Shares of made a weak debut on Friday, listing nearly 9–9.5 per cent below the issue price of ₹1,053.
The stock opened at ₹960 on the , reflecting a discount of about 8.83 per cent, while on the it debuted at ₹952.20, down 9.57 per cent from the upper end of the price band.
Selling pressure intensified post-listing. At 10.45 am, the stock was trading at ₹863.50 on the NSE and ₹869 on the BSE, marking a sharp decline from its debut levels.
Congratulations to “Clean Max Enviro Energy Solutions Limited” on getting listed on NSE today.
Clean Max Enviro is a commercial and industrial renewable energy provider. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit…
— NSE India (@NSEIndia)
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said the company’s market debut was below expectations despite reasonable institutional participation.
Advising investors, Nyati said, “investors should remain cautious in the short term. Allottees may hold if risk appetite is high, but should maintain a strict stop loss at ₹900. Fresh investors are advised to wait for price stability and strong demand support before considering new positions.”
IPO details, subscription status and price band
The ₹3,100-crore initial public offer (IPO) of Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, was subscribed 94 per cent on the final day of bidding on Wednesday.
Qualified institutional buyers’ (QIB) portion was subscribed 2.83 times, indicating strong institutional participation. However, the non-institutional investors’ (NII) category saw 54 per cent subscription, while the retail individual investors’ segment was subscribed just 6 per cent, reflecting muted retail interest.
Ahead of the IPO, the company raised ₹921 crore from anchor. The price band for the issue was fixed at ₹1,000–1,053 per share, valuing the company at ₹12,325 crore at the upper end. The IPO comprised a fresh issue of shares worth up to ₹1,200 crore and an offer-for-sale (OFS) of ₹1,900 crore by promoters and an investor shareholder.
Notably, the IPO size was scaled down from the ₹5,200 crore planned earlier, as per the preliminary papers filed in August 2025.
Business profile
Founded in 2010, CleanMax focuses on net-zero and decarbonisation solutions for commercial and industrial clients. The company provides renewable power through solar, wind and hybrid projects, along with energy services and carbon credit solutions.
While the long term business outlook remains structurally positive, the weak listing indicates near term caution and limited immediate upside visibility, Nyati said