A leading non-ferrous metal recycler with 13 facilities across India, CMR serves automotive OEMs such as Honda Cars India, Bajaj Auto and Hero MotoCorp.
The initial public offering of CMR Green Technologies, targeting ₹630.62 crore, opens today for public subscription at a price band of ₹182-192 per share. The proposed IPO is an offer for sale of up to 3.28 crore equity shares by the promoters and an investor-seller shareholder.Bids can be made for a minimum of 78 equity shares and multiples of 78 thereafter. The Faridabad-based company has reserved up to 50 per cent of the net offer for allocation on a proportionate basis to QIBs, 15 per cent to non-institutional bidders and up to 35 per cent to retail investors.Shares of CMR Green Technologies are expected to be listed on the stock exchanges on June 10.CMR Green Technologies, a non-ferrous metal recycler, on Tuesday raised ₹188.44 crore from anchor investors as part of its IPO, allotting 98.14 lakh shares to 18 funds at ₹192 per share.SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, and Goldman Sachs are among the biggest anchor investors. Other anchor investors included 360 One Equity Opportunity Fund, Abakkus Growth Fund, BNP Paribas, Citigroup Global Markets Mauritius and Susquehanna Pacific.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 and 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.Equirus Capital Limited, ICICI Securities Ltd and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the Offer.SBI Securities recommendationsCGTL is a leading non-ferrous metal recycling company and the largest player (by capacity) in the Domestic Aluminium recycling industry. The company uses derivative financial instruments, such as forward exchange contracts, to hedge risks associated with foreign currency and commodity price fluctuations. Further, the company is well placed to capitalise on strong sector tailwinds, with India Recycled Aluminium Market - Sales volume (mnt) and India Recycled Aluminium Market (USD bn) to grow at a CAGR of 11.2%/13.2% from FY26E-FY30E. At the upper price band of Rs 192, the issue is valued at a P/E of 27.1x/20.3x based on FY25 and annualised 9MFY26 earnings, respectively, on a post‑issue basis. We recommend investors SUBSCRIBE to the issue at the cut-off price.Published on June 3, 2026
