CMR Green Technologies IPO 2026: Rs 188.4 cr anchor round

Anchor book closes at the upper price band

CMR Green Technologies, a non-ferrous metal recycler specialising in aluminium and zinc die-casting alloys, has raised Rs 188.4 crore from anchor investors ahead of its IPO. The company said the anchor allocation was done on June 2 at Rs 192 per share, which is the upper end of the IPO price band. The allocation totals 98.14 lakh equity shares, as per the exchange filing details cited in the reports. The anchor book drew participation from domestic mutual funds, life insurers and global institutional investors. The anchor placement comes a day before the issue opens for public subscription. The IPO will open on June 3 and close on June 5.

IPO structure: offer-for-sale, no fresh issue

The IPO size has been reported at around Rs 630.9 crore (also cited as Rs 630.88 crore in some disclosures). The issue comprises 3.28 crore equity shares (also referenced as 32.9 million shares), and it is entirely an offer-for-sale (OFS). That means the company is not issuing new shares to raise growth capital in this offering. The selling shareholders include promoters and investor Global Scrap Processors, according to the provided text. Promoter group entities named in the red herring prospectus include Mohan Agarwal, Gauri Shankar Agarwala HUF (through its karta), and Mohan Agarwal HUF (through its karta). The OFS structure typically implies proceeds go to the selling shareholders rather than into the company.

Price band and subscription window

CMR Green Technologies has fixed a price band of Rs 182 to Rs 192 per share. The public issue is open for three days, from June 3 to June 5. Anchor bidding commenced on June 2, ahead of the main subscription period. The upper price band (Rs 192) is also the price at which shares were allotted to anchor investors. This anchor pricing is closely watched because it indicates the level at which institutions were willing to participate ahead of the broader bookbuild.

Who bought in: mutual funds, insurers, and global institutions

The anchor book featured several marquee names across categories. Funds managed by SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund were among the domestic participants mentioned. Global names cited include Goldman Sachs and BNP Paribas, along with Citigroup and Susquehanna Pacific. Other domestic institutional participants listed include 360 One Asset, Abakkus Asset Manager and Edelweiss Mutual Fund.

There is a difference in the reported number of anchor investors in the provided information. One line says 15 anchor investors, while other parts cite 18 anchor investors or “18 funds” in the anchor book. What is consistent across the versions is the total anchor allocation of 98.14 lakh shares at Rs 192 per share.

Mutual funds led the anchor allocation

Domestic mutual funds emerged as the largest investor category in the anchor round. Out of the 98.14 lakh shares, 61.31 lakh shares were allocated to domestic mutual funds via 10 schemes of seven fund houses, according to the company’s filing. Another data point in the text states mutual funds accounted for 62.47% of the anchor allocation. The investment attributed to domestic mutual funds is about Rs 117.7 crore spread across those 10 schemes.

This split matters because mutual fund participation is often used as a proxy for broader domestic institutional appetite. The list of mutual fund houses mentioned includes SBI Mutual Fund, ICICI Prudential MF, HDFC MF, Nippon India (also referred to as Nippon Life India), and Kotak Mutual Fund.

Life insurance companies also participated

Life insurance companies received a smaller portion of the anchor allocation compared with mutual funds. The text states that 6.77 lakh shares of the anchor book portion were allocated to two life insurance companies. The insurers named are Bajaj Allianz Life Insurance and Kotak Mahindra Life Insurance Company. Another figure in the text says insurers received shares worth nearly Rs 13 crore, representing 6.9% of the anchor portion.

Global investors and named allocations

The anchor book included several global institutional investors with specific allocations reported in the text. Goldman Sachs Funds acquired 10.41 lakh shares for Rs 20 crore. BNP Paribas Funds Emerging Markets Environmental Solutions bought 4.01 lakh shares for Rs 7.71 crore. Citigroup and Susquehanna Pacific were reported to have picked up 2.6 lakh shares each for Rs 5 crore.

These allocations, along with the participation list, show a mix of domestic and international institutions choosing to enter at the top end of the band. However, the provided data does not include subscription numbers for the public issue, since it opens after the anchor placement.

Key IPO and anchor details at a glance

Lead managers, registrar, and reservation split

Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book-running lead managers for the IPO, according to the provided information. KFin Technologies is the registrar to the issue. The IPO reservation split stated in the text includes not more than 50% for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and not less than 35% for retail investors.

Market impact: what the anchor round signals

The anchor allocation indicates that institutional investors were willing to buy shares at Rs 192, the upper end of the price band, ahead of the public opening. The mix of mutual funds, insurers and global institutions suggests diversified demand within the anchor book. Since the IPO is an OFS, the anchor round does not change the company’s cash position in the way a fresh issue would, but it can influence market perception of demand. The domestic mutual fund share of roughly 62.47% and the reported Rs 117.7 crore mutual-fund investment provide a concrete signal of local institutional participation. Beyond that, the provided text does not include post-listing expectations, GMP indicators, or broader sector valuation comparisons.

Why this IPO matters for the recycling and metals ecosystem

CMR Green’s IPO comes at a time when institutional investors are increasingly tracking companies linked to recycling and circular-economy themes. The presence of funds such as BNP Paribas Funds Emerging Markets Environmental Solutions, as cited in the anchor list, reflects that thematic interest in this deal. Still, investors will likely focus on issue structure and valuation because this is an OFS with no fresh issue component. The public subscription window in early June will provide the next datapoint on demand across QIB, NII and retail categories.

What to watch next

The IPO is scheduled to remain open until June 5. With the anchor book already priced at the top end, the key near-term focus shifts to subscription data during the three-day window. Investors will also track final allotment details and listing timelines as announced through exchange updates and the offer documents.