Updated Feb 25, 2026 11:23 IST
Clean Max Enviro Energy’s IPO seems to be making losses on the listing day in the gray market…
highlights
- The IPO of Clean Max Enviro Energy, a renewable energy sector company, is open for subscription.
- Clean Max Enviro Energy’s IPO has received only 45% subscription in 2 days.
- Even in the gray market, the IPO of Clean Max Enviro Energy seems to be causing losses instead of profits.
Today is the last day of subscription in Clean Max Enviro Energy IPO. There is a lot of discussion about this Rs 3100 crore IPO of a company in the renewable energy sector, but the trends in the gray market are a bit disturbing. Where usually money is invested in IPO with the hope of good listing gains. At the same time, this IPO seems to be causing loss in the gray market. By the second day of the IPO, only about 45% of this issue had been subscribed. According to NSE data, bids were received for only about 97.59 lakh shares against about 2.18 crore shares.
The most interesting thing is that the Qualified Institutional Buyers (QIB) category has been subscribed 1.21 times, but the sentiment from retail investors is very weak. Only 4% subscription has been received in the retail portion. The stake of non-institutional investors (NII) is around 41%.
What is the gray market saying?
Read full article
The price band of Clean Max Enviro Energy’s IPO has been fixed at Rs 1,000 to Rs 1,053 per share. But its GMP is running at minus Rs 3 in the gray market. That is, if the listing happens as per the current trend, then the estimated listing price can be around Rs 1,050, which is slightly below the issue price. This means that at present there is no hope of listing gain in the gray market. According to estimates, there could be a loss of up to Rs 42 on listing.
What does the company do?
CleanMax, founded in 2010, provides net-zero and decarbonization solutions for commercial and industrial customers. The company also offers wind, solar and hybrid power supply as well as carbon credit solutions. As of July 31, 2025, the company had an operational capacity of 2.54 GW and a contracted capacity of 2.53 GW. Apart from this, projects of 5.07 GW are in advanced stage or development.
How is the financial performance?
The company’s operational revenue increased by 13% to Rs 1,610.34 crore in FY25, from Rs 1,425.31 crore last year. The good thing is that the company has now become profitable. A net profit of Rs 27.84 crore has been recorded in FY25. However, profit margins are still not very high, and this may be the reason why retail investors are adopting a slightly cautious approach.
Where will the IPO money be used?
This IPO includes a fresh issue of Rs 1,200 crore and an offer for sale (OFS) of Rs 1,900 crore. Rs 1,125 crore raised from the fresh issue will be used to repay debt, while the remaining amount will go towards general corporate needs. It is also worth noting that earlier this IPO was proposed for Rs 5,200 crore, which was reduced to Rs 3,100 crore.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice in any way. ET NOW Swadesh recommends its readers and viewers to consult their financial advisors before taking any money-related decisions.
related news
-
markets
IDFC First Bank Fraud Case: Trust of these big mutual fund companies remains intact, have purchased more than 31,00,00,000 shares
-
LIVE markets
Sensex Today. Stock Market LIVE Updates: Market’s vibrancy returned due to the momentum of IT stocks, Sensex rose by 500 points, Nifty above 25,550.
-
markets
Stocks to Watch Today: These 10 stocks will be on the radar including Hindalco, RVNL, Centum Electronics, big movement can be seen
-
markets
Nifty Prediction for Tomorrow: Market broke on weekly expiry, know from experts how will the market move tomorrow?
-
markets
Gaudium IVF IPO Subscription: Investors placed bets on the last day, subscribed more than 7 times; Now look at the allotment
end of article
