CMR Green Technologies' initial public offering (IPO) worth ₹631 crore saw nearly 10 times subscription on its third day of bidding, June 5. The non-ferrous metal recycler's shares are priced between ₹182 and ₹192 each, with the IPO receiving strong demand from non-institutional investors, according to livemint.com.
The IPO had already achieved full subscription on the opening day and was subscribed 9.59 times by the second day, driven primarily by non-institutional investors. On the third day, the grey market premium (GMP) for CMR Green Technologies jumped to ₹70 per share, indicating shares are trading at ₹262 in the unofficial market, signaling a potential 36% listing gain, livemint.com reported.
This level of subscription and GMP reflects robust investor interest in the metal recycling sector, which has seen increased focus due to sustainability trends. The strong listing gains anticipated for CMR Green Technologies align with recent IPOs in the environmental and recycling space, marking a positive sign for companies in this domain.
The IPO bidding closes today, June 5, with the final subscription numbers expected to be released shortly after. The company’s listing on the stock exchange will be closely watched by market participants given the high subscription and grey market activity reported by livemint.com.