CMR Green Technologies IPO: 127x Bids, 40% GMP
Issue closes with heavy demand across categories
CMR Green Technologies’ initial public offering (IPO) closed on June 5, 2026 with strong participation from retail, non-institutional investors (NIIs), and qualified institutional buyers (QIBs). By the end of the final bidding session, the issue was subscribed about 127 times overall, based on reported exchange data. The scale of bidding placed the IPO among the more heavily subscribed mainboard issues in recent sessions. With the offer now closed, investor focus has shifted to allotment, listing dates, and the possible listing price indicated by the grey market premium (GMP).
Multiple updates through the day pointed to a steady build-up in demand, particularly in the NII and QIB segments. At 11:00 AM on June 5, one update put overall subscription at 11.59 times. Later in the day, the final subscription figure was reported around 127.07 times, with another update stating 127.04 times at close. These numbers reflect the intensity of late bidding that typically comes in the final hours of an IPO.
Subscription numbers: retail, NII and QIB breakdown
As of 5:24 PM on June 5, overall subscription was reported at 127.07 times. The retail investor category was subscribed 27.08 times. NIIs recorded 172.35 times subscription, reflecting strong high-net-worth participation. QIB demand was the strongest, with the portion subscribed 270.46 times, excluding anchor investors.
Separate updates at close cited nearly the same totals, with retail booked 27.03 times, NII at 172.35 times, and QIB at 270.46 times. The small difference in the overall figure (127.07 times vs 127.04 times) appears to be due to timing and rounding across live trackers.
Grey market premium (GMP) signals 36% to 40% implied premium
GMP indicators remained firm on the final day, although reported levels varied across sources. One update citing BSE data put the latest GMP at ₹77 per share as of June 5. Using the upper price band of ₹192, that implies an estimated listing price near ₹269 and a potential listing gain of about 40.10%, if the grey market trend sustains until listing.
Other reports tracking unofficial market activity cited a GMP of around ₹70 per share, implying an estimated price near ₹262 and a premium of roughly 36%. Another update mentioned GMP around ₹72.5 per share, implying a premium of about 37.76% over the upper band.
It is important to note that GMP reflects unofficial grey market trades before listing and is not a reliable predictor of actual listing performance. Still, the direction of GMP through the bidding period was clearly upward in multiple updates: ₹60 on the opening day, ₹70 on Thursday, and ₹77 on Friday.
IPO size, price band, and lot size
CMR Green Technologies opened its public issue on June 3, 2026 and closed it on June 5, 2026. The IPO was priced in a band of ₹182 to ₹192 per share. The minimum bid was one lot of 78 shares, translating to ₹14,976 at the upper price band.
The company aimed to raise ₹630.88 crore through the public issue, with some reports rounding the size to about ₹631 crore. The shares are scheduled to list on both NSE and BSE.
Offer-for-sale structure and what it means
The IPO consisted entirely of an offer for sale (OFS) of up to 3.28 crore equity shares by promoters and an investor shareholder. As a result, the company will not receive proceeds from the IPO.
Ahead of the issue, CMR Green Technologies raised ₹188.44 crore from anchor investors through allocation at the upper end of the price band. Reports described anchor participation as coming from a mix of domestic mutual funds, insurers, and foreign institutional investors.
Allotment date, demat credit and listing schedule
The IPO allotment is expected to be finalised on June 8. Successful applicants are expected to receive shares in their demat accounts on June 9, while refunds for non-allottees are also expected to be processed on the same day.
The stock is scheduled to debut on June 10 on NSE and BSE.
How to check allotment status: BSE route and other options
Once the allotment is finalised, investors can check status online.
Via the BSE website
- Visit the BSE website.
- Click on “Investors” and select “Investor Services.”
- Click on “Status of Issue Application.”
- Select “Equity” under Issue Type.
- Choose “CMR Green Technologies IPO” from the Issue Name list.
- Enter PAN number or Application Number.
- Complete captcha and click Submit.
Other channels mentioned include the NSE IPO portal, the IPO registrar’s website, broker platforms (Zerodha, Angel One, Groww and others), and alerts via email/SMS from depositories such as CDSL and NSDL.
What investors and broker notes highlighted
Reports described CMR Green as India’s largest non-ferrous metal recycling firm. Some broker notes cited leadership in aluminium recycling and exposure to long-term decarbonisation and sustainability themes. Arihant Capital said the company is the largest aluminium recycler in India, with an estimated 42% to 45% market share in the automotive cast alloy segment and installed capacity of 615,150 MTPA as of FY26. The same note cited an expected 11.2% volume CAGR for India’s aluminium recycling industry between FY25 and FY30.
On valuations, different research notes referenced different earnings bases and multiples. One note cited a P/E of 27.1x based on annualised FY25 earnings (on a 9MFY26 basis). Arihant Capital cited a P/E of 21.31x based on annualised EPS of ₹9.01. Another note cited a P/E of 19.7x based on annualised FY26 earnings and a post-issue market capitalisation of about ₹42,059 million, while also flagging concerns around the pure OFS structure and a sharp FY24 loss.
Market impact: subscription strength meets mixed risk framing
In the primary market, the most visible impact was the sharp increase in subscription from day two to day three. On the second day, the issue was subscribed 9.59 times, with bids for 22.1 crore shares against 2.3 crore shares on offer, according to NSE data cited in updates. By the end of day three, overall subscription moved above 127 times, with QIB participation at 270.46 times excluding anchors.
Grey market indications also strengthened into the close, with GMP levels reported at ₹70 to ₹77 on the final day. Still, updates also carried risk language around customer concentration and the FY24 loss being linked to a one-time goodwill impairment. The combination of high subscription and mixed risk framing is likely to keep attention on pricing and the first few sessions of trade after listing, without implying any assured outcome.
Key numbers at a glance
Subscription and GMP snapshots reported on June 5
Conclusion
CMR Green Technologies’ IPO ended with about 127x subscription and strong QIB and NII participation, while grey market indicators stayed in the ₹70 to ₹77 range on the final day. The next milestones are the June 8 allotment and the June 10 listing on NSE and BSE, after demat credits and refunds expected on June 9.
Frequently Asked Questions
Did your stocks survive the war?
See what broke. See what stood.
Live Q4 Earnings Tracker
