CMR Green Tech IPO to end mainboard dry spell; is it worth

Through its maiden share sale, CMR Green Technologies aims to mobilise ₹630.88 crore via an entirely offer-for-sale (OFS) of 32.9 million equity shares

The prolonged dry spell in India’s mainboard primary markets appears set to end with the initial public offering (IPO) of non-ferrous metal recycler and secondary aluminium player CMR Green Technologies, scheduled to open for public subscription on June 3, 2026.

The last company to access the mainboard IPO market was One MobiKwik Systems (Kissht), which had raised ₹925.92 crore through its public issue.

Through its maiden share sale, CMR Green Technologies aims to mobilise ₹630.88 crore via an entirely offer-for-sale (OFS) of 32.9 million equity shares. According to the company’s red herring prospectus (RHP), promoter group entities—including Mohan Agarwal, Gauri Shankar Agarwala HUF (through its karta), and Mohan Agarwal HUF (through its karta)—will participate in the OFS. In addition, Global Scrap Processors, part of the investor group, will divest a portion of its stake through the public offering.

Grey market trends suggest positive sentiment ahead of the issue opening. In the unofficial market, unlisted shares of CMR Green Technologies were reportedly trading at ₹244 apiece, implying a grey market premium (GMP) of nearly 27.08% over the upper end of the issue price of ₹192 per share.

CMR Green Technologies IPO details

CMR Green Technologies has fixed its price band at ₹182–₹192 per share, with a lot size of 78 shares. This means investors can bid for a minimum of 78 shares and in multiples thereof. A retail investor would need at least ₹14,976 to bid for one lot, while ₹1,94,688 is required to bid for the maximum 13 lots (1,014 shares).

The public issue will remain open for subscription until Friday, June 5, 2026. The basis of allotment is likely to be finalised on Monday, June 8, and successful investors can expect shares to be credited to their demat accounts tentatively by Tuesday, June 9. CMR Green Technologies’ shares are slated to make their debut on the stock exchange on Wednesday, June 10, 2026.

KFin Technologies is the registrar for the public issue, while Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors are the book running lead managers.

As the IPO is entirely an OFS, the company will not receive any proceeds. “Our Company will not receive any proceeds from the Offer (Offer Proceeds). Each of the Selling Shareholders will be entitled to their respective portion of the Offer Proceeds, post deduction of Offer-related expenses and the relevant taxes thereon to be borne by the Selling Shareholders,” said the company in its RHP.

Should you subscribe to CMR Green Technologies IPO?

Swastika Investment – Neutral

Swastika Investment has assigned a Neutral rating to the public issue while noting that high-risk investors may consider applying for listing gains. The brokerage, however, noted that the company has the largest capacities among the industry players and enjoys the most preferred partner status.

“The valuation at 27.13x P/E looks attractive compared to peers, and the FY25 turnaround is encouraging. However, the pure OFS nature (promoters exiting) and the sharp FY24 loss are red flags. Thin margins and customer concentration make this a high-risk IPO with limited margin of safety,” said the brokerage in its report.

Beacon Capital Advisors (Equivision) – May Apply

Beacon Capital Advisors has suggested that investors may apply for the public offering. At the upper end of the price band, the issue is valued at a P/E of 29.53x and a P/B of 9.17x. Based on its growth, market position, and profitability metrics, the valuation, the brokerage said, appears reasonable when compared with listed peers in the industry.

The brokerage further noted that although revenue from the sale of goods increased 14.6 per cent Y-o-Y to ₹5387.45 crore in FY25, the company continues to operate with relatively low margins due to its hedging strategy. “Extensive use of forward contracts to manage commodity price volatility may restrict upside benefits from favorable aluminium price movements, thereby limiting margin expansion despite higher production volumes and improved realisations,” said the brokerage.

It further highlighted that the company is India’s largest non-ferrous metal recycler, with the highest secondary aluminium market share and an installed capacity nearly four times that of its nearest domestic competitor, making it a preferred partner for major OEMs. The Indian recycled aluminium market is projected to grow at a CAGR of 13.2 per cent in value and 11.2 per cent in volume during FY26–FY30, providing significant growth opportunities.