
Here's all you need to know about the IPO of CMR Green Technologies.
CMR Green Technologies IPO GMP Today
The GMP for the CMR Green Technologies IPO was Rs 60 on June 4, indicating a listing price of Rs 252 apiece at a premium of 31.25% on the upper limit of the IPO price band.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
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CMR Green Technologies IPO: Key Details
The CMR Green Technologies IPO is a book build issue of Rs 630.88 crore. It comprises an offer-for-sale (OFS) of 3.29 crore shares.
The price band for the IPO is set between Rs 182 and Rs 192 per share.
To participate in the IPO, retail investors need to bid for a single lot size of 78 shares, requiring an investment of Rs 14,976. Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,09,664. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 67 lots. It will lead to an investment of Rs 10,03,392.
Equirus Capital Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar of the issue.
CMR Green Technologies IPO Important Dates
The subscription window will be open from June 3 to June 5. Share allotment is proposed to be finalised on June 8. The company will transfer shares to the demat accounts of the successful bidders on June 9 and refunds for non-allottees will take place on the same day.
The shares of the company are scheduled to list on the BSE and NSE on June 10.
Use Of Proceeds
The IPO is structured solely as an OFS worth Rs 630.88 crore, with existing shareholders offloading their stakes. As a result, the company will not receive any funds from the issue. With no fresh capital being raised, the firm's key objective is to obtain a stock market listing and the benefits that come with it.
About CMR Green Technologies
CMR Green Technologies ranks among the country's leading players in the non-ferrous metal recycling industry. The company's red herring prospectus, citing an ICRA study, states that it commanded the largest share of India's secondary aluminium market by revenue in FY25.
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Financials
The company's consolidated EBITDA increased by 39.70% year-on-year (YoY) to Rs 303.71 crore in FY25 from Rs 217.40 crore in FY24. It recorded a profit after tax (PAT) of Rs 155.04 crore in FY25 compared to a net loss of Rs 838.56 crore in FY24, which had been severely impacted by a one-time exceptional item.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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