Goldman Sachs buys CMR Green Technologies shares on listing day after strong debut

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The purchase came on the same day the stock made a strong stock market debut, listing at a premium of around 43% over its issue price of Rs 192.

CMR Green Technologies had launched a Rs 630.88 crore initial public offering, which was entirely an offer-for-sale (OFS) by existing shareholders. The issue received an overwhelming response from investors, getting subscribed 127.07 times overall.

Institutional investors led the demand, with the qualified institutional buyer (QIB) portion subscribed 270.46 times, while the non-institutional investor (NII) category was booked 172.35 times. The retail portion attracted bids worth 27.08 times the shares on offer.

The strong subscription and listing performance reflect investor optimism around the company’s position in India’s growing recycled metals and aluminium recycling industry.
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Brokerages had highlighted the company’s market leadership and growth prospects ahead of the IPO. Arihant Capital noted that CMR Green’s aluminium recycling capacity is more than four times that of its nearest domestic competitor and pointed to its estimated 42-45% market share in the automotive cast alloy segment.

SBI Securities had also maintained a “Subscribe” rating, citing the company’s installed capacity of 4.7 lakh tonnes per annum and opportunities arising from increasing demand for recycled metals and expansion into wrought aluminium products.

Deven Choksey Research said the company is well placed to benefit from long-term themes such as electric vehicle adoption, rising aluminium usage in automobiles, decarbonisation initiatives and India’s push towards a circular economy.

However, analysts have advised caution after the sharp listing gains.

Shivani Nyati, Head of Wealth at Swastika Investmart, said investors should remember that the IPO was entirely an OFS and did not bring fresh capital into the company. She said investors who received allotment could consider booking partial profits while retaining some exposure for the medium term, given the company’s industry positioning. New investors, meanwhile, should wait for a correction or consolidation rather than chase the stock at elevated levels, she added.

Founded in 2006, CMR Green Technologies is among India’s largest non-ferrous metal recyclers. The company manufactures recycled aluminium alloys, zinc alloy ingots, aluminium billets and other recycled metal products used across automotive and industrial applications.

For FY25, the company reported revenue of Rs 6,697 crore and net profit of Rs 155 crore. In the first nine months of FY26 ended December 2025, it posted revenue of Rs 6,291 crore and profit after tax of Rs 162.4 crore, indicating continued operational momentum.
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