Public Market

IPO

Aluminium recycling firm CMR Green Tech files for IPO

MoneyControl  

Metal recycling company CMR Green Technologies has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. The initial public offering (IPO) comprises fresh issuance of equity shares worth INR 300 crore and an offer for sale of 3,34,14,138 equity shares by promoters and investors. Proceeds from the fresh issue will be used towards repayment of debt and for general corporate purposes. Those offering shares in the OFS include promoters — Gauri Shankar Agarwala (34.33 lakh equity shares), Kalawati Agarwal (33.45 lakh equity shares). Mohan Agarwal and Pratibha Agarwal will divest up to 30.09 lakh equity shares each, and investor Global Scrap Processors will sell up to 1.99 crore equity shares. ICICI Securities, Axis Capital and JM Financial are the book running lead managers to the issue. CMR Green is a metal recycler in the domestic aluminium recycling industry. It is primarily focused on the recycling of aluminium, which involves the processing of aluminium-based metal scrap to manufacture alloys.