Clean Max Enviro Energy Solutions IPO: The initial public offering (IPO) of Clean Max Enviro Energy Solutions, which kicked off for bidding on Monday, February 23, saw a lukewarm response from investors even as the qualified institutional buyer (QIB) quota sailed through on the first day itself.
Clean Max Enviro Energy Solutions IPO subscription status as of 5 pm stood at 34% as the offer garnered bids for 75,07,654 shares compared with 2,18,23,329 shares on offer.
Clean Max Enviro Energy Solutions IPO’s QIB segment was fully booked at 1.03 times, even as the response from other investors remained weak. The non-institutional investor (NII) quota was subscribed 20%, while the retail and employee quotas garnered just 2% bids each.
Clean Max Enviro Energy Solutions IPO GMP
The grey market premium (GMP) for Clean Max Enviro Energy Solutions IPO has also declined, according to investorgain.com.
Clean Max Enviro Energy Solutions IPO GMP today fell to ₹1.75 from ₹4 earlier. At one point, the offer commanded a GMP of ₹14. The current GMP signals that Clean Max Enviro Energy Solutions IPO listing price could be ₹1054.75, which is just 0.17% higher than the upper end of the price band.
Clean Max Enviro Energy Solutions IPO details
Ahead of the offer launch, Clean Max Enviro Energy Solutions IPO raised ₹921 crore from anchor investors on Friday, which saw participation from several marquee domestic and foreign institutions such as Nomura Asset Management, Eastspring, SBI Life Insurance, Tata Investment Corporation, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI General Insurance, Premji Invest, and 360 One Mutual Fund.
The ₹3,100-crore IPO will remain open for bidding till February 25. The allotment will be finalised on February 26, and the listing will occur next week on March 2.
The offer is a mix of fresh share sale worth ₹1,200 crore and an offer for sale (OFS) of ₹1900 crore. The OFS includes stake sales by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings LLC, and DSDG Holdings APS.
From the fresh issue proceeds, ₹1,125 crore will be used for debt repayment, with the remainder earmarked for general corporate purposes.
Founded in 2010, CleanMax provides renewable energy solutions to commercial and industrial (C&I) customers, focusing on net-zero and decarbonisation strategies. Its portfolio includes wind, solar, hybrid renewable power supply, energy services, and carbon credit solutions.
As of July 31, 2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, along with 5.07 GW of projects in advanced stages of development.
On the financial front, revenue from operations rose 13% to ₹1,610.34 crore in FY25 from ₹1,425.31 crore in FY24. The company also turned profitable, posting a net profit of ₹27.84 crore in FY25.
Brokerages remained divided on the offer, recommending neutral to apply ratings. Swastika Investmart said that the business has demonstrated consistent revenue growth along with improving profitability on a year-on-year basis. Based on recent financials, the issue initially appears to be aggressively valued, it noted, thus advising to avoid the offer for listing gains.
It further added that well-informed investors can consider it for medium- to long-term investment.
Aditya Birla Money, too, has a “subscribe for long term” rating.
“At the upper price-band, the issue is valued at ~16x EV/EBITDA, which, according to us, is expensive. However, the company benefits from a significantly underpenetrated industry. Further, the phasing out of ISTS charges & emerging high energy-consuming sectors like Data Centres & AI, which require guaranteed RTC power supply, will boost the C&I demand, which creates demand visibility & confidence in business scaling up,” it opined.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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