CMR Green Technologies IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 270.46x |
| NII | 172.35x |
| Retail (RII) | 27.08x |
| Total | 127.07x |
Bidding day 3 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 3 Jun 2026
- Close Date
- 5 Jun 2026
- Listing Date
- 10 Jun 2026
- Face Value
- ₹2
- Fresh Issue
- ₹0 Cr
- OFS
- ₹630.62 Cr
- Listing On
- NSE, BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 78 | ₹14,976 |
| Retail (Max) | 14 | 1,092 | ₹2,09,664 |
| B-HNI (Min) | 67 | 5,226 | ₹10,03,392 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 98,14,393 | 29.87% |
| QIB (ex-anchor) | 65,42,929 | 19.91% |
| NII | 49,07,197 | 14.93% |
| — sNII (< ₹10L) | 16,35,732 | 4.98% |
| — bNII (> ₹10L) | 32,71,465 | 9.96% |
| Retail | 1,14,50,126 | 34.85% |
| Employee | 1,43,678 | 0.44% |
| Total | 3,28,58,323 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 5,889 | 104.51 | 229.26 | 1,195.19 | 3,351.66 | 368.19 | — |
| FY 2024 | 5,968.44 | -838.56 | -705.98 | 317.54 | 2,194.41 | 498.65 | — |
| FY 2025 | 6,696.66 | 155.04 | 328.62 | 458.38 | 2,815.86 | 894.03 | — |
| Dec 2025 (interim) | 6,291 | 162.39 | 316.62 | 594.18 | 3,650.58 | 1,303.22 | 7.08 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 27.13x
- P/E (post-issue)
- 19.42x
- RoNW
- 24.92%
- RoE
- 0.1%
- RoCE
- 9.3%
- Debt / Equity
- 0.76
- EPS (pre-issue)
- ₹7.08
- EPS (post-issue)
- ₹9.88
- EBITDA Margin
- 5.17%
- PAT Margin
- 2.59%
- P/BV
- 9.17x
- NAV / share
- ₹27.12
- Market Cap
- ₹4,205.87 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLM’s fees and commissions (including underwriting commission) | ₹18.59 Cr |
| Commission/ processing fee for SCSBs, Sponsor Bank(s) and Bankers to the Offer. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹1.2 Cr |
| Fees payable to the Registrar to the Offer | ₹2.91 Cr |
| Fees payable to the other advisors to the Offer | ₹2.45 Cr |
| Statutory Auditors, for issuing the Restated Consolidated Financial Information, for providing the statement of special direct and indirect tax benefits available to our Company and to our Shareholders, Material Subsidiaries and to verify the details and provided certifications with respect to certain information included in the DRHP | ₹1.22 Cr |
| Independent chartered engineer, in respect of the installed capacity, production and capacity utilization of the manufacturing operations of our Company | ₹0.01 Cr |
| Industry Report provider for preparing the industry report, commissioned and paid for by our Company | ₹0.13 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE & NSE processing fees, book building software fees and other regulatory expenses | ₹3.63 Cr |
| Printing and distribution of issue stationery | ₹0.37 Cr |
| Advertising and marketing expenses | ₹1.83 Cr |
| Fee payable to legal counsels | ₹1.98 Cr |
| Miscellaneous | ₹5.01 Cr |
Promoters & Shareholding
Promoters: Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal
- Holding (pre-issue)
- 86.95%
- Holding (post-issue)
- 84%
- Dilution
- 2.95%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO | Other | 10,41,690 | ₹192 | 20 | 10.61% |
| ICICI PRUDENTIAL MULTICAP FUND | Other | 10,41,690 | ₹192 | 20 | 10.61% |
| SBI COMMA FUND | Other | 10,41,690 | ₹192 | 20 | 10.61% |
| NIPPON INDIA SMALL CAP FUND | Other | 10,41,690 | ₹192 | 20 | 10.61% |
| KOTAK SPECIAL OPPORTUNITIES FUND | Other | 10,41,690 | ₹192 | 20 | 10.61% |
| HDFC CHILDREN'S FUND | Other | 8,41,386 | ₹192 | 16.15 | 8.57% |
| 360 ONE EQUITY OPPORTUNITY FUND-SERIES IV | Other | 5,20,884 | ₹192 | 10 | 5.31% |
| ABAKKUS GROWTH FUND | Other | 5,20,884 | ₹192 | 10 | 5.31% |
| BNP PARIBAS FUNDS EMERGING MARKETS CLIMATE SOLUTIONS | Other | 4,01,683 | ₹192 | 7.71 | 4.09% |
| BANK OF INDIA MID CAP FUND | Bank | 3,66,600 | ₹192 | 7.04 | 3.74% |
| BAJAJ LIFE INSURANCE CO.LTD. | Insurance | 3,38,520 | ₹192 | 6.5 | 3.45% |
| KOTAK MAHINDRA LIFE INSURANCE CO.LTD. | Insurance | 3,38,520 | ₹192 | 6.5 | 3.45% |
| SUSQUEHANNA PACIFIC PTY.LTD. | Other | 2,60,598 | ₹192 | 5 | 2.66% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | FII/FPI | 2,60,598 | ₹192 | 5 | 2.66% |
| EDELWEISS EQUITY SAVINGS FUND | Other | 2,51,007 | ₹192 | 4.82 | 2.56% |
| HDFC MANUFACTURING FUND | Other | 2,00,304 | ₹192 | 3.85 | 2.04% |
| BANK OF INDIA BUSINESS CYCLE FUND | Bank | 1,54,284 | ₹192 | 2.96 | 1.57% |
| EDELWEISS RECENTLY LISTED IPO FUND | Other | 1,50,675 | ₹192 | 2.89 | 1.54% |
Anchor bidding took place on 2 Jun 2026. Anchor lock-in: 50% of shares unlock on 7 Jul 2026, the remainder on 5 Sept 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| CMR Green Technologies | 6.5 | 20.93 | — | 31.08% |
| Baheti Recycling Industries Ltd. | 17.37 | 57.02 | 34.59x | 30.46% |
| Gravita India Ltd. | 45.11 | 280.44 | 37.36x | 15.12% |
| Jain Resource Recycling Ltd. | 7.11 | 22.44 | 76.2x | 30.55% |
| Pondy Oxides and Chemicals Ltd. | 22.03 | 210.82 | 62.64x | 9.79% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the CMR Green Technologies IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the CMR Green Technologies IPO
The CMR Green Technologies mainboard IPO is open between 3 Jun 2026 and 5 Jun 2026, offered at a price band of ₹182–192 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹630.62 crore. Retail investors bid in lots of 78 shares, a minimum application of ₹14,976.
Issue structure
The IPO is structured entirely as an offer for sale of ₹630.62 crore. The company receives no fresh capital — the proceeds go to the selling shareholders who are paring their stake.
Financials
In FY2025, CMR Green Technologies reported revenue of ₹6,291 crore and a net profit of ₹162.39 crore. Revenue grew from ₹5,889 crore in FY2023 to ₹6,291 crore in FY2025 (+7.0%). Net worth stood at ₹594.18 crore at the end of FY2025. At the upper band, that puts the issue at roughly 27.1× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.42× post-issue earnings and 9.17× book value, against a return on net worth of 24.92% and a debt-to-equity ratio of 0.76. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Baheti Recycling Industries Ltd. and Gravita India Ltd., with a median peer P/E of about 50×. The issue's own post-issue P/E works out to 19.42×.
Promoters
The promoters of the company are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal. Promoter holding stands at 86.95% before the issue and comes down to 84% after listing.
Subscription
The CMR Green Technologies IPO was subscribed 127.07 times overall. The strongest demand came from qualified institutional buyers (QIB) at 270.46 times, with non-institutional investors (NII) at 172.35× and retail investors at 27.08×.
Listing performance
CMR Green Technologies listed on 10 Jun 2026 at ₹275.4, a premium of +43.4% over the issue price of ₹192.
What to weigh
When evaluating the CMR Green Technologies IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About CMR Green Technologies
```html Founded in 2006, CMR Green Technologies Limited operates in the non-ferrous metal recycling sector and has established itself as a prominent manufacturer of secondary aluminium products in India. The company converts recycled metal scrap into value-added aluminium and zinc alloy products that cater to a wide range of industrial applications. Its product offerings include aluminium alloys supplied in ingot and molten metal forms, zinc alloy ingots, and processed scrap materials such as copper, brass, stainless steel, magnesium, lead, and zinc. The company also manufactures aluminium billets that serve both automotive and industrial end-use markets. CMR Green Technologies serves a broad customer base comprising major automobile manufacturers and Tier-1 component suppliers. Its clientele includes renowned companies such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki, and Jindal Stainless. Key Products: Recycled aluminium alloy ingots Molten aluminium metal Aluminium billets Processed copper scrap Processed brass scrap As of June 30, 2025, the company employed 760 full-time personnel and engaged 3,796 contract workers across its operations. Core Strengths: Recognized as a leading participant in India's aluminium recycling ecosystem, benefiting from significant industry entry barriers and growing demand for sustainable metal production. Strong presence in the supply of liquid aluminium alloys to automotive manufacturers and component producers. Extensive procurement network ensuring consistent access to recyclable raw materials. Well-established business relationships with leading OEMs and automotive ancillary companies. Collaborative joint ventures that enhance operational capabilities and market reach. Modern manufacturing facilities backed by advanced engineering processes, stringent quality standards, and technological expertise.
CMR Green Technologies — Contact Details
- Registered office
- 7th Floor, Tower 2, L & T Business Park, 12/4, Matrura Road, Faridabad, Haryana, 121003
- Phone
- +91 129 4223050
- Website
- cmr.co.in/
- Registrar (IPO queries)
- cmr.ipo@kfintech.com
Frequently asked questions
- What is the CMR Green Technologies IPO price band?
- The CMR Green Technologies IPO price band is ₹182 to ₹192 per share, with a lot size of 78 shares.
- When does the CMR Green Technologies IPO open and close?
- The CMR Green Technologies IPO opens on 3 Jun 2026 and closes on 5 Jun 2026.
- When is the CMR Green Technologies IPO allotment and listing date?
- The shares are scheduled to list on 10 Jun 2026 on NSE and BSE.
- How many times was the CMR Green Technologies IPO subscribed?
- The CMR Green Technologies IPO was subscribed 127.07 times in total across all investor categories.
- What is the reservation split in the CMR Green Technologies IPO?
- Of the total shares offered, retail investors get 34.85%, QIBs 19.91% (plus 29.87% anchor), non-institutional investors 14.93%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of CMR Green Technologies and what is their holding?
- The promoters are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal. Promoter holding is 86.95% before the issue and 84% after listing.
- What is the P/E ratio of the CMR Green Technologies IPO?
- At the upper price band, the CMR Green Technologies IPO is valued at 27.13× pre-issue earnings and 19.42× post-issue earnings, based on the financials disclosed in the offer document.
- Who are the lead managers and registrar of the CMR Green Technologies IPO?
- The book-running lead managers are ICICI Securities Ltd., Motilal Oswal Investment Advisors Ltd., Equirus Capital Ltd..
- Is CMR Green Technologies a Mainboard or SME IPO?
- CMR Green Technologies is a Mainboard IPO, listing on NSE and BSE.