CMR Green Technologies Files Draft Papers for IPO, Offers 4.28 Crore Shares
CMR Green Technologies, a major Indian non-ferrous metal recycler, has filed draft papers with SEBI for an IPO. The offer is structured as an Offer for Sale of 4.28 crore equity shares by existing shareholders, including promoters and investor Global Scrap Processors Ltd. This is the company's second IPO attempt, following a previous filing in September 2021. CMR Green operates 13 recycling facilities across India, serving major automotive OEMs. The IPO will be managed by Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors.
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CMR Green Technologies, a prominent non-ferrous metal recycler in India, has taken a significant step towards going public by filing draft papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company's move marks its second attempt at an IPO, following an earlier filing in September 2021.
Offer Structure
The proposed IPO is structured entirely as an Offer for Sale (OFS) of 4.28 crore equity shares. This means that the company itself will not be issuing new shares or raising fresh capital. Instead, existing shareholders will be selling a portion of their stakes in the company.
Selling Shareholders
The OFS will include shares from various stakeholders:
- Mohan Agarwal (Promoter)
- Members of the promoter group
- Global Scrap Processors Ltd. (Investor)
Currently, the promoters hold a substantial 87% stake in the company, while Global Scrap Processors Ltd. owns the remaining 13%.
Use of Proceeds
As this is purely an OFS, CMR Green Technologies will not receive any proceeds from the IPO. All funds raised will go directly to the selling shareholders.
Company Overview
CMR Green Technologies operates 13 recycling facilities across India, specializing in the processing of:
- Aluminium alloys
- Zinc alloys
- Various metal scraps
The company serves several prominent automotive Original Equipment Manufacturers (OEMs), including:
- Honda Cars India
- Bajaj Auto
- Hero MotoCorp
- Royal Enfield Motors
Previous IPO Attempt
This marks CMR Green's second attempt at going public. In September 2021, the company had filed draft papers for an IPO that included:
- A fresh issue of Rs 300 crore
- An Offer for Sale component
While that filing received SEBI approval in February 2022, the company did not proceed with the offering at that time.
Lead Managers
For this IPO, CMR Green Technologies has appointed three lead managers:
- Equirus Capital
- ICICI Securities
- Motilal Oswal Investment Advisors
These financial institutions will guide the company through the IPO process and help market the offer to potential investors.
As the IPO process unfolds, investors and industry watchers will be keen to see how this offering by one of India's significant players in the non-ferrous metal recycling sector is received in the market.
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