India's CMR Green draws $6bn in bids

Indian aluminium recycler CMR Green Technologies received bids worth 563.97 billion rupees ($5.94 ​billion) for its $65.8 million initial public ‌offering on Friday, with strong demand across investor categories.

Here are some details:
Qualified institutional buyers bid ​for 1.77 billion shares, 270.5 times ​the number of shares on offer ⁠for them.
Non-institutional and retail investors bid ​for 172.4 times and 27 times the ​shares set aside for them, respectively.
The IPO is India's first in about a month, as uncertainty ​triggered by the Iran war rattled ​investors and stalled primary market fundraise in Asia's third-largest ‌economy.
"Investors ⁠are seeing this is an opportunity to make some profits at a time when the secondary market has been sluggish ​for a ​while," ⁠said Anita Gandhi, head of institutional business at Arihant Capital Markets.
"Strong ​demand for CMR Green Technologies ​also ⁠reflects investor interest in the non-ferrous metal recycling sector and the company's strong relationship ⁠with ​automakers" - Gandhi
Shares are likely ​to list on June 10.

-Reuters