CMR Green Technologies IPO Subscribed 4.57 Times on Day 2; GMP Signals Strong Listing Gains

Mumbai, June 4: CMR Green Technologies initial public offering (IPO) of witnessed strong investor interest on the second day of bidding, with the issue being subscribed 4.57 times overall, reflecting robust demand across retail and non-institutional categories. The ₹631-crore public issue has attracted attention from investors seeking exposure to India’s growing recycling and circular economy sector, while a strong grey market premium (GMP) has further boosted sentiment. 

The IPO, which opened for subscription on June 3, is an offer-for-sale. 

Strong demand 

The issue saw healthy participation from retail and non-institutional investors, helping push overall subscription to 4.57 times by the end of Day 2. Market participants expect institutional investors to step up bidding activity on the final day, a trend commonly observed in public offerings. 

Above is a graphical display of bids received (indicating bidding position and not necessarily the subscription to the issue). Source: NSE

CMR Green Technologies has fixed the price band at ₹182-192 per share, with investors required to bid for a minimum lot size of 78 shares. The strong response so far suggests confidence in the company’s business model and growth prospects despite a mixed broader market environment. 

The company is among India’s leading producers of recycled metal products, catering primarily to the automotive, engineering and consumer durable sectors. Growing emphasis on sustainability and resource efficiency has increased investor interest in businesses operating within the recycling ecosystem. 

Grey market premium remains strong 

Investor optimism is also evident in the grey market, where the company’s shares were reportedly commanding a premium of around ₹60 over the issue price. 

At the upper end of the price band, the GMP implies a potential listing gain of nearly 31%, signalling strong demand among investors ahead of the stock’s debut. While grey market trends are unofficial and can change rapidly, they are often viewed as a barometer of market sentiment toward an IPO. 

The healthy premium suggests investors are betting on the company’s ability to capitalise on long-term growth opportunities in the recycling and sustainable materials segment. 

Why investors are interested 

Analysts tracking the issue have highlighted CMR Green Technologies’ established presence in the metal recycling industry, extensive sourcing network and relationships with leading automotive manufacturers. 

The company is also expected to benefit from increasing use of recycled metals, stricter environmental regulations and India’s push toward a circular economy. These structural trends are seen supporting long-term demand for recycled raw materials across industries. 

Key dates to watch 

The IPO is scheduled to close on June 5. Following the close of bidding, investors will watch subscription figures from institutional buyers, allotment details and grey market trends for further clues on the likely listing performance. 

With the issue already subscribed 4.57 times and GMP remaining firm, CMR Green Technologies has emerged as one of the closely watched IPOs in the primary market this week. 

Source: https://www.nseindia.com/market-data/issue-information?symbol=CMRGREEN&series=EQ&type=Active