Clean Max Enviro Energy Solutions IPO opens on Monday, February 23, and it will close on Wednesday, February 25. Clean Max Enviro IPO price band is set in the range of ₹1,000 to ₹1,053 per share, giving a total value of ₹12,325 crore at the upper price band.
On February 20, Clean Max announced that it raised ₹921 crore from anchor investors before the public subscription began. Major investors include Temasek Holdings, Nomura Asset Management, Eastspring, SBI Life, Tata Investment Corp, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI General, Premji Invest, and 360 One Mutual Fund.
Domestic institutional investors made up 68% of the participation, while foreign institutional investors accounted for 32%. According to a notice on the Bombay Stock Exchange (BSE) website, Clean Max has allocated 8,746,437 equity shares to these investors at ₹1,053 each.
Clean Max Enviro IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Employee portion has been reserved shares up to ₹300 million.
Tentatively, Clean Max Enviro IPO basis of allotment of shares will be finalised on Thursday, February 26 and the company will initiate refunds on Thursday, while the shares will be credited to the demat account of allottees on Friday, February 27. Clean Max Enviro Energy Solutions share price is likely to be listed on BSE and NSE on Monday, March 2.
Clean Max Enviro IPO GMP today
Clean Max Enviro Energy Solutions IPO GMP is ₹3. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Clean Max Enviro shares is indicated as ₹1,056 apiece, which is 0.28% higher than the IPO price of ₹1,053.
After analyzing the last 13 sessions of grey market activities, it is clear that the current grey market premium (GMP) stands at ₹3, signaling a downward trend. The lowest GMP recorded is ₹0.00, while the highest has reached ₹14.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
Clean Max Enviro IPO Review
Aditya Birla Capital asserts that Clean Max Enviro IPO is a strategic blend of an Offer for Sale (OFS) totaling ₹1,900 crore and a fresh issue of ₹1,200 crore. The primary objective of these proceeds is to significantly reduce the company’s borrowings. At the upper price band, the issue is priced at approximately 16 times EV/EBITDA, which can be deemed excessive.
However, the brokerage house said that it’s essential to recognize that the company is positioned within a vastly underpenetrated renewable energy sector for commercial and industrial (C&I) applications. Currently, C&I penetration is only about 7.4% in FY23, but it is set to soar to 20% by FY30. This transition will demand an annual capacity addition of 15-18 GW, leading to a robust compound annual growth rate (CAGR) of 22-24% in installed capacity.
Additionally, the imminent phasing out of ISTS charges, coupled with surging demand from high-energy sectors such as Data Centres and AI—which require guaranteed round-the-clock power supply—will catalyze C&I demand, further solidifying this company’s growth trajectory. Given these compelling dynamics, the brokerage firmly recommends a “SUBSCRIBE FOR LONG-TERM” strategy for this issue.
Swastika Investmart asserts that the business has consistently delivered strong revenue growth and improved profitability year-on-year. While the recent financials suggest that the initial issue is aggressively valued, the company’s superior EBITDA margins and robust operating metrics relative to industry peers clearly justify the IPO valuation.
Investors seeking quick short-term or listing gains should steer clear of this IPO. However, savvy investors should absolutely consider it as a solid opportunity for medium- to long-term investment.
Clean Max Enviro IPO details
The proposed issue confidently includes a fresh issuance of shares valued at up to ₹1,200 crore, paired with a robust offer-for-sale (OFS) of shares worth ₹1,900 crore from promoters and an investor shareholder.
Significantly, the IPO size has been strategically scaled back from the initially planned ₹5,200 crore, as detailed in the preliminary papers filed in August 2025.
The OFS features the decisive offloading of shares by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS.
Notably, the proceeds from the fresh issue will allocate ₹1,125 crore towards debt repayment, with the balance earmarked for general corporate purposes. The CleanMax IPO is being expertly managed by leading financial firms including 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.
Clean Max Enviro IPO subscription status
Subscription for the public issue will open at 10:00 IST during Monday’s deals.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
