CMR Green Technologies' Rs 6.3 billion ($65.79 million) initial public offering (IPO), the first Indian public issue in about a month, was fully subscribed on the first day of bidding on Wednesday.
The aluminium and zinc die-casting alloy producer's IPO is the first in India since Onemi Technology Solutions' public issue in early May.
Non-institutional investors (NIIs) and retail buyers led the bids. While NIIs bid for 9.8 million shares against 4.9 million shares on offer, the retail category was fully subscribed, with 13.3 million bids received, as of 12.51 pm.
Qualified institutional buyers, who usually come in on the last day of offer, bid for 1% of the shares allotted to them.
The company's IPO will close on June 5, and it will likely list on June 10.
"The company has capacity advantage over domestic players... with a market share of 10-12% in the domestic recycled aluminium industry," analysts at Anand Rathi said. Two other brokerages flagged thin margins and customer concentration risks.
The Iran war and lack of AI plays have pushed India to the rank of the fifth-largest IPO market by funds raised in 2026, compared to its second rank in 2025, as per LSEG's data.
