Whalesbook
CMR Green Technologies, a Faridabad-based non-ferrous metal recycler, will open its initial public offering (IPO) on June 3, with the subscription period closing on June 5. The company significantly reduced the IPO size from its earlier plan. The revised public issue will offer up to 3.28 crore equity shares entirely through an offer-for-sale (OFS).
Offer Details
Promoters Mohan Agarwal, Gauri Shankar Agarwala HUF, and Mohan Agarwal HUF are set to offload a combined 64.59 lakh shares. Additionally, Mauritius-based Global Scrap Processors will sell approximately 2.64 crore shares. As the IPO is solely an OFS, CMR Green Technologies will not receive any capital from the public issue; proceeds will go directly to the selling shareholders. Currently, the promoter group holds about 87% of the company, with Global Scrap Processors owning the remaining 13% stake.
Second Market Attempt
This is CMR Green's second venture into the primary market. In September 2021, the company had initially filed draft papers for an IPO that included a fresh issue of shares worth ₹300 crore alongside an OFS of 3.34 crore shares. Despite receiving approval from the Securities and Exchange Board of India (SEBI) in February 2022, the company deferred its public issue plans.
Business Focus
CMR Green Technologies specializes in processing and manufacturing aluminum alloys, zinc alloys, and furnace-ready scrap for various metals including stainless steel, copper, brass, lead, and magnesium. Its primary customer base includes original equipment manufacturers (OEMs) and Tier-1 suppliers within the automotive sector, such as Honda Cars India, Bajaj Auto, Hero MotoCorp, and Royal Enfield Motors.
Listing Information
The company's shares are slated for listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Equirus Capital Ltd, ICICI Securities, and Motilal Oswal Investment Advisors are managing the IPO as book-running lead managers.