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

Shares of CMR Green Technologies attracted institutional interest on their market debut, with the Goldman Sachs-run fund on Wednesday adding around Rs. 50 crore shares were withdrawn. According to NSE wholesale deal data, the Goldman Sachs India Equity Portfolio per share rose to Rs. CMR Green Technology bought 19.41 lakh shares at an average price of 256.64. The transaction value is approximately Rs. 49.82 crores.

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

CMR Green Technologies has invested Rs. 630.88 crore, which was an offer for sale (OFS) outright by the existing shareholders. The issue received an overwhelming response from investors, with an overall subscription of 127.07 times.

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

The strong subscription and listing performance reflects investor optimism about the company’s position in India’s growing recycled metals and aluminum recycling industry.

Brokerages highlighted the company’s market leadership and growth prospects ahead of the IPO. Arihant Capital noted that CMR Green’s aluminum recycling capacity is 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 also maintained “subscribe” rating citing the company’s installed capacity of 4.7 lakh tonnes per annum and opportunities arising from growing demand for recycled metals and expansion into wrought aluminum products.

Deven Choksi Research said the company is well positioned to benefit from long-term themes such as electric vehicle adoption, increasing use of aluminum in automobiles, decarbonisation initiatives and India’s push towards a circular economy.

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

Shivani Nyati, head of wealth at Swastik Investsmart, said investors should remember that the IPO was purely OFS and did not bring fresh capital into the company. She said investors seeking allocations may consider booking partial profits while maintaining some medium-term exposure given the company’s industry position. Meanwhile, new investors should wait for a correction or consolidation rather than chasing stocks at higher levels, she added.

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

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