Clean Max Enviro Energy Solutions IPO Day 2: The initial public offering (IPO) of Clean Max Enviro Energy Solutions, which opened for public subscription yesterday, February 23, has witnessed muted demand. It was subscribed just 36% on Day 1.
The issue will close on Wednesday, February 25 and has set a price band of ₹1,000 to ₹1,053 per equity share.
Clean Max Enviro Energy Solutions IPO GMP
Ahead of the opening, Clean Max Enviro shares are witnessing a flat trend in the grey market. As per market trackers, the IPO currently stands at ₹1 per share, indicating an estimated listing price of around ₹1,054, which translates to a modest premium of about 0.09% over the upper issue price of ₹1,053. The GMP has declined from ₹14 on February 17, ₹9 on February 18, and ₹4 on February 22, reflecting cautious sentiment.
Clean Max Enviro Energy Solutions IPO Subscription
Clean Max Enviro Energy Solutions IPO status as of 10:03 am on Day 2 stood at 35% as the offer garnered bids for 75.50 lakh shares compared with 2,18,23,329 shares on offer.
Clean Max Enviro Energy Solutions IPO’s QIB segment was fully booked at 1.03 times while, the non-institutional investor (NII) quota was subscribed just 20%. Moreover, the retail and employee quotas garnered just 2% and 3% bids, respectively.
Clean Max Enviro Energy Solutions: Should you Subscribe?
Anand Rathi believes that the IPO is fully priced and recommend a “Subscribe-Long Term” rating to the .
“At the upper price band company is valuing at EV/EBITDA of 21.5x with to its FY25 earnings and market cap of ₹1,23,252 million post issue of equity shares,” it said.
The brokerage noted that Clean Max Enviro Energy Solutions offers a comprehensive and customer-centric suite of renewable energy solutions tailored specifically to the needs of C&I clients, which has enabled it to achieve market leadership and build strong, long-term customer relationships. The company possesses robust capabilities across project development, execution, and end-to-end management, ensuring timely delivery and cost efficiency while maintaining high operational standards, it added.
Clean Max Enviro Energy Solutions IPO details
The proposed ₹3,100 crore initial public offering consists of a fresh equity issue aggregating ₹1,200 crore, along with an offer for sale () worth ₹1,900 crore. The company has scaled down the total issue size from the previously planned ₹5,200 crore outlined in the draft documents filed in August last year, reflecting a reassessment of its capital-raising plans.
The OFS component will see promoter Kuldeep Jain divesting a portion of his stake, alongside institutional investors Brookfield’s BGTF One Holdings (DIFC) and KEMPINC. Early investors, including Augment India I Holdings and DSDG Holding APS, will also pare part of their shareholding through the IPO.
Ahead of the public issue opening, Clean Max Enviro Energy Solutions IPO mobilised ₹921 crore from anchor investors on Friday. The anchor book saw participation from several prominent domestic and global institutions such as Nomura Asset Management, Eastspring, SBI Life Insurance, Tata Investment Corporation, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI General Insurance, Premji Invest, and 360 One Mutual Fund.
As per the proposed schedule, the company plans to finalise the basis of allotment on Thursday, February 26. Refunds for unsuccessful bidders are expected to be initiated the same day, while shares to successful applicants are likely to be credited to their demat accounts by Friday, February 27. The equity shares are scheduled to on both the BSE and NSE on Monday, March 2, subject to the receipt of final approvals.
For retail investors, the IPO carries a lot size of 14 equity shares. At the upper end of the price band, an application for one lot would require an investment of ₹14,742. Investors can apply for additional lots in multiples of the prescribed lot size.
Under the allocation framework, up to 50% of the issue has been reserved for Qualified Institutional Buyers (QIBs), while not less than 15% has been earmarked for Non-Institutional Investors (NIIs). Retail investors are allocated at least 35% of the total issue. Additionally, the company has set aside an employee reservation of shares worth up to ₹300 million to enable participation from its workforce.
About Clean Max Enviro Energy Solutions
Clean Max Enviro is India’s largest provider of solutions to commercial and industrial consumers as of March 31, 2025. By July 31, 2025, the company operated, owned, and managed renewable energy assets with a total capacity of 2.54 GW, while another 2.53 GW was under construction or secured through contractual agreements for future development.
Beyond power generation, the company offers end-to-end renewable energy solutions, including energy advisory services and carbon credit management. Its diversified customer base includes technology-driven corporates as well as traditional industrial and commercial clients, enabling it to cater to a broad spectrum of clean energy needs.
According to the red herring prospectus (RHP), Clean Max Enviro’s listed peers include ACME Solar Holdings Ltd, which trades at a price-to-earnings (P/E) multiple of 49.46, NTPC Green Energy Ltd at 132.94, Adani Green Energy Limited at 119.14, and ReNew Energy Global PLC, valued at a P/E multiple of 44.84.
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.