Clean Max Enviro Energy Solutions made its market debut at Rs 960 on the NSE, down 9% from the issue price.
The shares were sold via Citigroup’s affiliate Citigroup Global Markets Mauritius Private Limited. It was allotted 94,717 equity shares via anchor allotment at the upper price band of Rs 1,053. This constituted 1.1% of the anchor quota.
Clean Max Enviro Energy today ended at Rs 858, down 10.63% or Rs 102 with respect to the listing price and down 19% against the issue price.
The IPO, which closed on February 25, was subscribed 0.99 times overall, just about managing to sail through on the final day. Subscription patterns showed a sharp divergence across categories.
The QIB portion, excluding anchors, was subscribed 2.99 times, reflecting institutional interest. However, the non-institutional investor segment was subscribed only 0.57 times, while retail participation was extremely muted at 0.07 times. The employee portion saw 0.11 times subscription.
The IPO comprised a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore.Clean Max is India’s largest commercial and industrial renewable energy provider as of March 2025, according to a Crisil report. The company has 2.54 GW of operational capacity and another 2.53 GW under execution. It supplies renewable power under long-term PPAs to corporate customers, including technology and industrial companies.
Financially, the company has shown revenue growth but operates in a capital-intensive business. For FY25, total income stood at Rs 1,610.34 crore, while profit after tax was Rs 19.43 crore.
At the issue price, the stock was valued at a steep earnings multiple, with a post-issue P/E of over 300 times based on historical earnings.
The net proceeds from the fresh issue will primarily be used for repayment or pre-payment of borrowings amounting to Rs 1,122.67 crore, with the balance for general corporate purposes.
Given the just-about subscription levels and negative GMP, listing gains appear unlikely at this stage. Market participants expect a cautious debut, with performance likely to depend more on institutional demand and broader market sentiment rather than retail-driven momentum.
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