Clean Max IPO Listing: Renewable Energy Firm Makes A Loss At Debut; Shares List 9% Lower

Clean Max Enviro Energy Solutions made its debut on the stock exchanges on March 2. Shares of the company were trading around 9 per cent lower than the upper end of the price band in the primary market issue.

On the NSE, shares of the company were trading at Rs. 960 a piece, 8.8 per cent lower than the issue price. On the BSE, shares were trading at Rs. 952 a piece, 9.6 lower than the price at the issue.

Ahead of the listing of Clean Max Enviro Energy Solutions on the exchanges, the grey market premium (GMP) quoted a discounted price, according to multiple websites. The GMP of the shares were at Rs. 1,018, Rs. 35 lower than the upper end of the price band at issue.

Allotment of Clean Max Enviro Energy shares were finalised on February 26. Successful applicants at the issue received the shares on February 27. The issue in the primary market was open for subscription from February 23 to February 25.

How Much Did Investors Lose

Clean Max Enviro Energy Solutions, which was the largest issue so far in 2026, had offered the shares at a price of Rs. 1,000 to Rs. 1,053 per share. Investors needed to bid for a minimum lot of 14 shares at the issue. The minimum investment size for retail investors was Rs. 14,742 at the upper end of the price band.

With the shares of the company listing around Rs. 952-960 a piece, investors who bought shares of Clean Max Enviro Energy in the primary market, made a notional loss of Rs. 93-101 per share at the time of listing.

Clean Max Enviro Energy Solutions IPO Details

Clean Max Enviro Energy IPO consisted of both fresh issue as well as an offer-for-sale (OFS) segment. The company had aimed to raise Rs. 3,100.00 crore through the book-build issue, offering 11.4 million fresh issue of equity shares, along with 18.0 million shares on OFS.

While this was the largest issue in the primary market so far in 2026, the issue was not fully subscribed, as retail investors showed tepid interest.