CMR Green Technologies IPO Draws Massive Investor Interest, Subscribed Over 100 Times
Indian aluminium recycler CMR Green Technologies witnessed overwhelming investor demand for its initial public offering (IPO), attracting bids worth ₹563.97 billion ($5.94 billion) against an issue size of approximately $65.8 million. The strong response marks a significant revival in India’s primary market after a month-long lull, during which geopolitical uncertainties, including the Iran conflict, had dampened investor sentiment and delayed fundraising activities.
Qualified Institutional Buyers (QIBs) led the subscription frenzy, bidding for 1.77 billion shares, representing 270.5 times the shares allocated to them. Non-institutional investors subscribed 172.4 times their reserved portion, while retail investors bid for 27 times the shares available in their category. The robust participation across all investor segments underscores growing confidence in the company’s business model and future prospects.
Market experts attributed the strong demand to investors seeking profitable opportunities amid a relatively sluggish secondary market. Anita Gandhi, Head of Institutional Business at Arihant Capital Markets, said the enthusiasm also reflects increasing investor interest in the non-ferrous metal recycling sector and CMR Green Technologies’ established relationships with automobile manufacturers. The company’s shares are expected to debut on stock exchanges on June 10.
Pic Courtesy: google/ images are subject to copyright
