In the grey market, the premium remains nearly flat at around Re 1, or 0.09% above the upper end of the price band, suggesting muted listing gains if the trend continues.
Clean Max Enviro Energy IPO subscription status:
As of 11:25 am on Day 2, the Clean Max Enviro Energy IPO had received an overall subscription of 37%, according to data from the BSE Limited.The Retail Individual Investors (RIIs) segment recorded a subdued subscription of just 3% against the 1.01 crore shares allotted for retail investors, reflecting limited participation from small investors.
The Non-Institutional Investors (NIIs) portion was subscribed at 20% of the 46.05 lakh shares reserved for this category, indicating moderate interest from high-net-worth individuals and other non-institutional participants.
In contrast, the Qualified Institutional Buyers (QIBs) segment saw stronger demand, being oversubscribed 1.03 times, meaning institutional investors applied for slightly more shares than the 61.39 lakh shares allocated to them.
Clean Max Enviro Energy IPO GMP today:
As of February 24, 2026, the grey market premium indicates an almost negligible upside of 0.09%, or Re 1 above the upper end of the price band, pointing to a likely flat listing. The IPO is priced between Rs 1,000 and Rs 1,053 per share.
Clean Max Enviro Energy IPO details:
Clean Max Enviro Energy Solutions’ IPO is a Rs 3,100 crore offering, consisting of a fresh issue of 1.14 crore shares valued at Rs 1,200 crore and an offer for sale of 1.80 crore shares totalling Rs 1,900 crore.
The share allotment is expected to be completed by February 26, 2026, with the stock slated to debut on the BSE and NSE on March 2, 2026.
The IPO price band has been set at Rs 1,000 to Rs 1,053 per share. Investors can apply in lots of 14 shares, requiring a minimum investment of Rs 14,742 for retail investors at the upper price band.
The issue will close on February 25. At the top end of the price range, the company’s pre-IPO market capitalisation is estimated at Rs 12,325 crore.
About the company
Founded in 2010, CleanMax is India’s largest renewable energy solutions provider focused on the commercial and industrial (C&I) segment. As of October 2025, the company has 2.80 GW of operational capacity that it owns and manages, along with 3.17 GW of contracted projects currently under execution. It offers solar, wind and hybrid power solutions, largely through long-term power purchase agreements (PPAs) with C&I customers.
Financially, the company has delivered a turnaround performance. Revenue rose to Rs 1,610 crore in FY25 from Rs 1,425 crore in FY24. It posted a net profit of Rs 19.43 crore in FY25, reversing a loss reported in the previous year. EBITDA margins also expanded sharply to 63.1% in FY25, up from 52% in FY24.
However, leverage remains elevated. Net debt stood at Rs 5,938 crore in FY25, translating into a net debt-to-equity ratio of 1.9x. A significant share of the IPO proceeds is planned for debt reduction, which should help improve the balance sheet profile.
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Should you subscribe?
Swastika Investmart assigned a “Neutral” rating and said the issue appears aggressively valued on recent financials, though superior EBITDA margins and operating metrics justify the pricing to some extent. It added that the IPO may be avoided for short-term or listing gains but can be considered by well-informed investors for the medium to long term.
Aditya Birla Money has recommended “Subscribe” for the long term, citing under-penetration in C&I renewable energy, projected capacity additions and strong capital efficiency. It expects demand visibility to improve as renewable penetration rises and sectors such as data centres require round-the-clock green power.
With the grey market premium at only 0.09%, the issue does not suggest a strong short-term listing pop. Investors seeking quick gains may prefer to stay cautious, while those with a longer-term outlook and an appetite for capital-intensive renewable energy businesses could assess the company’s growth trajectory and deleveraging strategy before making a decision.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times.)