Clean Max Enviro Energy Solutions IPO: Renewable Energy Provider Shows Muted Listing Prospects On Day 2; Check Subscription Status

As Clean Max Enviro Energy Solutions’ initial public offering (IPO) entered its second day of subscription, the listing prospect shows muted investor interest. The subscription window for the renewable energy provider’s IPO opened on February 23 and will close on February 25.

Clean Max Enviro Energy Solutions IPO: Subscription Status

Clean Max Enviro Energy Solutions IPO was oversubscribed by 37 per cent, or 0.37 times the total of 21.82 million shares on offer. Qualified institutional buyers (QIBs) led the issue demand, booking 1.03 times the total 6.13 million shares reserved for them. QIBs had applied for a total of 6.34 million shares at the time of writing.

Non-institutional investors (NIIs) applied for 31 per cent of their reserved quota, subscribing for 1.43 million shares. Larger NIIs applied 46 per cent of their quota, booking for 1.4 million shares. Meanwhile, smaller NIIs had only subscribed to 2 per cent of the shares allotted for them, booking a total of 31,794 shares so far.

Retail individual investors showed poor appetite, applying for only 3 per cent of the shares reserved for them so far. Out of 1.07 million shares reserved for retail individual investors, only 331,660 shares have been applied for so far.

Clean Max Enviro Energy Solutions IPO: Offer Size, Price Band

Clean Max Enviro Energy Solutions is planning to raise up to Rs. 3,100.00 crore through a book-build issue. The issue consists of both fresh issues of shares as well as offer-for-sale (OFS) of existing shares. The company has offered a total of 11.4 fresh shares for Rs. 1,200.00 crore and OFS of 18.0 million shares for Rs. 1,900.00 crore.

The price band at the issue has been fixed at Rs. 1,000-1,053 per share. The lot size for the issue is 14 shares. For retail investors, the minimum investment size is Rs. 14,742 based on the upper end of the price band.

The allotment is expected to be finalised on February 26 after the subscription window ends on February 25, and shares are expected to be listed on NSE and BSE on March 2.

For the public issue, Axis Capital, JP Morgan India, HSBC Securities, IIFL Capital Services, Nomura Financial Advisory and Securities, BOB Capital Markets, and SBI Capital Markets are the book-running lead managers, while MUFG Intime India is the registrar.

Clean Max Enviro Energy Solutions IPO: GMP

Clean Max Enviro Energy Solutions shares showed a gain of Re. 1 at the upper end of the price band as per the grey market premium (GMP), according to various websites. The GMP was unchanged from the day before, but has fallen since before the subscription window opened. The GMP indicated muted listing prospects, with the estimated listing at Rs. 1,054 on both the exchanges.  

Clean Max Enviro Energy Solutions IPO: Objectives

Clean Max Enviro Energy Solutions is aiming to use the proceeds from the fresh issue mainly to repay or prepay borrowings of the company and its subsidiaries. Outstanding borrowings of the company on a consolidated basis stood at Rs. 10,261.13 crore by the end of September 2025. The company plans to use the remainder of the proceeds for general corporate purposes.

"We propose to utilise an estimated amount of Rs 1,122.67 crore from the net proceeds towards prepayment and/or repayment of certain existing outstanding borrowings availed by our company and/or our subsidiaries, which constitutes 10.94 per cent of our total outstanding borrowings," the company said in its red herring prospectus (RHP) submitted with the Securities and Exchange Board of India (Sebi).