CMR Green Technologies IPO Achieves Full Subscription on Opening Day
CMR Green Tech IPO fully subscribed on 1st day of share sale; NII, retail portions fully booked - Check GMP
Moneycontrol
Image: Moneycontrol
CMR Green Technologies' initial public offering (IPO) was fully subscribed on its first day, June 3, 2023, with significant participation from non-institutional and retail investors. The IPO aims to raise ₹630.62 crore, with shares priced between ₹182-192 each.
- 01The IPO was fully subscribed on the first day of bidding, with non-institutional investors subscribing 1.97 times and retail investors 1.14 times.
- 02CMR Green Technologies raised ₹188.44 crore from anchor investors ahead of the IPO.
- 03The IPO is set to close on June 5, 2023, with shares expected to be listed on June 10, 2023.
- 04The company operates 13 recycling facilities across India and serves major automotive OEMs and Tier-I suppliers.
- 05The shares are currently trading at a grey market premium (GMP) of around 34%.
Advertisement
In-Article Ad
CMR Green Technologies, a non-ferrous metal recycling company, saw its initial public offering (IPO) fully subscribed on the first day of bidding, June 3, 2023. The non-institutional investor (NII) segment was subscribed 1.97 times, while the retail individual investors (RII) portion was subscribed 1.14 times, indicating robust demand. The IPO aims to raise ₹630.62 crore, with a price band set between ₹182 and ₹192 per share. Prior to the IPO, the company secured ₹188.44 crore from various anchor investors, including SBI Mutual Fund and Goldman Sachs. CMR Green Technologies operates 13 recycling facilities across India, focusing on processing aluminium and zinc alloys, and serves notable clients like Honda Cars India and Bajaj Auto. The shares are expected to be listed on stock exchanges on June 10, 2023, following allotment on June 8, and are currently commanding a grey market premium of approximately 34%.
Advertisement
In-Article Ad
The successful IPO indicates strong investor confidence in the recycling sector, which could lead to increased investment and growth in the industry.
Advertisement
In-Article Ad
Reader Poll
What are your thoughts on investing in CMR Green Technologies' IPO?
Connecting to poll...
Read the original article
Visit the source for the complete story.