New Delhi, August 29 – CMR Green Technologies, one of India’s biggest companies that recycles non-ferrous metals, has sent documents to the Securities and Exchange Board of India (SEBI) again to start its long-awaited Initial Public Offering (IPO). The company, which is based in Haryana, had planned to hold an initial public offering (IPO) in 2021, but it couldn’t do so in the time frame it had set.
Fully Offer for Sale (OFS) Based Issue
According to the fresh draft papers, the upcoming IPO will be a 100% Offer for Sale (OFS). This means all proceeds will go directly to the selling shareholders – mainly the promoters and investor Global Scrap Processors – while the company itself will not receive any fresh capital. Currently, Global Scrap Processors hold a 13.05% stake in CMR Green, while the remaining 86.95% is with other promoters.
Previous Attempt in 2021
Back in September 2021, CMR Green had filed its draft red herring prospectus (DRHP) with plans to raise fresh capital of ₹300 crore along with an OFS of 3.34 crore shares. Though SEBI approved the proposal in February 2022, the IPO was not launched within the one-year validity period, leading to its expiry.
Company Profile – Leader in Secondary Aluminium
Founded in 2005, CMR Green Technologies specializes in recycling and producing a wide range of non-ferrous metals. Its product portfolio includes:
- Recycled aluminium alloys (in ingot and liquid form)
- Zinc alloy ingots
- Segregated furnace-ready scrap of stainless steel, copper, brass, zinc, lead, and magnesium
- Aluminium billets used in both automotive and non-automotive sectors
In terms of revenue, CMR Green holds the largest market share in India’s secondary aluminium industry for FY2025.
Financial Performance
- FY2025: Net profit of ₹155 crore
- FY2024: Heavy loss of ₹838.6 crore, primarily due to a one-time exceptional expense of ₹1,239.6 crore
The company faces competition from listed peers such as Pondy Oxides & Chemicals, Gravita India, and Baheti Recycling Industries.
Merchant Bankers on Board
For this IPO, CMR Green has appointed Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors as merchant bankers.
Outlook
With strong industry positioning, leadership in aluminium recycling, and renewed IPO filing, CMR Green Technologies is expected to attract significant investor attention. However, since the entire issue is OFS, retail investors should carefully evaluate fundamentals and market conditions before investing.
