Summary of this article
Clean Max Enviro Energy Solutions IPO GMP on final day of issue loss at listing
Investors in total applied for 43 per cent of the shares on offer
Clean Max Enviro Energy Solutions’ initial public offering (IPO) is in its final day of the issue. The subscription window for the public issue opened on February 23 and will close on February 25.
Till the time of writing, investors in total applied for 43 per cent of the shares on offer. Investors have applied for a total of 9.47 million shares out of 21.82 million shares on offer. The demand for the IPO was led by qualified institutional buyers (QIBs), who booked 1.21 times the shares allotted for them, applying for 7.41 million shares so far.
Non-institutional investors (NIIs) applied for 37 per cent of the shares reserved for them, booking 1.72 million shares so far. Larger NIIs, with a bid size of more than Rs. 10 lakhs, applied 55 per cent of their quota, subscribing for 1.68 million shares. Meanwhile, smaller NIIs, with a bid size between Rs. 2-10 lakhs, had only subscribed to 3 per cent of the shares reserved for them, applying for a total of 39,396 shares so far.
Retail individual investors did not show a firm appetite for the issue, applying only 3 per cent of the shares allotted for them, the same as a day earlier. Out of 1.07 million shares reserved for retail individual investors, they have only booked 324,002 shares so far.
The subscription window ends on February 25, and the allotment is expected to be finalised on February 26. Shares of the company are expected to be listed on NSE and BSE on March 2.
Clean Max Enviro Energy Solutions IPO: Offer Size, Price Band
Clean Max Enviro Energy Solutions is aiming to raise up to Rs. 3,100.00 crore via a book-build issue. The issue includes both fresh issues of equity shares as well as the offer-for-sale (OFS) component for existing shares. The fresh issue consists of 11.4 shares for Rs. 1,200.00 crore, while the OFS consists of 18.0 million shares for Rs. 1,900.00 crore.
For the issue, the price band is set at Rs. 1,000-1,053 per share. For retail investors, the minimum investment amount is Rs. 14,742 at Rs. 1,053 or the upper end of the price band. The lot size for the issue has been fixed at 14.
For the 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. MUFG Intime India has been designated as the registrar.
Clean Max Enviro Energy Solutions IPO: GMP
Clean Max Enviro Energy Solutions IPO’s grey market premium (GMP) has consistently fallen since before the issue began, from a high of Rs. 14. Currently, according to multiple websites, the GMP shows a discounted listing prospect. The GMP is hovering at Rs. 1,050 per share, which is Rs. 3 lower than the upper end of the price band.
Clean Max Enviro Energy Solutions IPO: Objectives
Clean Max Enviro Energy Solutions will use the net proceeds from the fresh capital raise to repay or prepay borrowings of the company and its subsidiaries primarily. On a consolidated basis, outstanding borrowings of the company were at Rs. 10,261.13 crore at the end of September 30, 2025. The company will use the remainder of the proceeds for general corporate purposes, it said in its red herring prospectus (RHP).
"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 RHP submitted with the Securities and Exchange Board of India (Sebi).
