CMR Green Technologies IPO Day 2 LIVE: Issue booked 6.96x so far — Should you apply as GMP at 31%?
CMR Green Technologies IPO Day 2 LIVE: The ₹630.88-crore issue is entirely an offer for sale (OFS), with no fresh issue component. Under the IPO, promoters and an investor shareholder will sell up to 3.28 crore equity shares.
CMR Green Technologies IPO Day 2 LIVE: The initial public offering (IPO) of CMR Green Technologies opened for subscription on June 3 and will close on June 5. At the end of the first day, the offer was booked 2.46 times, given strong demand from NII and retail investors.
The ₹630.88-crore issue is entirely an offer for sale (OFS), with no fresh issue component.
Under the IPO, promoters and an investor shareholder will sell up to 3.28 crore equity shares. Since the issue is entirely an OFS, the company will not receive any proceeds from the public offering.
Promoter and promoter group shareholders Mohan Agarwal, Gauri Shankar Agarwal HUF and Mohan Agarwal HUF are among the selling shareholders, along with investor shareholder Global Scrap Processors.
The IPO has been priced in the range of ₹182-192 per share. Investors can bid for a minimum of 78 shares, requiring an investment of ₹14,976 at the upper end of the price band.
CMR Green Technologies IPO GMP
The grey market premium (GMP) for CMR Green Technologies IPO is at ₹60 on the second day of the bidding.
Based on the current GMP and the upper end of the price band, the shares are estimated to list at around ₹252 apiece, implying a potential gain of nearly 31% over the issue price. Market observers noted that the highest GMP seen so far for the issue is ₹63, compared with a low of ₹24 recorded earlier.
About the company
CMR Green Technologies is one of India's largest non-ferrous metal recyclers. According to its red herring prospectus, citing an ICRA report, the company was the largest player in India's secondary aluminium market by revenue among its peers in FY25.
The company also enjoys a significant scale advantage, with installed capacity nearly four times that of its closest domestic competitor in the recycled aluminium segment.
Its product portfolio includes recycled aluminium alloys in ingot and liquid form, zinc alloy ingots, dross, and furnace-ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, among other products.
Stay tuned for live updates on subscription numbers, GMP trends and key developments from Day 2 of the CMR Green Technologies IPO.
CMR Green Technologies IPO Day 2 LIVE: Issue booked neatly 10x on second day
CMR Green Technologies IPO was subscribed 9.59 times at the end of the second day of bidding. QIB segment was booked 3.45 times, NII portion 21.80 times, retail at 7.91 times and the employee section at 6.79 times.
CMR Green Technologies IPO Day 2 LIVE: BP Equities recommends a ‘Subscribe’ tag
At the upper price, the issue is valued at a P/E multiple of 21.3x based on FY26E earnings, which is lower compared to its peers. Considering its leadership position in the recycled metals industry, strong operational capabilities, improving financial performance, and attractive valuation, we recommend a “SUBSCRIBE” rating from a mediumto long-term perspective.
CMR Green Technologies IPO Day 2 LIVE: Industry outlook
The recycled aluminium market in India reached a value of $5bn and a volume of 2,164 thousand tons in FY25, growing at a CAGR of 17% in value and 11% in volume during FY20–FY25. The market is expected to continue expanding at a CAGR of 13% in value and 11% in volume through FY30E, reaching $9 billion and 3,715 thousand tons.
This growth is driven by rising environmental awareness, energy efficiency benefits, and increasing demand. Further expansion will be supported by favorable policies, rising costs of primary aluminium, and decarbonization initiatives (Source: IMARC, ICRA Analysis).
CMR Green Technologies IPO Day 2 LIVE: Geojit has a ‘Subscribe’ rating for medium-to-long term investors
At the upper price band of ₹192, CGTL is valued at ~27x FY25 P/E and ~19x annualized FY26 P/E (post-issue), which appears fairly priced relative to peers, considering inherent risks such as margin volatility and commodity exposure. However, as the largest player by capacity, the company is well positioned to benefit from strong industry tailwinds, supported by its scale, market leadership, and ability to cater to growing demand. Hence, we recommend a “Subscribe” rating for a medium to long term.
— Geojit Financial Services
CMR Green Technologies IPO Day 2 LIVE: Company sources scrap globally
One of the critical factors in the metal recycling business is the ability to source metal scrap. Due to the low availability of aluminium scrap in India, CGTL procures scrap from around 198 global suppliers from 73 countries including US, UK, New Zealand, etc. Given the increasing global consumption of metal-intensive products globally, combined with rapid urbanization and growing emphasis on circular economy, the outlook for scrap availability remains optimistic
CMR Green Technologies IPO Day 2 LIVE: Automotive industry top revenue driver of the company
CGTL derives majority of its revenue from the automotive industry where it held an estimated market share of ~42%-45% in the cast alloys segment during FY25. Its customers primarily include OEMs like Maruti Suzuki, Bajaj Auto, etc., & Tier 1 suppliers such as Rockman Industries, Craftsman Automation, etc.
CMR Green Technologies IPO Day 2 LIVE: What does CMR Green Technologies do?
CMR Green Technologies Ltd. (CGTL) is a leading non-ferrous metal recycling company and holds the highest market share in the Indian secondary aluminium market in terms of revenue. The company manufactures recycled (i) aluminium alloys (in ingot and liquid form), (ii) zinc alloy ingots, (iii) dross and (iv) segregated furnace-ready scrap of stainless steel/copper/brass/zinc/lead/magnesium, among others. During FY25, the company held a market share of ~10-12% in the domestic recycled aluminium industry, in terms of volumes sold.
CMR Green Technologies IPO Day 2 LIVE: SUBSCRIBE at cut off price, recommends SBI Securities
CGTL is a leading non-ferrous metal recycling company and the largest player(by capacity) in the Domestic Aluminium recycling industry. The company uses derivative financial instruments such as forward exchange contracts to hedge risks associated with these foreign currency and commodity price fluctuations. Further, the company is well placed to capitalize on strong sector tailwinds, with India Recycled Aluminium Market - Sales volume (mnt) and India Recycled Aluminium Market (USD bn) to grow at a CAGR of 11.2%/13.2% from FY26E-FY30E. At the upper price band of ₹192, the issue is valued at a P/E of 27.1x/20.3x based on FY25 and annualized 9MFY26 earnings respectively, on a post-issue basis. We recommend investors to SUBSCRIBE to the issue at the cut-off price.
— SBI Securities
CMR Green Technologies IPO Day 2 LIVE: What is the IPO objective?
Since the IPO is entirely an offer for sale, the proceeds go to the existing investors.
CMR Green Technologies IPO Day 2 LIVE: Financial snapshot
Financially, CGTL posted total revenues of ₹6,666.5 cr in FY25, up from ₹5,952.4 cr in FY24, with a net profit of ₹142.5 cr compared with a loss of ₹844.3 cr in FY24 due to exceptional item adjustments. The IPO comprises 32,858,323 equity shares via an Offer for Sale, representing 15% of post-IPO paid-up capital, aimed at unlocking value for existing shareholders. Based on FY25 earnings, the P/E stands at 27.1, and using annualized FY26 earnings, the post-IPO P/E is 19.4
CMR Green Technologies IPO Day 2 LIVE: Second day of bidding kicks off
The bidding opened for the second day for CMR Green Technologies IPO. Investors can apply for the offer till 5 pm today. At the end of the first day, NII, retail and employee quotas were fully booked.
CMR Green Technologies IPO Day 2 LIVE: CMR Green Technologies IPO GMP signals 31% listing pop
The grey market premium (GMP) for CMR Green Technologies IPO is at ₹60 on the second day of the bidding.
Based on the current GMP and the upper end of the price band, the shares are estimated to list at around ₹252 apiece, implying a potential gain of nearly 31% over the issue price. Market observers noted that the highest GMP seen so far for the issue is ₹63, compared with a low of ₹24 recorded earlier.
CMR Green Technologies IPO Day 2 LIVE: Issue booked 2.46x on first day
CMR Green Technologies IPO was booked 2.46 times as of the first day of bidding. NII portion received most bids at 5.67 times, followed by retail segment at 2.45 times and QIBs at 0.03 times.