Clean Max Enviro Energy Solutions IPO: Key Details, Subscription Status, and Final Day Investment Considerations

Clean Max Enviro Energy Solutions IPO Update

Key Figures:

• ₹3,100 crore: Total amount raised through the initial public offering (IPO)
• ₹1,000 - ₹1,053: Price band for the IPO
• 45%: Subscription percentage as of Day 2
• ₹-3: Grey market premium (GMP) for the IPO
• 16x: EV/EBITDA multiple at the upper end of the price band
• 7.4%: Renewable energy penetration in the commercial and industrial (C&I) segment in FY23
• 20%: Expected renewable energy penetration in the C&I segment by FY30
• 22-24%: Compound annual growth rate (CAGR) in installed capacity required to achieve the 20% target
• ₹3 trillion: Estimated addressable market size for the company
• 13 MW: Average project ticket size of the company
• 4.8x: Net debt to adjusted EBITDA ratio of the company
• 21.7x: EV/EBITDA multiple at the upper price band for FY25
• 16.3x: EV/EBITDA multiple at the upper price band based on annualised H1 FY26 numbers

IPO Details:

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• The IPO opened for public subscription on February 23 and will close on February 25.
• The company aims to raise ₹3,100 crore through a fresh equity issue of ₹1,200 crore and an offer for sale (OFS) worth ₹1,900 crore.
• The total offer size has been reduced from the earlier planned ₹5,200 crore.
• The company will list on the BSE and NSE on March 2, subject to final approvals.

Subscription Status:

• As of 10:30 am on Day 3, the IPO was subscribed 46%, with bids for 97.59 lakh shares compared to 2,18,23,329 shares on offer.
• The QIB segment was fully booked at 1.21 times, while the non-institutional investor (NII) quota was subscribed just 45%.
• The retail and employee quotas garnered just 4% and 6% bids, respectively.

Recommendations:

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• Aditya Birla Money has recommended "subscribe for long term" to the issue.
• Analysts at SBI Securities highlighted the company's strong market position and scalability, with an estimated market share of about 8% in the C&I renewable energy segment.

Listing Timeline:

• Basis of allotment is scheduled to be finalised on February 26.
• Refunds to unsuccessful applicants are expected to be initiated on February 26.
• Shares allotted to successful bidders are likely to be credited to demat accounts by February 27.
• The company is expected to list on the BSE and NSE on March 2, subject to final approvals.