IPO
Investors rush in! CMR Green Technologies IPO draws massive demand on final day
Mumbai/IBNS: The final day of bidding for the Rs. 631-crore initial public offering (IPO) of non-ferrous metal recycler CMR Green Technologies is underway on Friday, with investor interest remaining strong, media reports said.
The IPO was subscribed 9.59 times overall by the end of the second day of bidding on Thursday.
The public issue has been priced in the range of Rs. 182-192 per share.
Strong anchor investor participation
Ahead of the IPO launch, the company raised Rs. 188.44 crore from anchor investors through the allocation of shares at the upper end of the price band.
The IPO comprises an offer for sale (OFS) of up to 3.28 crore equity shares by the promoters and an existing investor shareholder, according to a Mint report.
GMP sees sharp swings
The grey market premium (GMP) for the IPO witnessed considerable volatility during the subscription period.
The GMP reportedly touched a high of Rs. 70 before falling sharply to Rs. 24, indicating fluctuating sentiment among unofficial market participants.
About CMR Green Technologies
CMR Green Technologies is one of India's leading non-ferrous metal recycling companies, specialising in the recycling of aluminium, zinc, copper and other metals.
The company converts metal scrap into value-added products that are used across industries such as automotive, electrical, consumer durables and engineering.
The company operates multiple manufacturing and recycling facilities across India and supplies recycled metal products to several domestic and international customers.
Its business model is aligned with the growing focus on sustainability, resource efficiency and the circular economy, as recycled metals require significantly less energy than primary metal production.
With increasing demand for environmentally sustainable manufacturing practices and recycled raw materials, the company is looking to strengthen its market position through operational expansion and enhanced processing capabilities.
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