The initial public offering (IPO) of CMR Green Technologies, a non-ferrous metal recycler specialising in aluminium and zinc die-casting alloys, opens for subscription on Wednesday, 03 June and will close on 05 June.
The company has fixed a price band of Rs 182 to Rs 192 per share. Investors can bid for a minimum of 78 shares and in multiples thereof.
At the upper end of the price band, retail investors will be required to invest a minimum of Rs 14,976 for one lot. The maximum retail application of 13 lots, comprising 1,014 shares, would require an investment of Rs 1,94,688.
Ahead of the IPO launch, CMR Green Technologies raised Rs 188.4 crore from anchor investors on 02 June.
The company allotted 98.14 lakh equity shares to 15 anchor investors at Rs 192 per share, the upper end of the price band.
The IPO aims to raise Rs 630.9 crore through the sale of 3.28 crore equity shares.
The public issue is entirely an offer for sale (OFS) by the promoters and investor Global Scrap Processors. Consequently, the company will not receive any proceeds from the issue, with all net proceeds, after issue-related expenses, accruing to the selling shareholders.
Following the OFS, promoter shareholding is expected to decline to 84 per cent from 86.9 per cent.
CMR Green Technologies is India’s largest non-ferrous metal recycler by installed capacity and holds the highest market share among its listed peers in the secondary aluminium segment by revenue.
Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are acting as the book-running lead managers to the issue. |
