The of was subscribed 0.79 times, or 79 per cent, as at 2.42 pm on the last day of bidding, led by strong participation from qualified institutional buyers while retail interest remained subdued.
According to exchange data, the qualified institutional buyers (QIBs) portion was subscribed 2.31 times, indicating robust demand from institutional investors. The non-institutional investors (NIIs) category was booked 0.53 times, while the retail individual investors (RIIs) segment saw a muted response at 0.06 times. The employee reservation portion was subscribed 0.09 times.
IPO, price band, anchor portion
The ₹3,100 crore IPO comprises a fresh issue of shares worth up to ₹1,200 crore and an offer for sale (OFS) aggregating ₹1,900 crore by promoters and an investor shareholder. The issue opened for subscription on February 23. The company has fixed a price band of ₹1,000-1,053 per share, valuing it at ₹12,325 crore at the upper end of the band.
The IPO size has been reduced from the earlier planned ₹5,200 crore, as per the preliminary papers filed in August 2025. The OFS includes the sale of shares by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS.
Use of proceeds
Proceeds from the fresh issue to the extent of ₹1,125 crore will be utilised for repayment of debt, while the remaining funds will be used for general corporate purposes. Ahead of the IPO, the company had raised ₹1,500 crore.
In the anchor round held prior to the public issue, CleanMax Enviro Energy Solutions raised ₹921 crore from a clutch of marquee investors. Foreign and domestic institutions participating in the anchor book included Temasek Holdings, Nomura Asset Management, Eastspring Investments, SBI Life Insurance, Tata Investment Corporation, HDFC Mutual Fund, Abu Dhabi Investment Authority, Franklin Templeton Mutual Fund, SBI General Insurance, Premji Invest and 360 ONE Mutual Fund.
Listing date
CleanMax, a commercial and industrial renewable energy solutions provider, is scheduled to list on the stock exchanges on March 2. Market participants will closely track institutional support and broader market conditions to gauge listing performance, especially given the strong QIB response contrasted with weak retail participation.