- By Aditya Pratap Singh
- Wed, 03 Jun 2026 06:41 PM (IST)
- Source:JND
The initial public offering (IPO) of CMR Green Technologies attracted massive bidding on its very first day on June 3, 2026, receiving over 2.46 times the 246 per cent subscription against the issue size. The day 1 bidding race was led by non-institutional investors, followed by retail individual investors. Meanwhile, the shares of the CMR Green Tech are trading at a massive premium in the grey market.
Subscription Status
According to NSE data, the Rs 630 crore IPO was subscribed 2.46 times till 5 PM. The shares reserved for Non Institutional Investors were subscribed 5.67 times or 567 per cent, while the retail investors category got 2.45 times or 245 per cent subscription. Employees' quota got bids over 3.18 times against the reserved shares. However, the Qualified Institutional Buyers category did not get many bids--subscribed merely 0.03 per cent on Day 1.
Should You Subscribe--What Does the Expert's Analysis Say?
Geojit Investment Limited gave a ‘subscribe rating’ to the IPO, considering the growth potential in India's recycled aluminium market.
According to Geojit, the company is India's largest non-ferrous metal recycler and a leading player in the secondary aluminium industry, with an estimated 10–12 per cent market share by volume, and the recycled aluminium market expanded to $5bn in FY25, registering a strong 17% CAGR since FY20.
"It is expected to grow further to $9bn by FY30E at a 13% CAGR, supported by sustainability trends, cost efficiency, favourable policies, and robust demand growth," Geojit Investment Limited Noted.
The firm highlighted that at the upper price band of Rs 192, CGTL is valued at 27x FY25 P/E and 19x annualised FY26 P/E (post-issue), which appears fairly priced relative to peers, considering inherent risks such as margin volatility and commodity exposure.
"However, as the largest player by capacity, the company is well-positioned to benefit from strong industry tailwinds, supported by its scale, market leadership, and ability to cater to growing demand. Hence, we recommend a “Subscribe” rating for a medium to long term," said Geojit Investment Limited.
CMR Green Technologies IPO GMP Today
CMR Green Technologies IPO latest GMP is Rs 64--last updated around 04:37 PM on Investorgain. With this, the shares are hinting at a listing gain of 33.33 per cent as they were trading at Rs 256 as compared to the upper limit of the IPO price band of 192 in the unlisted market.
IPO Details: Bidding Dates, Listing Dates, Price Band
The initial share sale opened for subscription on June 3, and bidding will be open till June 5, 2026. The Price Band for the IPO was fixed at Rs 182-192, and investors have to place an order by buying a minimum of 78 equity shares in multiples thereof.
The shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange. Meanwhile, the issue size of the CMR Green Tech IPO is Rs 630 crore.