Metal recycling firm CMR Green Tech files IPO paperwork with the regulator

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 Rs 300 crore and an offer for sale of 3,34,14,138 equity shares by promoters and investors, according to the draft red herring prospectus (DRHP).

The company may consider a pre-IPO for up to Rs 60 crore. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue will be utilized towards the payment of debt and general corporate purposes.

ICICI Securities, Axis Capital, and JM Financial are the book running lead managers to the issue.

Source: Business Standard