CMR Green Technologies IPO

About this issue

CMR Green Technologies listed at +39.6% against its issue price of ₹192. The book is 127.07 times subscribed overall. The grey market premium is +₹67 (+34.6%), which is an informal figure and not a quoted price. Our call is Apply, on 89% of our checks.

Segment

Mainboard

Price

₹192

Lot size

78 shares

One lot costs

₹14,976

Issue size

₹631 Cr

Grey market premium

+₹67 (+34.6%)

Subscribed

127.07x

Listed at

+39.6%

Our call

Apply

What we checked

• Profitable in the latest yearPAT ₹162.39 Cr
• Profit grew year on yearPAT +5%
• Revenue grew year on yearRevenue -6%
• Margin not collapsingPAT margin 2.3% vs 2.6%
• Borrowing under half of net worthDebt/net worth 2.19
• Return on net worth above 15%RoNW 31.1%
• Post-issue P/E under 40P/E 19.4
• Price to book under 6P/B 9.2
• Majority is fresh capital0% fresh issue
• Promoters keep at least half84.0% held post-issue
• Anchor investors participatedAnchor book placed
• Overall book more than 10× covered127.1× overall
• Lead manager above segment medianICICI Securities Ltd.: 137 past issues, +18% avg vs +9% segment median

2 further checks could not be judged, because the issue did not disclose enough. They count neither for nor against.