Clean Max Enviro Energy Solutions IPO Listing: The ₹3,100 crore initial public offering (IPO) of Clean Max Enviro Energy Solutions, which will list on Monday, March 2 on BSE and NSE witnessed weak demand. The issue was not fully subscribed in the 3 days of bidding.
It opened for public subscription on February 23 and closed on February 25. The allotment of Clean Max Enviro IPO was finalised on Thursday, February 26. The issue had set a price band of ₹1,000 to ₹1,053 per equity share.
Clean Max Enviro Energy Solutions IPO GMP ahead of listing
Ahead of listing on March 2, the grey market premium (GMP) for Clean Max Enviro Energy Solutions IPO shows the discounted price. It is currently t ₹-11 on February 27. The current GMP signals that Clean Max Enviro Energy Solutions IPO listing price is likely to be ₹1,042, down 1.04% from issue price.
Clean Max Enviro IPO Subscription
Clean Max Enviro IPO has been subscribed 94% in total, NSE data showed. The public issue was booked 6% in the Retail Individual Investors (RIIs) category, and 54% in the Non Institutional Investors (NII) segment. The Qualified Institutional Buyers (QIBs) category received 2.83 times subscription.
Clean Max Enviro Energy Solutions IPO details
Clean Max Enviro Energy Solutions is heading to the public markets with a downsized issue of ₹3,100 crore, significantly lower than the ₹5,200 crore it had initially outlined in draft documents filed in August 2025.
The offering is split into two parts: ₹1,200 crore will come from the issuance of new shares, while ₹1,900 crore will be raised through an offer for sale by existing shareholders.
Among those reducing their stakes are promoter Kuldeep Jain and institutional backers such as Brookfield’s BGTF One Holdings (DIFC) and KEMPINC. Early-stage investors, including Augment India I Holdings and DSDG Holding APS, are also participating in the OFS component.
Before opening to the broader public, the company secured ₹921 crore from anchor investors on February 20, providing early institutional backing for the issue.
Retail investors can bid in lots of 14 shares. At the top of the price band, a single lot costs ₹14,742, and applications must be placed in multiples of this unit. The company has also set aside shares worth up to ₹30 crore for employees, who will receive a ₹100 per share discount on the issue price.
In terms of allocation, institutional buyers can receive up to 50% of the total issue. Non-institutional investors have a minimum 15% reservation, while at least 35% is earmarked for retail participants.
Clean Max Enviro: Business profile and financial snapshot
As of March 31, 2025, Clean Max Enviro was the largest renewable energy solutions provider serving India’s commercial and industrial segment. By July 31, 2025, it had operational and managed assets totalling 2.54 GW of renewable capacity. A further 2.53 GW was either under construction or contractually secured for future development.
The company does more than generate renewable power. It also provides advisory services related to energy optimisation and manages carbon credit solutions for corporate clients. Its customer mix includes both technology-driven firms and traditional industrial enterprises.
Financially, Clean Max Enviro reported revenue of ₹1,610.34 crore in FY25, reflecting 13% growth over ₹1,425.31 crore recorded in FY24.
Among its listed competitors are ACME Solar Holdings, NTPC Green Energy, Adani Green Energy and ReNew Energy Global PLC.
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