Clean Max Enviro Energy Solutions IPO Day 3: The ₹3,100 crore initial public offering (IPO) of Clean Max Enviro Energy Solutions, which opened for public subscription on February 23, has witnessed weak demand. It was subscribed just 45% by end of Day 2.
The issue, which will close today, February 25 and has set a price band of ₹1,000 to ₹1,053 per equity share.
Clean Max Enviro Energy Solutions IPO GMP
The grey market premium () for Clean Max Enviro Energy Solutions IPO shows the discounted price. It has declined to ₹-3 from ₹0 earlier. The current GMP signals that Clean Max Enviro Energy Solutions IPO listing price is likely to be ₹1,050, down 0.3% from issue price. It was ₹4 on Feb 22, and ₹14 on Feb 17.
Clean Max Enviro Energy Solutions IPO Subscription
Clean Max Enviro Energy Solutions IPO subscription status as of 10:30 am on Day 3 stood at 46% as the offer garnered bids for 97.59 lakh shares compared with 2,18,23,329 shares on offer.
Clean Max Enviro Energy Solutions IPO’s QIB segment was fully booked at 1.21 times while, the non-institutional investor (NII) quota was subscribed just 45%. Moreover, the retail and employee quotas garnered just 4% and 6% bids, respectively.
Clean Max Enviro Energy Solutions: Should you Subscribe?
Aditya Birla Money has recommended “subscribe for long term” to the issue. At the upper end of the price band, the IPO is valued at about 16x EV/EBITDA, which the brokerage believes is on the expensive side.
However, it noted that the company operates in a largely underpenetrated segment. Renewable energy penetration in the commercial and industrial (C&I) segment stood at 7.4% in FY23 and is expected to rise to 20% by FY30. Achieving this level would require annual capacity additions of 15–18 GW, translating into a compound annual growth rate (CAGR) of around 22–24% in installed capacity.
Meanwhile, Analysts at SBI Securities highlighted that the company is India’s largest C&I renewable energy service provider, with an estimated market share of about 8%. They noted that the company acts as a net-zero partner for corporates that together account for nearly 50% of India’s total power consumption, representing an estimated addressable market size of around ₹3 trillion.
The brokerage added that the company enjoys a premium power tariff compared with utilities due to its higher average project ticket size of around 13 MW. It also pointed out that the business follows a capital-efficient model, with net debt to adjusted EBITDA at about 4.8x, compared with the industry level of below 6x. Green sourcing penetration for corporates stood at 7.5% as of March 2023 and is expected to reach 20% by FY30, indicating strong scalability. At the upper price band of ₹1,053, the issue is valued at an EV/EBITDA multiple of 21.7x for FY25 and 16.3x based on annualised H1 FY26 numbers, post issue.
Clean Max Enviro Energy Solutions IPO details
The aims to raise ₹3,100 crore and comprises a fresh equity issue of ₹1,200 crore along with an offer for sale (OFS) worth ₹1,900 crore. The total offer size has been reduced from the earlier planned ₹5,200 crore, as outlined in the draft papers filed in August 2025.
Under the OFS, promoter Kuldeep Jain will divest a portion of his stake, along with institutional investors Brookfield’s BGTF One Holdings (DIFC) and KEMPINC. Early backers, including Augment India I Holdings and DSDG Holding APS, will also sell part of their holdings through the public issue.
Ahead of the IPO opening, the company raised ₹921 crore from anchor investors on Friday, February 20.
As per the tentative timeline, the basis of allotment is scheduled to be finalised on Thursday, February 26. Refunds to unsuccessful applicants are expected to be initiated on the same day, while shares allotted to successful bidders are likely to be credited to demat accounts by Friday, February 27. The equity shares are proposed to be listed on the BSE and NSE on Monday, March 2, subject to final approvals.
For retail investors, the IPO has a lot size of 14 equity shares. At the upper price band, one lot requires an investment of ₹14,742. Applications can be made in multiples of the prescribed lot size. Shares worth up to ₹30 crore have been reserved for employees, who will be eligible for a ₹100 per share discount on the final issue price.
Under the allocation framework, up to 50% of the issue is reserved for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and at least 35% for retail investors.
About Clean Max Enviro Energy Solutions
Clean Max Enviro is India’s largest provider of renewable energy solutions to commercial and industrial customers as of March 31, 2025. By July 31, 2025, the company operated, owned and managed assets with a total capacity of 2.54 GW, while another 2.53 GW was under construction or secured through contractual arrangements for future development.
Beyond power generation, the company offers end-to-end renewable energy solutions, including energy advisory services and carbon credit management. Its customer base spans technology-led corporates as well as traditional industrial and commercial enterprises.
On the financial front, revenue from operations rose 13% to ₹1,610.34 crore in FY25, compared with ₹1,425.31 crore in FY24.
Clean Max Enviro’s listed peers include , , and ReNew Energy Global PLC.
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.