Clean Max Enviro Shares List Below Initial Public Offering Price.

Clean Max Enviro IPO Listing Falls Below Expectations

Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, made its debut in the Indian stock market on March 2 with a 9.68% discount to its initial public offering (IPO) price of ₹1,053 per share. The company's shares opened at ₹960 on the National Stock Exchange (NSE) and ₹952.20 on the Bombay Stock Exchange (BSE), resulting in a 10% loss for IPO allottees.

The listing performance was below market expectations, with the grey market premium (GMP) of ₹-35 ahead of listing, according to Investorgain. The IPO had seen a muted response from retail investors, with a subscription of just 6% of their allotted portion. Non-institutional investors (NII) subscribed 54%, while qualified institutional buyers (QIB) booked 2.83 times of their portion.

The IPO details are as follows:

• Issue size: ₹2,100 crore (reduced from the planned ₹5,200 crore)
• Fresh issue: Up to ₹1,200 crore
• Offer-for-sale (OFS): ₹1,900 crore by promoters and an existing investor
• Proceeds allocation: ₹1,125 crore for debt repayment and the remaining for general corporate purposes

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The IPO was managed by Axis Capital, JP Morgan India, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets, while MUFG Intime India Pvt. Ltd. acted as the registrar to the issue. The IPO was open for subscription from February 23 to February 25.