CMR Green Technologies IPO opening announcement with IPO details, OFS structure, business overview, financials, management discussion, risks, IPORupee Insight and education

Published on 02 Jun 2026, Tuesday

CMR Green Technologies IPO opening announcement with IPO details, OFS structure, business overview, financials, management discussion, risks, IPORupee Insight and education

Published on 02 Jun 2026, Tuesday

CMR Green Technologies IPO is opening tomorrow, Wednesday, 03 June 2026, and will close on Friday, 05 June 2026. The IPO is a mainboard book-built issue proposed to be listed on both NSE and BSE. As per the IPO detail screen, the issue price is set at Rs. 192 per share, and the lot size is 78 shares

GMP32%

Issue PriceRs. 192

Lot Size78 Shares

IPO Size630.88 Cr

Issue Type100% OFS

IPO Details GMP Anchor Peers Business Financials Management MD&A Risks Insight Disclaimer

CMR Green Technologies IPO Basic Details

Particulars	Details
Company Name	CMR Green Technologies Limited
IPO Type	Mainboard IPO
Issue Type	Book Built Issue
Open Date	Wednesday, 03 June 2026
Close Date	Friday, 05 June 2026
Final Issue Price	Rs. 192 per share
Face Value	Rs. 2 per share
Lot Size	78 shares
Minimum Retail Application	78 shares
Minimum Retail Amount	Rs. 14,976
Total IPO Size	Rs. 630.88 crore
Fresh Issue	Nil
Offer for Sale	Rs. 630.88 crore
Listing	NSE and BSE
Tentative Allotment	08 June 2026
Tentative Listing Date	10 June 2026
Registrar	KFin Technologies Limited
BRLMs	Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors

Issue Structure: The IPO size is Rs. 630.88 crore. The issue is entirely an Offer for Sale of 3.29 crore shares. This means the company will not receive fresh funds from the IPO; the proceeds will go to the selling shareholders.

Important Note on Lot Size and Application Amount

CMR Green Technologies is a mainboard IPO, so the lot size structure is simpler than many SME IPOs.

Retail: 78 shares x Rs. 192 = Rs. 14,976

sNII: 1,092 shares x Rs. 192 = Rs. 2,09,664

bNII: 5,226 shares x Rs. 192 = Rs. 10,03,392

IPORupee Note: Retail investors should still verify the final bid quantity and blocked amount on the broker platform before approving the UPI mandate. Even in mainboard IPOs, investors should check whether they are applying under Retail, sNII or bNII category.

IPO Rupee Opening Announcement

CMR Green Technologies IPO opens tomorrow for subscription. The IPO will open on 03 June 2026 and close on 05 June 2026. The company is coming with a mainboard IPO of Rs. 630.88 crore, entirely through an Offer for Sale.

The current GMP is around 32%, which indicates positive grey market sentiment before opening. However, investors should not apply only because GMP is positive. This IPO needs proper study because it is an OFS issue, the company operates in a commodity-linked metal recycling business, and the business has risks related to raw material imports, metal price volatility, customer concentration, working capital and borrowings.

One-Minute IPO Summary

CMR Green Technologies Limited operates in the metal recycling and aluminium recycling ecosystem. The company manufactures and supplies products such as liquid aluminium alloys, aluminium alloy ingots, stainless steel scrap and other scrap metals including copper, brass, zinc and magnesium.

The IPO is not a fresh issue. It is completely an Offer for Sale. This is important because IPO money will not be used for expansion, debt reduction or working capital by the company. It will go to the selling shareholders.

IPORupee Quick View: CMR Green Technologies IPO has positives like a large operating scale, aluminium recycling theme, repeat customer base, established facilities and exposure to auto/OEM supply chains. But investors should carefully study the OFS structure, commodity price risk, raw material import dependence, high borrowings, negative operating cash flow in recent periods, customer concentration, product concentration, past FY 2024 loss due to goodwill write-off and pending litigation.

Business Overview

CMR Green Technologies is engaged in the metal recycling business with a focus on recycled aluminium and zinc alloys. The company’s business is connected to industries that use aluminium alloys and recycled metals, especially automotive and industrial customers.

Product / Business Area	Meaning
Liquid Aluminium Alloys	Molten aluminium alloy supplied to industrial and OEM ecosystem customers.
Aluminium Alloy Ingots	Solid aluminium alloy blocks used by manufacturers.
Stainless Steel Scrap	Recycled stainless-steel material.
Other Scrap Metals	Includes copper, brass, zinc and magnesium.
Metal Recycling	Processing scrap metal into usable material.
Alloy Manufacturing	Producing aluminium and zinc alloy products as per customer requirement.

IPORupee Interpretation: This is not a simple trading business. It is a recycling and manufacturing-linked business where raw material sourcing, scrap quality, melting efficiency, customer specification, logistics and metal price movement are important.

Issue Structure: Entirely OFS

CMR Green Technologies IPO is entirely an Offer for Sale. In an OFS, existing shareholders sell their shares to public investors. The company does not receive the IPO proceeds.

No fresh capital

The company does not receive fresh growth capital.

No debt repayment

No IPO money is used for debt repayment.

No working capital funding

No IPO money is used for working capital.

Proceeds to sellers

Selling shareholders receive the IPO proceeds.

IPORupee Interpretation: A full OFS IPO should not be rejected only because it is OFS. But investors should not give the same comfort as a fresh issue IPO where money comes into the company.

GMP 32%: How Retail Investors Should Read It

The current GMP is around 32%. At an issue price of Rs. 192, a 32% GMP roughly indicates market expectation of around Rs. 61 premium and an indicative grey market price of around Rs. 253.

Rs. 192 x 32% = Rs. 61.44 approximate GMP

IPORupee Education: GMP is not official. It is not issued by NSE, BSE, SEBI, registrar or the company. GMP can change very quickly based on subscription, market mood, anchor investor response, listing environment and broader market trend.

A positive GMP can show demand, but investors should not treat it as guaranteed listing gain. Use GMP as a sentiment meter, not as a decision-making tool.

CMR Green Technologies IPO - Anchor Investors

CMR Green Technologies has successfully closed its anchor investor round on June 2, 2026, raising Rs. 188.44 crore from 18 institutional investors at an anchor price of Rs. 192 per share.

The anchor book reflects institutional conviction, with five marquee funds — SBI Comma Fund, ICICI Prudential Multicap Fund, Goldman Sachs India Equity Portfolio, Nippon India Small Cap Fund, and Kotak Special Opportunities Fund — each receiving the maximum allocation of 10.61%.

Domestic mutual funds dominate the anchor book, with additional participation from HDFC Mutual Fund, Edelweiss, Abakkus, Bank of India Mutual Fund, and BNP Paribas. Insurance players Bajaj Life Insurance and Kotak Mahindra Life Insurance also participated, alongside foreign investors Citigroup Global Markets Mauritius and Susquehanna Pacific.

IPORupee Interpretation: A strong anchor book before IPO opening is generally positive because it shows institutional participation at the issue price. However, anchor participation should not be treated as guaranteed listing gain. Retail investors should still track Day 1 subscription, QIB demand, valuation comfort, OFS structure, cash flow, borrowings and market sentiment before applying.

CMR Green Technologies IPO - Peers Comparison

Peer comparison helps investors understand the company’s scale and return profile compared with other recycling and metal-related listed companies. The comparison below uses the figures provided in the IPO details screen.

Company	P/B Ratio	P/E Ratio	RoNW	Revenue in Cr.
CMR Green	N/A	N/A	31.08%	6696
Pondy Oxides	N/A	N/A	9.79%	2059
Gravita India	N/A	N/A	15.12%	3980
Baheti Recycling	N/A	N/A	30.46%	524
Jain Resource Recycling	N/A	N/A	30.55%	6465

IPORupee Peer View: CMR Green appears large in revenue scale compared with the listed peers shown, and its RoNW of 31.08% is also strong. But P/E and P/B are not available in the shared peer table, so valuation comparison is incomplete. Investors should not judge the IPO only on revenue size or RoNW. Cash flow, working capital, debt, product concentration, import dependence and OFS structure should also be considered.

Financial Performance Snapshot

Particulars	9M ended Dec 31, 2025	FY 2025	FY 2024	FY 2023
Revenue from Operations	Rs. 62,754.83 million	Rs. 66,664.85 million	Rs. 59,524.42 million	Rs. 58,685.07 million
EBITDA	Rs. 3,244.38 million	Rs. 3,037.17 million	Rs. 2,174.04 million	Rs. 2,070.14 million
EBITDA Margin	5.17%	4.56%	3.65%	3.53%
PAT	Rs. 1,623.94 million	Rs. 1,550.38 million	Loss due to exceptional item	Rs. 1,045.07 million
PAT Margin	2.59%	2.32%	Negative	1.77%

IPORupee Financial Reading: The operating business has scale, but margins are not very high. EBITDA margin improved from 3.53% in FY 2023 to 5.17% for the nine months ended December 31, 2025. This is positive, but the margin profile still remains commodity-linked.

Cash Flow Watch

The company experienced negative cash flow from operating activities in recent periods. Net cash used in operating activities was Rs. 3,877.04 million for the nine months ended December 31, 2025 and Rs. 920.03 million in FY 2025, while FY 2024 and FY 2023 had positive operating cash flow.

IPORupee Interpretation: A company can show profit but still face cash pressure if money is blocked in inventory and receivables. Net working capital days increased from 53 days in FY 2023 to 79 days for the nine months ended December 31, 2025.

Customer Concentration

For the nine months ended December 31, 2025, top 3 customers contributed 20.93% of revenue, top 5 customers contributed 32.53% and top 10 customers contributed 50.02%. For FY 2025, top 10 customers contributed 52.78% of revenue.

IPORupee Interpretation: This is a moderate concentration risk. If a key customer reduces orders, changes supplier, delays payments, changes quality requirements or negotiates harder pricing terms, revenue and margins can be affected.

Product Concentration

The company derives a substantial portion of revenue from liquid aluminium alloys and aluminium alloy ingots. These two products contributed 81.85% of revenue from operations excluding export incentives and subsidies for the nine months ended December 31, 2025.

IPORupee Interpretation: This is a key red flag and also a business identity point. The company is strongly linked to aluminium alloy demand. If aluminium alloy demand or pricing weakens, business performance may be affected.

Import Dependence and Raw Material Risk

Imported raw materials and traded goods accounted for 74.82% of total purchases for the nine months ended December 31, 2025, 73.15% in FY 2025, 80.31% in FY 2024 and 80.63% in FY 2023.

Foreign exchange

Currency movement can affect import cost.

Shipping cost

Global freight movement can affect landed cost.

Port delay

Delay can impact raw material availability.

Custom duty

Policy changes can increase cost.

Scrap availability

Global scrap shortage can affect procurement.

Country risk

Trade policy changes can affect supply chain.

Debt and Borrowings

As on December 31, 2025, the company had total borrowings of Rs. 13,032.17 million on a consolidated basis. Current borrowings were Rs. 11,740.68 million, and non-current borrowings were Rs. 1,291.49 million.

IPORupee Interpretation: Borrowings have increased with scale and working capital needs. Since this IPO is entirely OFS, IPO proceeds will not reduce company debt.

Our Management

CMR Green Technologies Limited has an experienced management team led by its promoter group. The promoters of the company are Mohan Agarwal, Pratibha Agarwal, Akshay Agarwal and Raghav Agarwal. As per the RHP, the promoters collectively hold 182,015,759 equity shares, representing 83.10% of the issued, subscribed and paid-up equity share capital before the offer.

Name	Position / Role	IPORupee View
Mohan Agarwal	Promoter, Chairman and Managing Director	Key promoter and main leadership face of the company.
Akshay Agarwal	Promoter and Whole-time Director	Part of promoter family and involved in company management.
Raghav Agarwal	Promoter and Whole-time Director	Part of promoter family and involved in company management.
Pratibha Agarwal	Promoter	Promoter shareholder.
Yugal Kishor Garg	Chief Financial Officer	Responsible for finance function.
Srishti Saxena	Company Secretary and Compliance Officer	Responsible for compliance and secretarial function.

IPORupee Management View: The promoter holding of 83.10% before the offer shows strong promoter control and continuity. This can be positive because the promoters remain closely linked with the business. However, retail investors should also understand that after listing, promoter influence will continue to remain significant.

Management Discussion and Analysis of Financial Position and Results of Operations

The RHP’s Management Discussion and Analysis section should be read together with the financial statements and risk factors. For CMR Green Technologies, this section is very important because the company has large revenue scale, but also faces working capital, commodity price, import and debt-related risks.

Key Performance Indicators

Particulars	Unit	9M ended Dec 31, 2025	FY 2025	FY 2024	FY 2023
Revenue from Operations	Rs. million	62,755.24	66,664.85	59,524.42	58,685.07
Growth in Revenue from Operations	%	-	12.00%	1.43%	-
EBITDA	Rs. million	3,244.38	3,037.17	2,174.04	2,070.14
Profit before exceptional item and tax	Rs. million	2,132.01	2,050.61	1,295.35	1,378.77
Profit / Loss for the year / period	Rs. million	1,623.94	1,550.38	(8,385.57)	1,045.07
Net Debt to Equity	Times	0.76x	0.58x	0.36x	0.15x
Net Fixed Assets Turnover Ratio	Times	7.51x	8.14x	9.31x	11.36x
Revenue split by metal type	Rs. million	62,254.61	66,639.69	59,463.73	58,556.30
Aluminium and zinc alloys	Rs. million	52,177.85	53,967.03	47,097.08	44,599.10
Segregation and recycling of other metals revenue	Rs. million	10,076.76	12,672.66	12,366.65	13,957.20
Number of manufacturing facilities	Nos.	13	13	11	11

IPORupee Financial Interpretation: CMR Green Technologies has a large revenue base. Revenue from operations increased from Rs. 58,685.07 million in FY 2023 to Rs. 66,664.85 million in FY 2025. For the nine months ended December 31, 2025, revenue was already Rs. 62,755.24 million, showing the company’s operating scale.

Net Debt to Equity Watch

Net debt to equity increased from 0.15x in FY 2023 to 0.76x as of December 31, 2025. This means leverage has increased as the business has expanded.

IPORupee View: This is important because the IPO is fully OFS. Since there is no fresh issue, IPO proceeds will not be used to reduce debt. So investors should monitor whether the company can manage working capital and borrowings through internal cash generation.

Net Fixed Assets Turnover Ratio

The net fixed assets turnover ratio declined from 11.36x in FY 2023 to 7.51x for the nine months ended December 31, 2025.

IPORupee Interpretation: This does not automatically mean poor performance, but it suggests that asset turnover has reduced. It may be due to new facilities, higher asset base or capacity addition. Investors should watch whether new facilities improve revenue and profitability in future periods.

Revenue Split by Metal Type

A major portion of revenue comes from aluminium and zinc alloys. For the nine months ended December 31, 2025, aluminium and zinc alloys contributed Rs. 52,177.85 million out of total revenue split by metal type of Rs. 62,254.61 million.

IPORupee Interpretation: This confirms that CMR Green Technologies is heavily dependent on aluminium and zinc alloy products. The recycling theme is attractive, but the revenue base remains concentrated in a few metal categories.

IPORupee Management + MD&A Insight

CMR Green Technologies is a large-scale recycling company with promoter-led management and a strong operating base. The management has built a business with 13 manufacturing facilities, strong repeat customer revenue and a large revenue base.

However, management execution will be tested on five key areas after listing: working capital control, debt management, margin protection during commodity price movement, customer and product diversification, and handling of litigation, compliance and governance matters.

IPORupee View: Management experience and operating scale are positive. But because the IPO is fully OFS and no fresh money is coming into the company, investors should focus more on business quality, valuation, cash flow, governance and future margin sustainability rather than only GMP.

Recycling Business Risk Explainer

Metal recycling is a strong long-term theme, but the business is operationally complex.

Scrap sourcing risk

Availability and quality of scrap can affect production.

Commodity price volatility

Metal price movement can affect margins.

Foreign exchange risk

Imports expose the company to currency risk.

Energy cost risk

Melting and processing require power and fuel.

Environmental compliance

Recycling operations must follow environmental norms.

Working capital cycle

Inventory and receivables can block cash.

Green Flags

1. Large operating scale

The company has a large revenue base compared with many IPO companies.

2. Recycling theme

The company operates in metal recycling and aluminium recycling.

3. Mainboard IPO

This is a mainboard IPO proposed to be listed on NSE and BSE.

4. Established customer relationships

The company has long-standing relationships with certain Tier 1 auto component suppliers, OEMs and channel partner customers.

5. Repeat customer revenue

Revenue from repeat customers was 96.23% of revenue from operations for the nine months ended December 31, 2025.

6. Improving EBITDA margin

EBITDA margin improved from 3.53% in FY 2023 to 5.17% for 9M FY 2026.

7. Positive GMP

GMP of around 32% indicates positive grey market sentiment before opening.

8. Facility presence

The company has multiple facilities across several locations.

Red Flags

1. Entire IPO is OFS

The company will not receive IPO proceeds.

2. No fresh issue

No money will be used for business expansion, debt repayment or working capital.

3. Commodity-linked business

Profitability depends on metal prices, scrap prices, foreign exchange and customer pricing terms.

4. Negative operating cash flow

Operating cash flow was negative for 9M FY 2026 and FY 2025.

5. High import dependence

A large portion of raw materials and traded goods are imported.

6. Borrowings have increased

Total borrowings stood at Rs. 13,032.17 million as on December 31, 2025.

7. Product concentration

Liquid aluminium alloys and aluminium alloy ingots contribute a very large portion of revenue.

8. Customer concentration

Top 10 customers contributed about half of revenue.

9. FY 2024 loss

The company reported a large loss in FY 2024 due to goodwill impairment.

10. Litigation and regulatory matters

The RHP mentions outstanding litigation and regulatory matters.

11. GMP is unofficial

GMP is not guaranteed and can change quickly.

IPO Rupee Education: How to Analyse an OFS IPO

In a fresh issue IPO, money goes to the company. In an OFS IPO, money goes to existing shareholders. For CMR Green Technologies, the IPO is entirely OFS.

Why are shareholders selling?

Investor should understand the selling shareholder profile and purpose.

Is valuation fair?

Valuation becomes more important because fresh money is not entering the company.

Is cash flow improving?

Cash flow matters more than theme alone.

Is debt manageable?

Since IPO money will not reduce debt, internal cash generation is important.

Are margins sustainable?

Commodity-linked margins can change quickly.

Is GMP backed by fundamentals?

GMP should be used as sentiment, not as guarantee.

IPORupee Deep Insight

CMR Green Technologies IPO is an important mainboard IPO because it brings a recycling and aluminium circular-economy business to the market. The company has scale, repeat customer revenue, multiple facilities and exposure to industrial/OEM-linked demand.

The positive GMP of around 32% and anchor investor participation of Rs. 188.44 crore show good pre-opening sentiment. The peer table also shows CMR Green as a large-scale recycling company with strong RoNW compared with the peers shown. But the IPO structure needs careful understanding. This is a full OFS issue, so the company will not receive any fresh capital. That means investors are not funding business growth directly; they are buying shares from existing shareholders.

The business has strengths, but it is not risk-free. Metal recycling is linked to commodity prices, scrap availability, import costs, forex movement and customer pricing. The company also has negative operating cash flow in recent periods and rising working capital days.

Financially, the company has large revenue scale and improving EBITDA margin, but PAT margin remains modest. FY 2024 had a large loss because of goodwill write-off, which was non-cash, but it still affected reported profitability and net worth.

IPORupee View: CMR Green Technologies IPO can attract investors because of the recycling theme, large scale, mainboard listing and positive GMP. But conservative investors should study the OFS structure, cash flow, borrowings, customer concentration, product concentration, import dependence and litigation before applying.

Final IPORupee View

CMR Green Technologies IPO is opening tomorrow with a positive GMP of around 32%. The IPO has strong market interest, but investors should not depend only on GMP.

The company has a good business theme around metal recycling and aluminium recycling. It has scale, repeat customers, established operations, a sizeable anchor book and strong revenue scale compared with the peers shown. However, the IPO is fully OFS, and the company will not receive fresh funds. The business is also exposed to metal price volatility, raw material imports, working capital pressure, customer concentration, borrowings and litigation risk.

Final View: This IPO is suitable for investors who understand mainboard IPO risk, OFS structure and commodity-linked recycling business risk. Track Day 1 subscription, especially QIB and NII response, before taking the final decision.

Disclaimer

This article is for educational and informational purposes only. We are not SEBI registered investment advisors. GMP is unofficial and is not issued by NSE, BSE, SEBI, registrar or the company. This is not investment advice, recommendation, or a buy/sell call. IPO investments are subject to market risks. Investors should read the RHP carefully and consult their financial advisor before making any investment decision.