Clean Max's Rs 3,100-crore IPO Sees 37% Subscription on Day 2, Led by QIB and NII Investors

Clean Max Enviro Energy Solutions IPO Update

Subscription Figures

As of 11:15 am on Tuesday, the second day of the initial public offering (IPO) of Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, received a 37% subscription. According to the NSE data, the company received bids for 81 lakh shares against the 2.18 crore shares on offer.

Subscription Breakdown

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• Qualified Institutional Buyers (QIBs): 1.03 times subscribed
• Non-Institutional Investors (NIIs): 31% subscribed
• Retail Individual Investors (RIIs): 3% subscribed

IPO Details

The Rs 3,100 crore IPO will conclude on February 25, with a price band of Rs 1,000-1,053 per share, valuing the company at Rs 12,325 crore at the upper end. The proceeds from the fresh issue, amounting to Rs 1,125 crore, will be used to repay debt, while the balance will be utilized for general corporate purposes.

Timeline

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• Allotment: Expected to be completed by February 26
• Listing: Scheduled for March 2