The initial public offering (IPO) of Clean Max Enviro Energy Solutions Ltd. witnessed weak demand across investor categories during the three-day subscription period from Feb. 23 to Feb. 25. The Rs 3,100-crore IPO remained undersubscribed with an overall booking of 0.99 times.
The Clean Max Enviro Energy Solutions IPO attracted bids for 2,05,78,432 shares, compared to 2,06,93,259 shares on offer, as per market tracking site Chittorgarh. Qualified Institutional Buyers (QIBs) subscribed their category 2.99 times. The Non-Institutional Investors' (NIIs) segment saw muted response, with subscriptions reaching 0.57 times, while the retail portion was booked only 0.07 times.
Grey market premium (GMP) for the Clean Max Enviro Energy IPO indicates listing of shares at a discounted price.
Here are key details about the IPO and the latest GMP ahead of listing of shares of the company.
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Clean Max Enviro Energy IPO: Listing Date
Shares of Clean Max Enviro Energy are tentatively scheduled to be listed on the BSE and NSE on March 2.
Clean Max Enviro Energy IPO GMP Today
According to InvestorGain, the GMP for the Clean Max Enviro Energy IPO stood at Rs 14 lower than the issue price on Feb. 28 as of 10:30 a.m. The latest GMP indicates an estimated listing price of Rs 1,039 apiece at a discount of 1.33% over the upper limit of the price band.
Note: GMP does not represent official data and is based on speculation.
Clean Max Enviro Energy Solutions IPO: Key Details
The Clean Max Enviro Energy Solutions IPO comprised a fresh issue of 1.14 crore shares, worth Rs 1,200 crore, and an offer-for-sale (OFS) of 1.80 crore shares, amounting to Rs 1,900 crore. The price band for the IPO was set between Rs 1,000 and Rs 1,053 per share.
Retail investors were required to apply for one lot of 14 shares to participate in the IPO subscription, translating into an investment of Rs 14,742 at the upper limit of the price band per application.
The company finalised the IPO share allotment status on Feb. 26 and also initiated refunds to non-allottees on the same day. Clean Max Enviro Energy Solutions is scheduled to transfer shares to the demat accounts of successful bidders on Feb. 27
Axis Capital Ltd. was the book-running lead manager and MUFG Intime India Ltd. was the registrar of the issue.
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About Clean Max Enviro Energy Solutions
Clean Max Enviro is a provider of renewable energy solutions for commercial and industrial clients in India. By the end of July 2025, the company had a portfolio of 2.54 GW in operational assets, with an additional 2.53 GW under development or backed by long-term contractual commitments.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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