CMR Green Technologies IPO Day 1 Highlights: Issue booked 2.46x — GMP signals 33% listing pop. Time to bid?
CMR Green Technologies IPO Day 1 Highlights: CMR Green Technologies IPO sailed through on the first day of bidding today, 3 June. The company enjoys strong grey market premium.
CMR Green Technologies IPO Day 1 Highlights: The initial public offering (IPO) of CMR Green Technologies, a leading non-ferrous metal recycling company, is available for public subscription from June 3. The offer will close on June 5. The issue is entirely an offer for sale (OFS) with no fresh issue component worth ₹630.88 crore.
Under the offer, promoters and an investor shareholder will collectively sell up to 3.28 crore equity shares. Since the IPO does not include a fresh issue, the company will not receive any proceeds from the 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.
CMR Green Technologies 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.
The company has raised ₹188.4 crore from anchor investors ahead of its IPO. According to an exchange filing, the company allotted 98.14 lakh equity shares to 18 anchor investors at ₹192 per share.
CMR Green Technologies IPO GMP
CMR Green Technologies IPO GMP today is ₹63. This means that shares of CMR Green Technologies are trading ₹63 above the upper end of the price band.
At the current GMP, CMR Green Technologies IPO listing could occur at ₹255, signalling a listing gain of nearly 33%. This is the highest GMP so far for the company, while the lowest was ₹24.
About the company
CMR Green Technologies is among India's largest non-ferrous metal recyclers. According to its red herring prospectus, citing an ICRA report, the company held the highest market share in India's secondary aluminium market by revenue in FY25 among its peer group.
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.
Track this space for LIVE updates on CMR Green Technologies Day 1.
CMR Green Technologies IPO Day 1 LIVE: Issue booked 2.46 times as of 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.
CMR Green Technologies IPO Day 1 LIVE: Company boasts several marquee clients like Bajaj Auto, Maruti, Toyota — Check full list
CMR Green Technologies IPO Day 1 LIVE: Beacon Capital Advisors on IPO
Although revenue from sale of goods increased 14.6% YoY to ₹53,874.56 million in FY25, the company continues to operate with relatively low margins due to its hedging strategy. Extensive use of forward contracts to manage commodity price volatility may restrict upside benefits from favorable aluminium price movements, thereby limiting margin expansion despite higher production volumes and improved realizations.
India's largest non-ferrous metal recycler with the highest secondary aluminium market share and an installed capacity nearly four times that of its nearest domestic competitor, making it a preferred partner for major OEMs.
The Indian recycled aluminium market is projected to grow at a CAGR of 13.2% in value and 11.2% in volume during FY26-FY30, providing significant growth opportunities.
The brokerage has a ‘May Apply’ rating.
CMR Green Technologies IPO Day 1 LIVE: Key concerns about the company
- High dependence on a few key customers; loss of major clients may impact revenue.
- Limited product and customer diversification increases business concentration risk.
- Earnings are vulnerable to raw material price volatility and forex fluctuations.
- Intense competition in the recycled metals industry may affect growth and profitability.
CMR Green Technologies IPO Day 1 LIVE: Issue sails through on first day
CMR Green Technologies IPO was fully subscribed on the first day of the bidding process amid strong NII and retail demand, as their portions were booked 2.18 times and 1.22 times, respectively.
The employee quota was subscribed 1.93 times, while the QIB segment received 0.01 times bids.
CMR Green Technologies IPO Day 1 LIVE: Company faces customer concentration risk
As of 9MFY26, the company’s top 5/top 3 customers contributed ~32.5%/20.9% to the total revenue. Thus, the loss of any of these customers may adversely affect the company’s business.
CMR Green Technologies IPO Day 1 LIVE: Key strengths of the company
- Diversification into other metals and expanded industry base
- Green aluminium focus domestically and globally
- Expansion of supply of wrought alloys and partnership with primary players
- Leverage the focus on aluminium content in electric vehicles and the growing demand for aluminium in ICE vehicles
- Continue to invest in higher technological capabilities to capitalise on future trends
CMR Green Technologies IPO Day 1 LIVE: A look at the company's manufacturing capacity
As of March 31, 2026, the total manufacturing capacity was 4,70,300 MTPA aluminium alloys, 8,400 MTPA zinc alloys, and 136,450 MTPA for other metals, totalling 6,15,150 MTPA of overall capacity.
CMR Green Technologies IPO Day 1 LIVE: Anand Rathi has a subscribe-long-term rating on the IPO — read why
On the valuation front, based on annualized FY26 earnings, the company is seeking a P/E of 19.7 x times, and a post-issue market capitalization of approximately ₹42,059 million, making the issue appears to be fairly priced. However, the pure OFS nature (promoters exiting) and the sharp FY24 loss are concerns over limited margin of safety. Overall, CMR Green is well-positioned to capitalize on the growing shift toward sustainable metal recycling, supported by market leadership, scale advantages, product diversification, and favorable industry dynamics. Hence, we assign a Subscribe-long-term rating for the issue.
— Anand Rathi
CMR Green Technologies IPO Day 1 LIVE: CMR Green Tech among laregst almunium recyclers, says RHP
According to the RHP, it is among the largest aluminium recyclers by installed capacity and has joint ventures with global partners, which support its manufacturing and recycling operations.
CMR Green Technologies IPO Day 1 LIVE: What is the IPO objective?
The proposed issue comprises entirely an Offer for Sale (OFS) aggregating to ₹630.88 crore. This means no proceeds will go to the company. The only objective of the firm is to enjoy the benefit of listing on the exchanges.
CMR Green Technologies IPO Day 1 LIVE: Why Swastika has a ‘Neutral' rating on the IPO
Sawstika said that the compnay has the largest capacities among the industry players and enjoys most preferred partner status.
The valuation at 27.13x P/E looks attractive compared to peers, and the FY25 turnaround is encouraging. However, the pure OFS nature (promoters exiting) and the sharp FY24 loss are red flags.
Thin margins and customer concentration make this a high-risk IPO with limited margin of safety. Therefore, we assign a NEUTRAL rating to the CMR Green Tech, the brokerage added.
CMR Green Technologies IPO Day 1 LIVE: Issue booked 24% in 30 mins
CMR Green Technologies IPO was subscribed 24% within 30 mins of opening. Here is how different quotas were booked:
- QIB: Nil
- NII: 0.52
- Retail: 0.26
CMR Green Technologies IPO Day 1 LIVE: Company operates 13 recycling units
The company operates through its 13 strategically located recycling units.
Currently, three of their facilities are situated at Tatarpur, Manesar and Bawal, in the state of Haryana, two facilities situated at Vanod and one facility situated at Halol, in the state of Gujarat, one facility in Pune in the state of Maharashtra, one facility situated each at Chennai and Vallam in the state of Tamil Nadu and one facility situated each at Haridwar, Bhiwadi, Sambalpur and Tirupati, in the states of Uttarakhand, Rajasthan, Odisha and AndhraPradesh, respectively.
CMR Green Technologies IPO Day 1 LIVE: IPO kicks off for first day
The bidding opened for CMR Green Technologies IPO on the first day. Investors can apply for the offer till 5 pm today. The issue will close on Friday.
CMR Green Technologies IPO Day 1 LIVE: KC Securities' outlook on CMR Green Technologies IPO
Rating: Subscribe - Long-term investors can apply
- Leading recycler in the domestic aluminium recycling industry with strong market position and exposure to industry decarbonization trends
- The valuation at 27.13x P/E looks attractive compared to peers.
- Key supplier of liquid aluminium alloy supported by specialized logistics, JIT delivery capabilities and customer integration.
- Strong and diversified supplier base supported by global sourcing network and raw material procurement capabilities. Valued clientele like: Maruti, Honda, Bajaj, Royal Enfield, Bajaj Auto, Jindal
- The company continues to invest in higher technological capabilities to capitalise on future trends, focused on expanding technological capabilities and capacity through continued investments in plant and equipment
CMR Green Technologies IPO Day 1 LIVE: Key IPO details at a glance
- Opens on: Wednesday, 3rd June’ 2026
- Closes on: Friday, 5th June, 2026
- Total issue size: ₹598 crore–631 crore
- Price band – ₹182–192
- Bid lot: 78 equity shares and in multiples thereafter
CMR Green Technologies IPO Day 1 LIVE: CMR Green Technologies IPO GMP signals 33% listing pop
CMR Green Technologies IPO is witnessing strong traction in the grey market. According to the websites tracking the unofficial market, CMR Green Technologies IPO GMP today is ₹63, signalling a listing gain of nearly 33% over the offer price.
CMR Green Technologies IPO Day 1 LIVE: CMR Green Technologies raises ₹188.4 crore from anchor investors — Check details
CMR Green Technologies raised ₹188.4 crore from anchor investors ahead of its initial public offering (IPO).
According to an exchange filing, the company allotted 98.14 lakh equity shares to 18 anchor investors at ₹192 per share.
The anchor book attracted participation from several marquee institutional investors, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs. Other investors included 360 ONE Equity Opportunity Fund, Abakkus Growth Fund, BNP Paribas, Citigroup Global Markets Mauritius, and Susquehanna Pacific. Life insurers such as Bajaj Allianz Life Insurance and Kotak Mahindra Life Insurance Company also participated in the anchor round. Read more