Clean Max's ₹3,100 cr IPO scrapes through on strong institutional bids

Clean Max's ₹3,100-crore IPO narrowly scraped through, with strong institutional demand offsetting weak retail and HNI participation, even after the issue was sharply downsized

The ₹3,100-crore initial public offering (IPO) of Brookfield-backed Clean Max Enviro Energy Solutions narrowly scraped through, with overall bids falling marginally short of full subscription. Exchange data showed bids for 20.6 million shares against 21.82 million shares on offer in the main book. However, sources said the issue — the biggest so far for this calendar year — was almost fully covered when calculated at the upper end of the price band.

 

The institutional portion was the clear bright spot, drawing subscriptions of over 2.8 times. In addition, institutional investors picked up shares worth ₹921 crore in the anchor book. In contrast, demand from non-institutional and retail investors remained muted, with the high net-worth individual (HNI) portion subscribed 54 per cent and the retail segment just 6 per cent.

 

The subdued response comes despite a sharp downsizing of the issue. Clean Max had pared its IPO size to ₹3,100 crore from ₹5,200 crore proposed in its draft red herring prospectus filed in August 2025. The issue comprised a fresh fundraise of ₹1,200 crore and an offer for sale of ₹1,900 crore.

 

At the upper end of the price band of ₹1,000–1,053, the company is valued at ₹12,325 crore. Based on annualised earnings for the first half of FY26, the valuation translates into an enterprise value-to-EBITDA multiple of 16.3 times.

 

Clean Max is a leading commercial and industrial renewable energy company, with 2.8 GW of operational owned and managed capacity, along with another 3.17 GW of contracted capacity under execution as of October 31, 2025.