Clean Max Enviro Energy IPO Day 3: Check GMP, subscription status, brokerage outlook and key highlights

Synopsis The Rs 3,100 crore Clean Max Enviro Energy IPO enters its final bidding day with 45% subscription so far and a grey market premium of just Rs 1–3, indicating limited listing gains. While institutional demand is firm, retail participation remains muted. Brokerages remain divided on valuation and long-term prospects. The Rs 3,100 crore Clean Max Enviro Energy Solutions IPO has entered its third and final day of bidding. In the grey market, the premium remains nearly flat at around Rs 1–3, suggesting only marginal listing gains if the current trend continues. By the end of Day 2, the issue was subscribed 45% against the total offer of 2.18 crore shares. The Qualified Institutional Buyers (QIB) segment witnessed strong demand, with subscriptions reaching 1.21 times the allotted quota. In contrast, retail participation was muted, with the segment subscribed only 4%. Clean Max Enviro Energy IPO GMP today: As of February 25, 2026, the grey market premium indicates a minimal upside of around 0.09%, or Rs 1–3 above the upper end of the Rs 1,053 per share price band, suggesting a likely flat listing. Clean Max Enviro Energy IPO subscription status: On the second day of bidding, the Clean Max Enviro Energy IPO was subscribed 45% overall, according to data available on the BSE. Live Events The Retail Individual Investors (RIIs) segment recorded a subscription of just 4% against the 1.01 crore shares earmarked for retail investors, reflecting relatively subdued participation from small investors. The Non-Institutional Investors (NIIs) category was subscribed 41% of the 46.05 lakh shares reserved for this segment, indicating moderate interest from high net worth individuals and other non-institutional bidders. Meanwhile, the Qualified Institutional Buyers (QIBs) portion saw stronger traction, with subscriptions reaching 1.21 times the 61.39 lakh shares allocated to institutional investors. Clean Max Enviro Energy IPO details: Clean Max Enviro Energy Solutions’ Rs 3,100 crore IPO comprises a fresh issue of 1.14 crore shares aggregating to Rs 1,200 crore and an offer for sale of 1.80 crore shares worth Rs 1,900 crore. The basis of allotment is likely to be finalised by February 26, 2026, and the company’s shares are scheduled to list on the BSE and NSE on March 2, 2026. The price band for the issue has been fixed at Rs 1,000–1,053 per share. Investors can bid in lots of 14 shares, translating into a minimum investment of Rs 14,742 for retail applicants at the upper end of the price band. The public issue will close on February 25. At the upper price band, the company’s pre-IPO market capitalisation is pegged at approximately Rs 12,325 crore. Also read: Fading vibes: Internet stocks slump up to 28% in 2026 but Paytm, Groww, 5 more earn brokerages’ backing post Q3 About the company Established in 2010, CleanMax has grown to become India’s largest renewable energy solutions provider catering to the commercial and industrial segment. As of October 2025, it operates and manages 2.80 GW of owned capacity, with an additional 3.17 GW of contracted projects under execution. The company delivers solar, wind and hybrid energy solutions, primarily through long term power purchase agreements with commercial and industrial clients. On the financial front, the company has staged a turnaround. Revenue increased to Rs 1,610 crore in FY25 from Rs 1,425 crore in FY24. It reported a net profit of Rs 19.43 crore in FY25, compared with a loss in the previous fiscal. EBITDA margins improved to 63.1% in FY25 from 52% in FY24. That said, leverage levels remain high. Net debt stood at Rs 5,938 crore in FY25, resulting in a net debt-to-equity ratio of 1.9 times. The company intends to use a substantial portion of the IPO proceeds to pare debt, which is expected to strengthen its balance sheet. 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 long term, citing under-penetration in commercial and industrial 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 the experts are their own. These do not represent the views of The Economic Times.) (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. 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