Faridabad-based CMR Green Technologies, a non-ferrous metal recycler, is set to launch its initial public offering on June 3, 2026. The public offer will remain open until June 5, 2026, while the anchor investor round will be held on June 2, 2026. The IPO has been reduced from the earlier proposed issuance of up to ₹823 crore, with the final size set at ₹630 crore entirely through an offer-for-sale (OFS) by promoters and an investor selling shareholder. The company manufactures aluminium and zinc alloys and processes furnace-ready scrap of metals including stainless steel, copper, brass, lead and magnesium, primarily supplying to automobile manufacturers and Tier-1 suppliers.
The price band has been fixed at ₹182-192 per equity share of face value ₹2, with the IPO lot size set at 78 equity shares and multiples thereafter. As per The Financial Express, at the upper end of the price band, the firm is valued at about ₹4,206 crore. The company's shares are currently trading at a grey market premium (GMP) of 18%, translating to an estimated listing price of ₹227 on the upper price band. However, it is important to note that GMP is an unofficial metric that varies based on market mood and sentiment. The company will not receive any proceeds from the public offer and the entire amount will go to the selling shareholders.
The IPO will open for public bidding on Wednesday, June 3, 2026, while anchor bidding will take place on Tuesday, June 2, 2026. Retail applicants can bid for a minimum of one lot comprising 78 shares, aggregating to ₹14,976, while the maximum they can bid for is 13 lots. For small high-net-worth individuals, the minimum lot size stands at 14 shares with a maximum of 66 lots, while big HNIs must bid for a minimum of 66 lots. As per The Financial Express, share allotment is likely to be finalized by Monday, June 8, 2026, with beneficiaries receiving their shares and refunds on Tuesday, June 9, 2026. The company is likely to debut on the bourses on Wednesday, June 10, 2026.
Despite launching a ₹630 crore IPO during volatile market conditions, CMR Green Technologies management has opted for a pure OFS structure over a fresh issue. As per Moneycontrol, the company's CMD Mohan Agarwal noted that "debt is a more efficient way of funding, provided you are not leveraged," with the company's current debt-equity ratio standing at 0.76. The management emphasized that "our business generates cash, and with that generation of cash, we are usually able to fund our expansion plans." CMR Green Technologies claims a roughly 45% market share in India's aluminium recycling segment, with operations four times larger than its nearest domestic competitor. The company primarily supplies recycled aluminium products to automobile manufacturers and tier-1 auto ancillaries, while also expanding into beverage can recycling, solar and EV-linked applications.
The company's customer base largely comprises OEMs and Tier-1 suppliers in the automotive sector, including Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, India Yamaha Motor Private Limited, and Endurance Technologies. The IPO is being handled by Equirus Capital Ltd, ICICI Securities and Motilal Oswal Investment Advisors as book-running lead managers, while KFin Technologies serves as the registrar. The IPO allotment will be finalized on June 8, 2026, with credit to demat accounts on June 9, 2026 and listing scheduled for June 10, 2026. Although the proposal received Sebi's approval in February 2022, the company eventually decided not to go ahead with the public issue, making this the second attempt at market entry.
