Clean Max Enviro Energy Solutions IPO Update

Day 2 Subscription Status

The initial public offering (IPO) of Clean Max Enviro Energy Solutions, which opened for public subscription on February 23, has witnessed muted demand. As of 10:03 am on Day 2, the subscription status stood at 35%, with bids for 75.50 lakh shares compared to 2,18,23,329 shares on offer.

Subscription Breakdown

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• QIB segment: Fully booked at 1.03 times
• Non-institutional investor (NII) quota: Subscribed just 20%
• Retail and employee quotas: Garnered just 2% and 3% bids, respectively

Grey Market Premium (GMP)

Ahead of the opening, Clean Max Enviro shares are witnessing a flat trend in the grey market. The IPO GMP 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.

IPO Details

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• Issue size: ₹3,100 crore
• Fresh equity issue: ₹1,200 crore
• Offer for sale (OFS): ₹1,900 crore
• Price band: ₹1,000 to ₹1,053 per equity share
• Lot size: 14 equity shares

Allocation Framework

• Up to 50% reserved for Qualified Institutional Buyers (QIBs)
• Not less than 15% earmarked for Non-Institutional Investors (NIIs)
• At least 35% allocated to retail investors
• Employee reservation: Up to ₹300 million set aside for employee participation

Listing Details

• Listing date: Monday, March 2, subject to final approvals
• Refunds: Expected to be initiated on February 26
• Share allotment: Likely to be credited to demat accounts by February 27