CMR Green is a new listing debuting on the NSE & BSE yesterday. The stock listed at Rs 268 versus the discovered price of Rs 192, implying a 40% premium, with the issue seeing very strong demand across categories.

Triggers / key datapoints

• Issue type: OFS; listing price Rs 268 vs discovered price Rs 192
• Subscription: Overall 27x; QIB 270x; HNI 172x; Retail 27x
• Scale: 13 plants, 6.15 lakh MTPA installed capacity; utilisation 68%

Our IPO view (unchanged): We had found the pricing attractive, but assessed the business as lacking clear moats in a competitive, spread-driven segment, hence, we did not recommend subscribing to the IPO.