CMR Green Technologies opened its initial public offering for subscription on June 3, 2024, seeking to raise capital through a share sale [1, 2].
The offering represents a significant liquidity event for the company's promoters and selling shareholders. Strong early investor interest suggests high market confidence in the firm's valuation and growth prospects within the Indian market.
The company is looking to raise between ₹630 crore [1] and ₹631 crore [2] through the issue. The price band for the shares has been set between ₹182 and ₹192 per share [2]. To participate, investors must commit to a minimum application size of 78 shares [2].
Early data indicates a robust start for the IPO. As of the first day of subscription, over 50% of the issue has already been booked [1]. This momentum is further reflected in the grey market, where the grey-market premium (GMP) indicates a potential listing premium of approximately 33% [1].
Prior to the public subscription phase, the company successfully raised ₹188.44 crore through its anchor book [3]. This initial funding provided a foundation of institutional support before the offer opened to the general public.
The public subscription period runs from June 3, 2024, through June 5, 2024 [2]. Following the close of the subscription window, the company expects a tentative listing date of June 10, 2024 [3].
“over 50% of the issue has already been booked”
The high subscription rate on the first day and the significant grey-market premium suggest that investor appetite for green technology in India remains strong. If the 33% premium holds, it indicates that the market views the ₹182-₹192 price band as conservative, potentially leading to an oversubscribed issue and a volatile but positive debut on the stock exchange.
