CMR Green Shares Jump Over 43 PC in Market Debut Trade

New Delhi: Shares of CMR Green Technologies Ltd, a non-ferrous metal recycler, on Wednesday listed with a premium of over 43 per cent against the issue price of Rs 192.

The stock started trading at Rs 275.40, registering a jump of 43.43 per cent from the issue price on the BSE.

At the NSE, the stock listed at Rs 268, up 39.58 per cent.

The company’s market valuation stood at Rs 5,504.86 crore.

The initial public offering (IPO) of CMR Green Technologies received a whopping 127-times subscription on the closing day of bidding on Friday, following strong participation from qualified institutional buyers and non-institutional investors.

The Rs 631-crore IPO had a price band of Rs 182-192 per equity share.

Faridabad-based CMR Green Technologies processes and manufactures aluminium alloys (ingot and liquid), zinc alloys and furnace-ready scrap of stainless steel, copper, brass, lead and magnesium, among others.

The company operates 13 recycling facilities across India and has built a procurement network spanning domestic markets as well as Asia, Africa, the Middle East, Europe and the Americas. Its customer base primarily comprises automotive original equipment manufacturers (OEMs) and Tier-I suppliers.

Its clients include Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Endurance Technologies, Rockman Industries, and Craftsman Automation.