CMR Green Technologies opened its initial public offering for subscription on June 3, 2024 [1, 2].
The offering allows promoters and selling shareholders to exit portions of their holdings while raising capital for the company [1, 3]. This move tests investor appetite for green technology firms in the Indian stock market as the company transitions to a public entity [3].
The total offer size is reported between ₹630 crore [4] and ₹631 crore [1]. The company set a price band per share of ₹182 to ₹192 [1]. Early market activity suggests strong interest, with the grey market premium reaching Rs 64 [1]. This premium signals a potential 33% listing pop once the shares begin trading [1].
Subscription data from the first day shows that 18% of the issue has been booked [4]. The company previously raised ₹188.44 crore through its anchor book [2].
Investors have until June 5, 2024, to subscribe to the shares [1, 2]. The company has set a tentative listing date for June 10, 2024 [2]. The issue is structured specifically as a share sale by the company's promoters, and selling shareholders [1, 4].
“The grey market premium signals a potential 33% listing pop.”
The high grey market premium and the significant anchor book amount suggest strong institutional and retail confidence in the green technology sector. Because this IPO is a share sale by promoters rather than a fresh issue of shares, the capital primarily benefits existing shareholders rather than providing direct growth capital to the company's balance sheet.
