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Kusumgar IPO Review 2026: GMP, Subscription Dates, Price Band, Financials, Valuation, Risks & Should You Apply?
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CMR Green Technologies IPO subscription reaches 9.66x on Day 2. Check GMP, subscription status, financial performance, valuation, listing outlook, allotment date, company analysis, risks, opportunities, and expert review.
Reviewed and Rewrite by
Rudransh Sangwan
India's primary market continues to witness strong investor participation, and CMR Green Technologies IPO has emerged as one of the closely watched public issues in the metals and recycling sector. The IPO received robust demand on Day 2 of bidding, with overall subscription reaching 9.66 times, driven primarily by strong interest from Non-Institutional Investors (NIIs) and healthy participation from retail investors.
The ₹630.88 crore IPO comes at a time when sustainability, recycling, and circular economy businesses are attracting increasing investor attention. CMR Green Technologies is one of India's leading non-ferrous metal recyclers and a key supplier of recycled aluminium alloys to major automotive manufacturers.
| Particulars | Details |
|---|---|
| IPO Type | Book Building Issue |
| Issue Size | ₹630.88 Crore |
| Fresh Issue | Nil |
| Offer For Sale | 3.29 Crore Shares |
| Price Band | ₹182 – ₹192 |
| Final Issue Price | ₹192 |
| Face Value | ₹2 Per Share |
| Lot Size | 78 Shares |
| Minimum Investment | ₹14,976 |
| Listing Exchange | NSE & BSE |
| IPO Opens | 3 June 2026 |
| IPO Closes | 5 June 2026 |
| Allotment Date | 8 June 2026 |
| Listing Date | 10 June 2026 |
The IPO witnessed strong demand across investor categories on Day 2.
| Category | Subscription (x) |
|---|---|
| QIB | 3.45x |
| NII | 21.85x |
| bNII | 20.77x |
| sNII | 24.00x |
| Retail | 8.01x |
| Employee | 6.89x |
| Overall | 9.66x |
| Category | Shares Offered | Shares Bid |
|---|---|---|
| QIB | 65,42,929 | 2,25,81,000 |
| NII | 49,07,197 | 10,72,08,504 |
| Retail | 1,14,50,126 | 9,17,35,722 |
| Employee | 1,43,678 | 9,90,366 |
| Total | 2,30,43,930 | 22,25,15,592 |
The strong NII subscription indicates aggressive participation from high-net-worth investors, often viewed as a positive signal for listing performance.
| Particulars | Value |
|---|---|
| Issue Price | ₹192 |
| Estimated GMP | Market Driven |
| Expected Listing Sentiment | Positive |
| Subscription Trend | Strong |
| Retail Demand | Healthy |
| NII Demand | Very Strong |
Given the strong subscription figures and positive sentiment toward recycling and sustainability-focused businesses, market participants will closely track GMP movements ahead of listing.
CMR Green Technologies Limited was incorporated in 2006 and has emerged as one of India's largest non-ferrous metal recycling companies.
The company specializes in:
| Product Portfolio |
|---|
| Aluminium Ingots |
| Liquid Aluminium |
| Aluminium Billets |
| Zinc Alloy Ingots |
| Copper Scrap |
| Brass Scrap |
| Stainless Steel Scrap |
The company plays an important role in supporting India's aluminium recycling ecosystem and reducing carbon emissions associated with primary metal production.
CMR Green Technologies supplies products to several leading automotive OEMs and component manufacturers.
| Customer |
|---|
| Maruti Suzuki |
| Honda Cars India |
| Bajaj Auto |
| Hero MotoCorp |
| Royal Enfield |
| Endurance Technologies |
| Jindal Stainless |
Long-standing customer relationships provide revenue visibility and business stability.
India's aluminium recycling industry is expected to benefit from:
| Growth Driver | Impact |
|---|---|
| EV Adoption | High |
| Automotive Demand | Strong |
| Sustainability Initiatives | Positive |
| Circular Economy Focus | Significant |
| Import Substitution | Favorable |
| Carbon Reduction Goals | Supportive |
Recycled aluminium requires significantly less energy than primary aluminium production, making it increasingly attractive for manufacturers.
| Strength | Benefit |
|---|---|
| Largest Aluminium Recycler | Scale Advantage |
| Strong Supplier Network | Raw Material Security |
| Diversified Customer Base | Revenue Stability |
| Strategic Joint Ventures | Expansion Potential |
| Engineering Expertise | Operational Efficiency |
| Leading Liquid Aluminium Supplier | Competitive Edge |
The company has built significant entry barriers through its scale, customer relationships, and sourcing network.
| Financial Year | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Total Income (₹ Cr) | 5,889 | 5,968 | 6,697 | 6,291 |
| EBITDA (₹ Cr) | 229 | -706 | 329 | 317 |
| PAT (₹ Cr) | 105 | -839 | 155 | 162 |
The FY24 loss was largely impacted by exceptional adjustments, while profitability recovered significantly in FY25 and FY26.
| Metric | FY25 | 9M FY26 |
|---|---|---|
| Assets (₹ Cr) | 2,816 | 3,651 |
| Net Worth (₹ Cr) | 458 | 594 |
| Borrowings (₹ Cr) | 894 | 1,303 |
The company has demonstrated significant growth in assets and net worth while expanding operations.
| Metric | Value |
|---|---|
| EPS (Post IPO) | ₹9.88 |
| P/E Ratio | 19.42x |
| Price to Book | 9.17x |
| ROCE | 9.30% |
| RoNW | 24.92% |
| Debt/Equity | 0.76 |
Compared to several manufacturing and recycling peers, the valuation appears reasonable given the company's market leadership position.
The IPO raised ₹188.44 crore from anchor investors before opening for public subscription.
| Particulars | Details |
|---|---|
| Anchor Allocation | 98.14 Lakh Shares |
| Amount Raised | ₹188.44 Crore |
| Anchor Bid Date | 2 June 2026 |
| Lock-In (50%) | 30 July 2026 |
| Remaining Lock-In | 28 September 2026 |
Strong anchor participation often boosts investor confidence in a public issue.
| Positive Triggers |
|---|
| Strong NII Demand |
| Healthy Retail Subscription |
| Leadership Position |
| Growing Recycling Industry |
| Strong Customer Base |
| Sustainability Theme |
| Recovery In Earnings |
| Risk Factor |
|---|
| OFS Issue Only |
| Rising Borrowings |
| Commodity Price Volatility |
| Dependence On Automotive Sector |
| Working Capital Intensive Business |
CMR Green Technologies operates in a sector benefiting from long-term structural themes such as sustainability, recycling, carbon reduction, and electric vehicle adoption. The company enjoys leadership in India's secondary aluminium market and maintains strong relationships with major automotive OEMs.
The strong subscription response, especially from NIIs, indicates positive investor sentiment. However, since the IPO is entirely an Offer For Sale, the company will not receive fresh capital from the issue.
For investors with a medium to long-term horizon, the company offers exposure to India's growing recycling industry and the broader sustainability ecosystem.
CMR Green Technologies IPO has received a strong response from investors, with subscription reaching 9.66 times on Day 2. Backed by its leadership in aluminium recycling, diversified customer base, strong industry positioning, and improving financial performance, the company remains one of the notable IPOs in the manufacturing and sustainability segment. Investors will now closely watch Day 3 subscription trends, GMP movement, allotment, and listing performance scheduled for 10 June 2026.
The IPO size is ₹630.88 crore and consists entirely of an Offer For Sale.
The final issue price has been fixed at ₹192 per share.
The IPO was subscribed 9.66 times on Day 2.
The tentative listing date is 10 June 2026 on NSE and BSE.
The company is one of India's leading non-ferrous metal recyclers and a major producer of recycled aluminium alloys.