Upcoming IPO: Non-ferrous metal recycler CMR Green Technologies refiles draft papers for 100% offer for sale

CMR Green Technologies IPO

Haryana-based non-ferrous metal recycler CMR Green Technologies has refiled preliminary papers with the SEBI on August 29 to raise funds via an initial public offering.

The IPO consists entirely of offer-for-sale by promoters and investor Global Scrap Processors, which holds a 13.05 percent stake in the company. And the remainder 86.95 percent shareholding is owned by promoters.

Hence, the entire IPO proceeds will go to the selling shareholders, and the company will not receive any money from the offer.

Earlier in September 2021, CMR Green had filed draft papers for IPO, which was a combination of fresh issuance of shares worth Rs 300 crore, and an offer-for-sale of 3.34 crore shares by promoters and investors. The said draft papers were also approved by the SEBI in February 2022, but the company could not launch its IPO within the year's deadline.

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CMR Green, which has the highest market share in the Indian secondary aluminium market in terms of revenue for the fiscal 2025 amongst the peer companies, manufactures recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots, and segregated furnace-ready scrap of stainless steel, copper, brass, zinc, lead, and magnesium, amongst others.

It also produces aluminium billets that cater to both automotive and non-automotive sectors.

Incorporated in 2005, the company that competes with listed entities like Pondy Oxides and Chemicals, Gravita India, and Baheti Recycling Industries has recorded a profit of Rs 155 crore for the fiscal year 2025 against a loss of Rs 838.6 crore in the previous year, which was impacted by an exceptional loss of Rs 1,239.6 crore. Revenue in the same period grew by 12 percent to Rs 6,666.5 crore, up from Rs 5,952.4 crore.

The merchant bankers handling the CMR Green Technologies are Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors.