Clean Max Enviro Energy Solutions IPO Update

As of February 23, the initial public offering (IPO) of Clean Max Enviro Energy Solutions has seen a lukewarm response from investors, with a 34% subscription status as of 5 pm. The qualified institutional buyer (QIB) quota was fully booked at 1.03 times, while the non-institutional investor (NII) quota was subscribed at 20% and the retail and employee quotas garnered just 2% bids each.

The grey market premium (GMP) for Clean Max Enviro Energy Solutions IPO has declined to ₹1.75 from ₹4 earlier. The current GMP suggests that the listing price could be ₹1054.75, which is just 0.17% higher than the upper end of the price band.

IPO Details

Read also: SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire

The ₹3,100-crore IPO includes a fresh share sale of ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore. The OFS includes stake sales by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings LLC, and DSDG Holdings APS. The proceeds from the fresh issue will be used for debt repayment (₹1,125 crore) and general corporate purposes.

Company Overview

Founded in 2010, CleanMax provides renewable energy solutions to commercial and industrial (C&I) customers, focusing on net-zero and decarbonisation strategies. As of July 31, 2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, along with 5.07 GW of projects in advanced stages of development.

Financial Performance

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

Revenue from operations rose 13% to ₹1,610.34 crore in FY25 from ₹1,425.31 crore in FY24. The company also turned profitable, posting a net profit of ₹27.84 crore in FY25.

Brokerage Views

Brokerages have remained divided on the offer, recommending neutral to apply ratings. Swastika Investmart advised to avoid the offer for listing gains, while Aditya Birla Money has a "subscribe for long term" rating.