IPO News: CMR Green Technologies, a company that recycles non-ferrous metals, has submitted its IPO application again to SEBI. This IPO will be completely an offer for sale.
CMR Green Technologies IPO Details:
CMR Green Technologies, based in Haryana, re-applied to SEBI on August 29 to raise funds through an initial public offering (IPO).
The IPO is entirely an offer for sale (OFS) by the promoters and investor Global Scrap Processors.
This means the money raised will go to the selling shareholders, and the company itself will not receive any funds from this IPO.
Global Scrap Processors and some promoters together own 13.05% of the company, while the remaining 86.95% is held by other promoters.
The company had earlier filed draft IPO papers in September 2021, which included issuing fresh shares worth ₹300 crore and selling 3.34 crore shares by promoters and investors.
SEBI approved those papers in February 2022. However, the IPO was not launched within SEBI’s one-year deadline, so the process had to be restarted.
About the Company:
CMR Green makes recycled aluminium alloys (in both ingot and liquid form), zinc alloy ingots, and sorted furnace-ready scrap of stainless steel, copper, brass, zinc, lead, and magnesium.
It also produces aluminium billets used in the automotive and non-automotive industries.
In FY25, CMR Green had the largest market share in India’s secondary aluminium market in terms of revenue.
The company was founded in 2005. In FY25, it earned a profit of ₹155 crore. However, in FY24, it posted a heavy loss of ₹838.6 crore due to a significant one-time loss of ₹1,239.6 crore.
CMR Green competes with listed companies such as Pondy Oxides & Chemicals, Gravita India, and Baheti Recycling Industries.
