Shares of CMR Green Technologies Ltd. made a bumper debut on the stock exchanges on Monday. On the NSE, the stock was trading at Rs 268 which is 39.58 % higher from its listing price of Rs 192 per share. On the BSE, it listed at Rs 260 apiece, up 34.74% higher from the issue price.
The Rs 631-crore initial public offering (IPO) of non-ferrous metal recycler CMR Green Technologies Ltd was subscribed 127 times on the final day of bidding on Friday, driven by robust demand from institutional and high-net-worth investors.
According to data available on the NSE, the issue attracted bids for 2,92,75,44,594 shares against the 2,30,43,930 shares on offer. The qualified institutional buyers (QIBs) segment led the demand, receiving 270.46 times subscription. The non-institutional investor (NII) portion was subscribed 172.35 times, while the retail individual investor quota saw a subscription of 27.03 times.
The IPO had garnered full subscription within hours of opening for bidding on Wednesday, reflecting strong investor appetite despite a broadly weak trend in the equity markets during the week.
Ahead of the public issue, the company raised Rs 188.44 crore from anchor investors on Tuesday. The price band for the issue was fixed at Rs 182–192 per share. The IPO was entirely an offer-for-sale (OFS), comprising up to 3.28 crore equity shares by promoters and an existing investor.
About CMR Green Technologies
Faridabad-headquartered CMR Green Technologies is engaged in the recycling and manufacturing of aluminium and zinc alloys, along with processing furnace-ready scrap of metals such as stainless steel, copper, brass, lead and magnesium.
The company operates 13 recycling facilities across India and has established a global procurement network spanning Asia, Africa, the Middle East, Europe and the Americas. Its key customers include automotive original equipment manufacturers (OEMs) and Tier-I suppliers such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Endurance Technologies, Rockman Industries and Craftsman Automation.
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