CMR Green Technologies IPO opens today with GMP, review, and issue details

CMR Green Technologies IPO opened for subscription on June 3 and will close on June 5, with a price band of ₹182–₹192 per share and a lot size of 78 shares. Ahead of the issue opening, the company raised ₹188.44 crore from anchor investors by allotting 98.14 lakh shares at ₹192 each to 18 institutional investors, including major names such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs. CMR Green Technologies is India's largest aluminium recycling company by capacity and is well-positioned to benefit from the growing demand for recycled metals. The IPO reserves up to 50% for QIBs, at least 15% for NIIs, and at least 35% for retail investors, while employees are eligible for shares worth ₹2.5 crore at a discounted price. The grey market premium (GMP) stands at ₹63, indicating a potential listing price of around ₹255 per share, nearly 33% above the upper price band. The IPO is entirely an Offer for Sale (OFS) of 3.28 crore shares, meaning the proceeds will go to existing shareholders and not the company. Allotment is expected on June 8, refunds and demat credits on June 9, and listing is likely on June 10 on both BSE and NSE. While SBI Securities has recommended subscribing to the IPO due to the company's market leadership, growth prospects, and favorable industry outlook, Swastika Investmart has maintained a neutral view, citing concerns such as customer concentration, thin margins, past losses, and the absence of fresh fund raising. Overall, the issue may appeal to investors looking for listing gains and those with a long-term positive view on the metal recycling sector.