CMR Green Technologies IPO Listing: Metal Recycler Sees Strong Start On D-Street, Shares Debut At 43% Premium

CMR Green Technologies IPO Listing: CMR Green Technologies made a strong stock market debut on June 10, with its shares listing at a sharp premium to the issue price of Rs 192 apiece.

On the NSE, the stock opened at Rs 268, a gain of Rs 76 or 39.58 per cent over the issue price. On the BSE, it listed at Rs 275.40, up Rs 83.40 or 43.44 per cent.

Ahead of listing, the grey market premium (GMP) for CMR Green Technologies stood at Rs 64.5 per share, implying an estimated listing price of around Rs 256.5 and an expected gain of 33.59 per cent over the issue price. The actual debut exceeded those expectations, particularly on the BSE where the stock opened more than 43 per cent above its initial public offering (IPO) price.

CMR Green Technologies is a leading non-ferrous metal recycling company that manufactures recycled aluminium alloys in ingot and liquid form, zinc alloy ingots and segregated furnace-ready scrap of stainless steel, copper, brass, zinc, lead and magnesium.

The company supplies major automakers and component manufacturers, including Maruti Suzuki, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield and Jindal Stainless. It operates multiple recycling facilities across India.

The promoters of the company are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal.

CMR Green Technologies IPO: Key Details

The Rs 630.88 crore IPO was entirely an offer for sale (OFS) of 32.86 million equity shares. Since the issue did not include a fresh issue component, the company will not receive any proceeds from the public offering. The selling shareholders include promoter Mohan Agarwal, promoter group entities Gauri Shankar Agarwala HUF and Mohan Agarwal HUF, and investor shareholder Global Scrap Processors Limited.

The IPO opened for subscription on June 3 and closed on June 5. The basis of allotment was finalised on June 8. The issue was priced at the upper end of the price band at Rs 192 per share against a price band of Rs 182-192 per share.

Investors could bid for a minimum of 78 shares, requiring an investment of Rs 14,976 at the upper price band. The issue also reserved 1,43,678 shares for eligible employees, who received a discount of Rs 18 per share.

The IPO was managed by Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors, while KFin Technologies served as the registrar.

As the issue was entirely an OFS, the primary objective was to provide an exit and partial monetisation opportunity to existing shareholders.

CMR Green Technologies IPO Subscription Status

CMR Green Technologies IPO received an overwhelming response from investors and was subscribed 127.04 times overall.

Qualified Institutional Buyers (QIBs) led the demand, subscribing their quota 270.46 times. The non-institutional investor (NII) category was subscribed 172.35 times, while the retail investor portion was subscribed 27.03 times.

Out of the net offer, 1,63,57,322 shares were reserved for QIBs, 49,07,197 shares for NIIs and 1,14,50,126 shares for retail investors. The issue also included a reservation of 1,43,678 shares for employees.

Ahead of the IPO, the company raised Rs 188.44 crore from anchor investors on June 2 through the allocation of 98,14,393 shares at Rs 192 apiece. The anchor portion accounted for nearly 30 per cent of the total issue size. The issue price for anchor investors was the same as the final IPO price of Rs 192 per share.

CMR Green Technologies Financial Performance

CMR Green Technologies reported steady growth in revenue over the last three fiscals, with total income rising to Rs 6,696.66 crore in FY25 from Rs 5,889 crore in FY23. The company also returned to profitability after posting a loss of Rs 838.56 crore in FY24, reporting a profit after tax of Rs 155.04 crore in FY25.

The recovery in profitability was accompanied by an improvement in operating margins. Ebitda margin stood at 4.91 per cent in FY25 and improved further to 5.03 per cent during the first nine months of FY26.

Total borrowings increased to Rs 1,303.22 crore as of December 31, 2025 from Rs 894.03 crore at the end of FY25.

CMR Green Technologies: Key Risks Investors Should Know

According to the red herring prospectus (RHP), CMR Green Technologies depends heavily on demand from the automotive sector, which contributes a large share of its business. Any slowdown in vehicle production or weaker demand from major customers could affect growth.

The company is also exposed to fluctuations in metal scrap prices and foreign exchange rates, which can impact margins. In addition, its operations require significant working capital.

Another risk is the availability of scrap metal, a key raw material for the business. Any disruption in supply or a sharp rise in procurement costs could affect production and profitability.

How Much Did Retail Investors Make On Listing

Retail investors who received an allotment in the CMR Green Technologies IPO saw strong listing gains on debut. At the issue price of Rs 192 per share and a lot size of 78 shares, one lot required an investment of Rs 14,976.

Based on the NSE opening price of Rs 268, investors made a gain of Rs 76 per share, translating into a profit of Rs 5,928 per lot, or a return of 39.58 per cent. On the BSE, where the stock debuted at Rs 275.40, the gain stood at Rs 83.40 per share, resulting in a profit of Rs 6,505.20 per lot and a return of 43.44 per cent.

An investor allotted five lots would have invested Rs 74,880. At the NSE listing price, the profit would have been Rs 29,640, while the BSE debut price would have translated into gains of Rs 32,526. Similarly, an investor allotted 10 lots would have invested Rs 1,49,760 and earned Rs 59,280 based on the NSE opening price or Rs 65,052 based on the BSE opening price.