Clean Max Enviro Energy makes weak debut, lists at 8.8% discount

Clean Max Enviro Energy Solutions lists at Rs 960 on the National Stock Exchange, which is 8.83% discount to the issue price. The shares were listed at Rs 952.20 on the BSE, a discount of 9.57%. The company set the issue price at Rs 1,053 per equity share. The company raised Rs 3,100 crore from investors via a combination of 1.14 crore fresh shares amounting to Rs 1,200 crore, and an offer for sale of 1.80 crore shares totalling Rs 1,900 crore. The issue included a reservation of up to 3.15 lakh shares for employees offered at a discount of Rs 100 to the issue price. Clean Max Enviro Energy Solutions IPO: Key details The IPO bidding started on February 23 and ended on February 25. The allotment was finalised on February 26. Clean Max Enviro Energy Solutions IPO: Book runner and registrar Axis Capital is the book-running lead manager for the IPO, and MUFG Intime India is the registrar of the issue. Expert’s take on Clean Max Enviro Before the listing, Anand Rathi Research said that at the upper price band, the company is valued at an EV/EBITDA of 21.5x based on its FY25 earnings and market cap of Rs 1,232.52 crore post issue of equity shares. “We believe that the IPO is fully priced and recommend a ‘Subscribe-Long Term’ rating to the IPO,” said the brokerage. About Clean Max Enviro Clean Max Enviro is India’s largest commercial and industrial (C&I) renewable energy provider, according to a CRISIL Report. The company has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. The company’s expertise covers Energy contracting, Engineering, procurement, and construction (EPC), and Operation and maintenance (O&M) of renewable energy plants (solar, wind, and hybrid).