CMR Green Technologies IPO Day 3: 37% GMP Signals Robust Market Debut

Mumbai, June 5: The initial public offering (IPO) of CMR Green Technologies Limited entered its third and final day of subscription today, June 5, 2026, amid strong investor demand and positive sentiment in the grey market. The public issue has drawn substantial interest from non-institutional and retail investors, driving up expectations for its stock market debut.

Subscription Trends and Segment Demand

The ₹631 crore public offering saw an acceleration in bidding by the close of its second day, reaching an overall subscription of 9.59 times. The demand has been primarily spearheaded by Non-Institutional Investors (NIIs), whose allocated portion was oversubscribed 21.80 times.

Retail Individual Investors (RIIs) also demonstrated healthy participation, booking their quota 7.91 times. Meanwhile, the Qualified Institutional Buyers (QIB) segment recorded steady momentum, standing at 3.45 times subscription ahead of the final bidding hours. Rajesh Exports Share Price Today, June 5: Stock Hits Lower Circuit, Falls 5% in Early Trade Amid Sebi Revenue Misstatement Allegations.

Grey Market Signals Potent Listing Premium

According to market observers, shares of CMR Green Technologies are commanding a grey market premium (GMP) of approximately 37% as of today.

Based on the upper price band of INR 192 per equity share, the unofficial premium indicates an expected listing price of around INR 262 per share. While the grey market serves as an informal indicator of market sentiment, analysts treat it as a reflection of robust near-term listing interest rather than a guaranteed valuation. Rajesh Exports Under SEBI Scanner: LIC and Retail Investors’ INR 770 Crore Exposure Comes Under Focus.

Financials and Business Profile

Incorporated in 2005, CMR Green Technologies is India's largest non-ferrous metal recycler by installed capacity. It commands a prominent position in the domestic secondary aluminium market, holding an estimated 42% to 45% market share in the cast alloy segment that heavily supplies the automotive sector.

The company operates 13 manufacturing plants across India. On the financial front, the recycler reported an operating revenue of ₹6,666 crore for the financial year 2024-25, representing a 12% year-on-year growth. Its profit after tax stood at INR 155 crore, recovering from a net loss in the previous fiscal year that was primarily triggered by a one-time goodwill impairment charge.

Structure and Brokerage Outlook

The public issue is structured entirely as an Offer for Sale (OFS) of 3.28 crore equity shares within a price band of INR 182 to  INR 192. Because it is a pure OFS, all the proceeds will go directly to the selling shareholders, and the company will not receive any fresh capital from the IPO. Prior to the public launch, the company secured ₹188 crore from anchor investors, including domestic mutual funds, insurance companies, and foreign portfolio investors.

Brokerages have offered varying perspectives on the offering. Motilal Oswal highlighted the company's established leadership in metal recycling and its alignment with long-term industrial decarbonization and sustainability trends.

Conversely, Swastika Investmart assigned a "Neutral" rating. While acknowledging that the valuation of roughly 27 times its FY25 earnings remains reasonable compared to industry peers, the brokerage flagged risks related to thin operating margins, customer concentration, and the lack of fresh capital infusion. Market experts suggest that risk-tolerant investors may view the issue favorably, primarily for its short-term listing gains.

Following the close of the bidding window today, the basis of allotment is expected to be finalized on Monday, June 8, 2026, with the shares scheduled for a tentative listing on the BSE and NSE on June 10, 2026.