Clean Max Enviro Energy Solutions’ IPO, which opened for public subscription on Monday, February 23, and is concluding on Wednesday, February 25, witnessed healthy institutional demand even as retail demand was muted.
The segment reserved for qualified institutional buyers (QIBs) was subscribed to 2.83 times by 6 pm on the third day of subscription on Wednesday, followed by the non-institutional investors’ (NIIS) portion booked 0.54 times, according to the BSE data. Retail investors remained on the sidelines as the segment saw a subscription of only 0.06 times. Overall, the issue had been subscribed to 0.94 times by that time.
Meanwhile, the company said it had raised ₹921 crore from anchor investors, which included Nomura, SBI Life Insurance, Tata Investment Corporation, HDFC Mutual Fund and many more.
Clean Max Enviro IPO details
The ₹3,100 crore IPO comprises a fresh issue of 1.14 crore shares for ₹1,200 crore and an offer for sale (OFS) of 1.80 crore shares for ₹1,900 crores. The price band of the issue was fixed at ₹1,000 to ₹Rs 1,053 per share.
Axis Capital Limited, JP Morgan India Private Limited, BNP Paribas, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Nomura Financial
Advisory and Securities (India) Private Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers of the issue. MUFG
Intime India Private Limited was the registrar of the issue.
As per the RHP, which quotes a CRISIL report, the company is India’s largest commercial and industrial renewable energy provider with 2.80 GW of operational, owned and managed capacity, and 3.17 GW of contracted, yet to be executed capacity, as of October 31, 2025.
The company also provides end-to-end decarbonization solutions to customers, such as turnkey development, O&M solutions for renewable energy power plants and carbon credits solutions.
“Our revenue from renewable energy power sales grew at a 52.71% CAGR from FY23 to FY25 and our EBITDA grew at a CAGR of 58.14% during the same period, which was higher than the latest available median revenue and EBITDA growth rate of all our peers of 20.08% and 18.05%, respectively, according to the CRISIL Report,” reads the RHP.
The company is managed by Kuldeep Jain, the founder and Managing Director of the Company, who continues to be the promoter of the company.
Aditya Birla Money recommended “subscribe for long term” to the issue. At the upper end of the price band, the IPO is valued at about 16x EV/EBITDA.
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