CMR Green Technologies IPO, Day 2: CMR Green Technologies’ initial public offering (IPO) received a healthy response on the second day of bidding (June 4), with the issue subscribed nearly 4 times as of the latest available data on the NSE.
The company, a non-ferrous metal recycler and a key player in the secondary aluminium market, manufactures aluminium and zinc die-casting alloys. Its Rs 630.88-crore IPO is entirely an offer-for-sale (OFS) of around 3.3 crore shares by existing shareholders.
In contrast, the qualified institutional buyers (QIB) portion remained largely undersubscribed at 0.05 times.
Overall, the IPO was subscribed 4.04 times on the second day of the bidding process, reflecting strong participation from retail and high-net-worth investors despite muted interest from institutional buyers.
At the current GMP, investors allotted one lot of 78 shares could potentially earn a listing gain of up to Rs 4,680.
The GMP trend also indicates sustained interest from investors in the unlisted market. The premium stood at Rs 24 on May 28 and climbed steadily to a peak of Rs 63 on June 2 before easing slightly to the current level of Rs 60. The trajectory suggests strong investor appetite for the issue ahead of its market debut, although grey market premiums are unofficial and should not be considered a guarantee of listing performance.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
