CMR Green Technologies files IPO papers with SEBI
What's the story
CMR Green Technologies, a leading non-ferrous metal recycler, has filed preliminary documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The proposed IPO is entirely through an Offer for Sale (OFS) of 4.28 crore equity shares. The selling shareholders include promoter Mohan Agarwal, certain members of the promoter group, and investor Global Scrap Processors Ltd.
Ownership structure
Promoter holding in the company
Currently, promoters and promoter group entities own an approximately 87% stake in CMR Green Technologies. The remaining 13% is owned by Global Scrap Processors. As this IPO is entirely an OFS, the company won't get any money from the issue; all funds raised will go directly to the selling shareholders.
Past attempts
Second attempt to enter capital markets
This is CMR Green's second attempt to enter the capital markets. In September 2021, the company had filed draft papers for an IPO consisting of a fresh issue of shares worth ₹300 crore and an OFS of 3.34 crore shares by promoters and investors. While SEBI approved the proposal in February 2022, the company later decided against proceeding with the public issue at that time.
Company profile
Recycling facilities and customers
CMR Green Technologies specializes in processing and manufacturing aluminum alloys (ingot and liquid), zinc alloys, and furnace-ready scrap of stainless steel, copper, brass, lead, and magnesium. The company has a strong procurement network across domestic markets and international geographies such as Asia, Africa, the Middle East, Europe, and the Americas, with 13 strategically located recycling facilities in India. Its customers include Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Endurance Technologies, Rockman Industries, and Craftsman Automation.