The initial public offering of Clean Max Enviro Energy Solutions was subscribed 0.79 times, or 79% on last day of bidding, led by strong participation from qualified institutional buyers while retail interest remained subdued.

CleanMax Enviro Energy IPO Day 3: Issue booked 79%, retail interest muted

CleanMax Enviro Energy Solutions IPO Subscribed 79% on Final Day

CleanMax Enviro Energy Solutions' initial public offering (IPO) received a lukewarm response from retail investors, but was subscribed 0.79 times as at 2.42 pm on the last day of bidding.

Subscription Details:

Qualified Institutional Buyers (QIBs): 2.31 times subscribed
Non-Institutional Investors (NIIs): 0.53 times subscribed
Retail Individual Investors (RIIs): 0.06 times subscribed
Employee Reservation Portion: 0.09 times subscribed

IPO Details:

The ₹3,100 crore IPO comprises a fresh issue of shares worth up to ₹1,200 crore and an offer for sale (OFS) aggregating ₹1,900 crore by promoters and an investor shareholder.

The issue opened for subscription on February 23 and has a price band of ₹1,000-1,053 per share, valuing the company at ₹12,325 crore at the upper end of the band.

The IPO size has been reduced from the earlier planned ₹5,200 crore, as per the preliminary papers filed in August 2025.

Use of Proceeds:

Repayment of debt: ₹1,125 crore
General corporate purposes: Remaining funds

Ahead of the IPO, the company had raised ₹1,500 crore and in the anchor round held prior to the public issue, CleanMax Enviro Energy Solutions raised ₹921 crore from a clutch of marquee investors.

Listing Date:

CleanMax Enviro Energy Solutions, a commercial and industrial renewable energy solutions provider, is scheduled to list on the stock exchanges on March 2.

Market participants will closely track institutional support and broader market conditions to gauge listing performance, especially given the strong QIB response contrasted with weak retail participation.