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Anand Rathi Report
Clean Max Enviro Energy Solutions Ltd. launched its initial public offering on February 23, and the offer closes for subscription on Feb. 25.
A leading commercial and industrial renewable energy provider has fixed the price band in the range of Rs 1,000 to Rs 1,053 per share.
The Clean Max Enviro Energy Solutions IPO is a book-building issue of Rs 3,100 crore. It comprises a fresh issue of 1.14 crore shares worth Rs 1,200 crore and an offer-for-sale (OFS) of 1.8 crore shares amounting to Rs 1,900 crore.
To participate in the IPO, retail investors need to bid for a single lot size of 14 shares and in multiples thereof.
Axis Capital Ltd., J.P. Morgan India Private Ltd., BNP Paribas HSBC Securities and Capital Markets (India) Private Ltd., IIFL Capital Services Ltd. (Formerly known as IIFL Securities Ltd.), Nomura Financial Advisory and Securities (India) Private Ltd., BOB Capital Markets Ltd., SBI Capital Markets Ltd. are the book-running lead managers while MUFG Intime India Ltd. is the registrar of the issue.
Objects of the Issue
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company.
- General Corporate Purpose.
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Valuation
Clean Max Enviro Energy Solutions offers a comprehensive and customer-centric suite of renewable energy solutions tailored specifically to the needs of C&I clients, which has enabled it to achieve market leadership and build strong, long-term customer relationships.
The company possesses robust capabilities across project development, execution, and end-to-end management, ensuring timely delivery and cost efficiency while maintaining high operational standards. Additionally, it follows a disciplined approach to capital allocation supported by prudent risk management practices, allowing it to optimize returns, safeguard financial stability, and drive sustainable long-term growth.
Its integrated operating model, combined with deep sector expertise and a diversified project portfolio, enhances execution visibility and cash flow stability.
At the upper price band company is valuing at EV/Ebitda of 21.5x with to its FY25 earnings and market cap of Rs 1,23,252 million post issue of equity shares.
Anand Rathi believes that the IPO is fully priced and recommend a “SubscribeLong Term” rating to the IPO.
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