Clean Max Enviro likely to list below IPO price; GMP signals 3% discount

Clean Max raised ₹1,200 crore through a fresh issue and ₹1,900 crore through an offer for sale, implying a valuation of about ₹12,330 crore. By Meghna Sen Shares of Brookfield-backed Clean Max Enviro Energy Solutions are set to list on Dalal Street on Monday, March 2, and the stock is expected to see a muted debut. Ahead of the listing, the grey market premium for Clean Max Enviro stood at -₹35, indicating negative listing expectations. At the upper price band, this implies a discount of 3.32% on debut. However, grey market premiums are only indicative of demand in the unlisted market and can change rapidly. The initial public offering of the commercial and industrial renewable energy provider was subscribed 94% on the final day of bidding. The company, which supplies green energy to clients including Amazon and Google in India, received bids for 2.06 crore shares against 2.18 crore shares on offer. Qualified institutional buyers led the demand, subscribing 2.83 times their quota, while non-institutional investors and retail investors subscribed 0.54 times and 0.06 times, respectively. Clean Max raised ₹1,200 crore through a fresh issue and ₹1,900 crore through an offer for sale, implying a valuation of about ₹12,330 crore. Shivani Nyati of Swastika Investmart expects the stock to list flat to slightly below the issue price, implying roughly 0% to -2% performance. Nyati said that listing gain investors should remain cautious due to limited upside visibility, while allottees may avoid panic selling if the discount is marginal and fundamentals remain intact. She advised fresh investors to wait for post-listing price stability and demand support. Ahead of the IPO launch, Clean Max Enviro raised ₹921 crore from anchor investors. The company provides renewable power, energy services and carbon credit solutions to data centres, AI and technology companies, as well as commercial and industrial enterprises. It competes with listed peers such as ACME Solar Holdings, NTPC Green Energy and Adani Green Energy. The company plans to utilise ₹1,122.6 crore from the fresh issue proceeds towards debt repayment, with the balance earmarked for general corporate purposes. Proceeds from the offer for sale will go to the selling shareholders. In a February 8 notice to investors, the company clarified that pre-IPO proceeds would be fully deployed towards general corporate purposes. The IPO comes amid a slow start to India's primary market in 2026, with five listings so far compared with 10 during the same period last year. Note To Readers Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.