Primary market participants witnessed a stellar debut on Wednesday as Faridabad-headquartered metal processing firm CMR Green Technologies commenced trading on the domestic bourses with significant gains. The equity shares debuted on the BSE at 275.40 rupees, translating to a substantial 43.43 percent premium over the issue price of 192 rupees. Concurrently, on the NSE, trading kicked off at 268 rupees per share, marking an upside of 39.58 percent. The strong listing price followed massive investor demand observed across categories during the subscription period.
Substantial Bidding Led to 127 Times Subscription
The public offering had witnessed an overwhelming response from institutional and retail bidders alike when it opened for bidding. The subscription window was active from Wednesday, June 3, through Friday, June 5. By the close of bidding, the issue was subscribed more than 127 times over the offered volume. To raise 630 crore rupees, the company had established a price band ranging between 182 rupees and 192 rupees per equity share of face value 2 rupees each. Additionally, eligible company employees participating in the offer received a specialized concession of 18 rupees per equity share.
Profit Booking Emerges Following Bumper Opening
The sharp listing bounce prompted rapid selling pressure from short-term participants eager to capitalize on the opening surge. As widespread profit extraction took place throughout the day, the equity pared some of its early gains before stabilizing towards the close. At the closing bell, the BSE recorded the stock finishing 29.11 percent higher at 247.90 rupees. Meanwhile, on the NSE platform, the counter wrapped up its inaugural trading session with an advance of 25.62 percent at 241.20 rupees per share.
Issue Structure Rooted Entirely in Offer for Sale
The entire equity float of CMR Green Technologies was designed as an offer for sale, without any fresh capital issue component. Under this arrangement, existing promoters divested 3,28,58,323 shares of their aggregate holding. Following the conclusion of the bidding process on June 5, share allotment was officially carried out on Monday, June 8. Subsequently, the allotted units were credited directly to eligible demat accounts on June 9, allowing unhindered settlement ahead of the formal market opening.
Trading Volume and Operational Footprint
Turnover data from the maiden trading day indicated intense market activity, with 390.84 lakh shares changing hands on the NSE platform, complemented by a volume of 38.23 lakh shares on the BSE. Following the day's settlement, the total market capitalization of the firm settled at 5,430.39 crore rupees. Headquartered in Faridabad, the enterprise operates within the industrial metallurgy space, engaging in manufacturing and processing furnace-ready scrap for aluminium alloys in both liquid and ingot forms, alongside zinc alloys, stainless steel, copper, brass, lead, and magnesium.
