CMR Green Technologies surges 40% in India's second-biggest trading debut this year (updated)

Jain Resource Recycling

10/06/2026 06:21

Updates throughout
By Vivek Kumar M

    June 10 (Reuters) - CMR Green Technologies' CMRG.NS stock surged nearly 40% on Wednesday, making it India's second-biggest listing pop so far this year, as investors bet on the aluminium recycler's market dominance.
The listing is also India's first on the main stock exchanges in about a month, as uncertainty triggered by the Iran war rattled investors and stalled primary market fundraises in Asia's third-largest economy.
The stock was up 31.8% at 253 rupees on the National Stock Exchange of India at 10:10 a.m. IST, valuing the company at $578 million.
It listed at 268 rupees, compared to the issue price of 192 rupees, the highest since Bharat Coking Coal's BARC.NS debut in January.
"After a long time, we have seen an IPO with strong investor interest. The valuations were at par with other listed peers and the company's dominance in aluminium recycling also helped boost investor traction," said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.
CMR, which operates 13 recycling facilities across India with a total capacity of 6,15,150 metric tons per annum, is the largest player in India. 
Its rivals in the listed space include Gravita India GRAI.NS, Pondy Oxides and Chemicals PNDY.NS and Jain Resource Recycling JAIE.NS.  
CMR received bids worth $6 billion last week for its $66 million initial public offering, which was a pure offer-for-sale in which existing investors and promoters offloaded their shares.
Ahead of the IPO, the company raised $19.7 million in an anchor round from investors including Citigroup, BNP Paribas, Bajaj Life Insurance, ICICI Prudential Mutual Fund and SBI Mutual Fund.
"Key monitorable for investors will be the hedging policy of the company in the current volatile price environment and ability to source aluminium scrap from domestic and international suppliers at an optimum cost," Agrawal said.
     
($1 = 95.4200 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Harikrishnan Nair and Sherry Jacob-Phillips)
((VivekKumar.M@thomsonreuters.com;))