Shares of CMR Green Technologies continued their strong performance on Thursday, rising over 4% to hit an intraday high of ₹251 before paring gains to trade at ₹243.71, outperforming the NSE Nifty 50 Index which slipped 0.05%. The stock had settled with a premium of over 29% against the issue price of ₹192 on Wednesday, the first day of BSE listing, after registering a 43.43% jump from the issue price on the BSE. According to NDTV Profit, the stock started trading at ₹275.40 per share on BSE and ₹268 on NSE, with the company's market valuation standing at ₹5,430.39 crore. In traded volume terms, 38.23 lakh shares were traded at BSE and 390.84 lakh shares on NSE, demonstrating strong investor interest despite broader market subdued sentiment.
The ₹631 crore IPO received exceptional market response, being subscribed a total of 127 times on the closing day of bidding on Friday. As reported by NDTV Profit, the IPO had a price band of ₹182-192 per equity share and was entirely an offer for sale of 3.29 crore equity shares by promoters and an investor selling shareholder. The strong subscription was driven by institutional investors, with the qualified institutional buyer (QIB) portion subscribed 270.46 times, while the non-institutional investor (NII) segment was booked 172.35 times and the retail investor category attracted bids worth 27.08 times the shares reserved for it. Since the issue was entirely an OFS, the company will not receive any proceeds from the offering.
Faridabad-based CMR Green Technologies operates as a comprehensive recycling and manufacturing company, processing and manufacturing aluminium alloys (ingot and liquid), zinc alloys and furnace-ready scrap of stainless steel, copper, brass, lead and magnesium. According to NDTV Profit, the company operates 13 recycling facilities across India and has built a procurement network spanning domestic markets as well as Asia, Africa, the Middle East, Europe and the Americas. Its customer base primarily comprises automotive original equipment manufacturers (OEMs) and Tier-I suppliers, with notable clients including Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Endurance Technologies, Rockman Industries, and Craftsman Automation. The company's diversified portfolio spans multiple sectors including automotive, construction, and packaging industries.
Following the listing, Chairman and Managing Director Mohan Agarwal and Whole-Time Director Raghav Agarwal outlined the company's future strategy and growth plans to ET Now. According to management, CMR Green Technologies aims to evolve beyond being just an aluminium recycling company and position itself as a key player in India's circular manufacturing economy. The company has recently entered into an agreement with Hindustan Zinc, under which it is expanding into zinc alloy manufacturing, with management stating the company does not intend to remain limited to aluminium and will continue exploring opportunities in other non-ferrous metals. Interestingly, around 22% of the company's total revenue in FY25 came from non-aluminium businesses, a share that is expected to increase in the coming years as the company strengthens its focus on recycling multiple metals and producing value-added products. Management stated that the company has delivered a CAGR growth of around 23% in recent years and expects to maintain a similar or better pace going forward.
According to The Economic Times, CMR Green Technologies has demonstrated steady financial growth with consolidated net profit of ₹155.04 crore and sales of ₹6,696.66 crore for FY25. For the nine months ended December 2025, the company reported revenue of ₹6,291 crore and profit after tax of ₹162.4 crore, indicating continued operational momentum. The Grey Market Premium (GMP) has shown an upward trend over the last 14 sessions, with the minimum GMP recorded at ₹24 and maximum at ₹71, indicating strong listing expectations. As per Livemint, experts maintain positive long-term outlooks, with Arihant Capital recommending subscribing to the IPO citing the company's leadership position and scale advantages, while SBI Securities and Deven Choksey Research also assigned 'Subscribe' ratings, noting the company's well-positioned to capitalise on the growing shift toward sustainable metal recycling. On the listing, Mohan Agarwal, Chairman and Managing Director, acknowledged Equirus Capital's role in the IPO's success, highlighting their expertise in documentation, regulatory approvals, and institutional investor conversion.
