Clean Max Enviro Energy Solutions IPO: From GMP to issue size, and more - 10 key things to know before subscribing

Clean Max Enviro Energy Solutions IPO: The initial public offering of Clean Max Enviro Energy Solutions IPO will open for public subscription next week on Monday, February 23, and will close on Wednesday, February 25. The company has set a price band of ₹1,000 to ₹1,053 per equity share. Ahead of the opening, Clean Max Enviro shares are witnessing a muted trend in the grey market. As per market trackers, the IPO GMP currently stands at ₹7 per share, indicating an estimated listing price of around ₹1,060, which translates to a modest premium of about 0.66% over the upper issue price of ₹1,053. The GMP has softened from ₹14 on February 17 and ₹9 on February 18, reflecting cautious sentiment. Clean Max Enviro is the largest supplier of renewable energy solutions to commercial and industrial consumers in India as of March 31, 2025. By July 31, 2025, the company was operating, owning and managing 2.54 GW of renewable energy capacity, while a further 2.53 GW was either under construction or secured through contractual arrangements for future development. Here are 10 key things to know about the issue IPO size and issue structure: The proposed ₹3,100 crore IPO comprises a fresh issue worth ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore. The company has reduced the overall issue size from the earlier proposed ₹5,200 crore, as mentioned in the draft papers filed in August last year, signalling a recalibration of its fund-raising strategy. Anchor book opening schedule: Ahead of the public issue, the anchor investor portion is scheduled to open on Friday, February 20. Anchor participation is often watched closely by markets, as it provides an early signal of institutional appetite and confidence in the offering. Allotment, refunds and listing timeline: Under the proposed timeline, the company plans to complete the finalisation of IPO allotments on Thursday, February 26. Applicants who do not receive shares are expected to see refunds processed on the same day, while successful investors should receive the allotted equity shares in their demat accounts by Friday, February 27. The stock is slated to make its debut on both the BSE and NSE on Monday, March 2, subject to final approvals. Who is selling shares in the OFS: The offer-for-sale portion of the issue will involve equity divestments by promoter Kuldeep Jain, together with institutional stakeholders Brookfield’s BGTF One Holdings (DIFC) and KEMPINC. In addition, early backers Augment India I Holdings and DSDG Holding APS are set to offload part of their holdings through the IPO. Lot size and retail investment amount: For retail investors, the IPO has a lot size of 14 equity shares. At the upper end of the price band, an investor will need to invest ₹14,742 to apply for the minimum bid of one lot. Applications can be made in multiples of the lot size thereafter. Pre-IPO fundraise and recent stake sales: In the run-up to its public issue, Clean Max secured ₹1,185 crore earlier this month through a combination of primary and secondary transactions. Of this, ₹296.8 crore came via a pre-IPO placement that drew participation from global investors, including Temasek Holdings through Jongsong Investments and Bain Capital Advisors. On February 6, the company allotted 28.19 lakh fresh equity shares to Jongsong Investments at an issue price of ₹1,053 per share, raising ₹296.8 crore as part of the fresh issue. On the same day, existing shareholders BGTF One Holdings (DIFC) and KEMPINC LLP offloaded 84.34 lakh shares, equivalent to a 7.94% stake, for a total consideration of ₹888.1 crore, also at ₹1,053 per share.