IPO Review - CMR Green Tech and Hexagon Nutrition

CMR Green Technology

CMR Green Technologies IPO is a book build issue of 630.88 crores. The issue is entirely an offer for sale of 3.29 crore shares of 630.88 crore. CMR Green Technologies IPO bidding opened for subscription on Jun 3, 2026 and will close on Jun 5, 2026. The final issue price is set at 192 per share. The lot size for an application is 78 shares.

Incorporated in 2006, CMR Green Technologies Limited is non-ferrous metal recycler and secondary aluminium market, specializing in aluminium and zinc die-casting alloys.

The company manufactures recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots and segregated furnace ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, amongst others.

The company also produces aluminium billets that cater to both automotive and non-automotive sectors.

The company serves major OEMs and Tier-1 automotive component manufacturers such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki, and Jindal Stainless.

The main concern of this IPO is that its fully OFS and hence no money will come to the kitty of the company. More than 80% of revenue comes from recycled aluminum, creating concentration risk and is sensitive to metal prices and automotive demand.The latest reported GMP is around 60–63 per share, which translates into a premium of approximately 31–33% over the upper issue price of 192.My Rating of this IPO is 7.5/10

Verdict - Subscribe for Listing Gains and Moderate Long-Term Appreciation.

Hexagon Nutrition

Hexagon Nutrition is a nutrition and micronutrient products company operating in premixes, clinical nutrition, therapeutic foods and wellness products. The IPO opens on 5 June 2026 at a price band of 42–45 and is a pure Offer for Sale (OFS) of 138.87 cr. The company itself will not receive fresh capital from the issue. Revenue increased from about 305 cr in FY24 to 331 cr in FY 25 and Profit nearly doubled from 12.2 crore to 24.4 crore in FY25. The company operates in the growing nutrition and health segment and has established business with operations in India and overseas.

Current GMP is reported at Nil (zero), implying an estimated listing around the issue price of 45, with no meaningful premium visible at present.

As an analyst, I would classify this as:

Listing Gain Investors: Avoid or apply with low expectations. GMP is flat and there is no strong indication of a bumper listing.

Verdict - Neutral to Subscribe for Long Term, Avoid for Listing Gains and hence can be skipped.

Best Regards

Team Equisigma