Indian aluminium recycler CMR Green Technologies received bids worth 563.97 billion rupees ($5.94 billion) for its $65.8 million initial public offering on Friday, with strong demand across investor categories.
Qualified institutional buyers bid for 1.77 billion shares, 270.5 times the number of shares on offer for them, while non-institutional and retail investors bid for 172.4 times and 27 times the shares set aside for them, respectively.
The IPO is India’s first in about a month, as uncertainty triggered by the Iran war rattled investors and stalled primary market fundraise in Asia’s third-largest economy.
“Investors are seeing this is an opportunity to make some profits at a time when the secondary market has been sluggish for a while,” said Anita Gandhi, head of institutional business at Arihant Capital Markets.
“Strong demand for CMR Green Technologies also reflects investor interest in the non-ferrous metal recycling sector and the company’s strong relationship with automakers,” she added.
The shares are likely to list on June 10.
