Clean Max Enviro Energy's IPO is approaching its market debut, with investors closely watching the listing date and gray-market premium trends. Shares of Clean Max Enviro Energy are tentatively scheduled to be listed on the BSE and NSE on March 2.
According to reports, the GMP for the Clean Max Enviro Energy IPO stood at Rs. 14 lower than the issue price as of 10:30 am on February 28. The latest GMP indicates an estimated listing price of Rs. 1,039 apiece at a discount of 1.33% over the upper limit of the price band.
The Clean Max Enviro Energy Solutions IPO attracted bids for 2,05,78,432 shares, compared to 2,06,93,259 shares on offer, according to market-tracking site Chittorgarh. Qualified Institutional Buyers (QIBs) subscribed to their category 2.99 times.
The Non-Institutional Investors' (NIIs) segment saw muted response, with subscriptions reaching 0.57 times, while the retail portion was booked only 0.07 times.
The Clean Max Enviro Energy Solutions IPO comprised a fresh issue of 1.14 crore shares, worth Rs. 1,200 crore, and an offer-for-sale (OFS) of 1.80 crore shares, amounting to Rs. 1,900 crore. The price band for the IPO was set between Rs. 1,000 and Rs. 1,053 per share.
Retail investors were required to apply for one lot of 14 shares to participate in the IPO subscription. It translates into an investment of Rs. 14,742 at the upper limit of the price band per application.
The company finalised the IPO share allotment status on February 26 and also initiated refunds to non-allottees on the same day.
Axis Capital Ltd was the book-running lead manager, and MUFG Intime India Ltd was the registrar of the issue.
The Clean Max Enviro Energy IPO's gray market premium suggests a drop in the open stock market.
There was low demand for the Clean Max IPO that took place from February 23 to 25. The Rs. 3,100 Crore IPO was undersubscribed at just 0.99 times total.
Clean Max Enviro Energy Solutions Ltd is a supplier of renewable power to commercial and industrial (C&I) customers in India. It is a renewable energy company that provides energy contracting, engineering, procurement, and construction (EPC), and operation and maintenance (O&M) services for solar, wind, and hybrid power plants. By the end of July 2025, the company had a portfolio of 2.54GW in operational assets.