Clean Max Enviro Energy Solutions IPO Subscribed 45% on Day 2; QIB Portion Fully Booked
New Delhi, February 24: The initial public offering of Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, was subscribed 45 per cent on the second day of bidding on Tuesday, reflecting mixed investor participation across categories.Clean Max IPO Subscription Status
According to data available on the NSE, the IPO received bids for 97,59,106 shares against 2,18,23,329 shares on offer.The qualified institutional buyers category was subscribed 1.21 times, indicating strong institutional interest. The non-institutional investors segment was booked 41 per cent, while the retail individual investors portion saw a modest 4 per cent subscription.
The public issue is scheduled to close on February 25.
Anchor Investment and IPO Structure
Ahead of the public issue, the company raised Rs 921 crore from anchor investors on Friday. Prior to the IPO, Clean Max had also mobilized Rs 1,500 crore.The company has fixed a price band of Rs 1,000 to Rs 1,053 per share. At the upper end of the band, the company is valued at Rs 12,325 crore.
The issue comprises a fresh issue of shares worth up to Rs 1,200 crore and an offer for sale of shares aggregating Rs 1,900 crore by promoters and an investor shareholder.
The IPO size has been reduced from the earlier planned Rs 5,200 crore, as indicated in the preliminary papers filed in August 2025.
Out of the fresh issue proceeds, Rs 1,125 crore will be used for repayment of debt, while the remaining funds will be allocated for general corporate purposes.
Listing Date and Business Overview
Clean Max is set to make its stock market debut on March 2.Founded in 2010, the company focuses on net zero and decarbonisation solutions for commercial and industrial customers. Its portfolio includes renewable power supply across wind, solar, and hybrid solutions, along with energy services and carbon credit solutions.
Operational Capacity and Financial Performance
As of July 31, 2025, Clean Max had an operational capacity of 2.54 GW and contracted capacity of 2.53 GW. In addition, it had 5.07 GW of projects in advanced stages and under development.On the financial front, revenue from operations increased 13 per cent to Rs 1,610.34 crore in FY25, compared to Rs 1,425.31 crore in FY24. The company reported a net profit of Rs 27.84 crore in FY25, marking a turnaround to profitability.
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