Clean Max Enviro Energy makes muted debut, lists at 9% discount; misses GMP

Clean Max Enviro shares opened at ₹960 on the NSE, a discount of ₹93 or 9 per cent from the issue price of ₹1,053

Clean Max Enviro listing, Clean Max Enviro share price: Renewable energy provider Clean Max Enviro Energy has made a disappointing debut on the Dalal Street amid a subdued market sentiment. The company's shares opened at ₹960 on the NSE, a discount of ₹93 or 9 per cent from the issue price of ₹1,053.

 

On the BSE as well, Clean Max shares opened at ₹952, a discount of ₹101 or 9.6 per cent. Post-listing, the stock was trading nearly 4 per cent lower than the listing price. 

 

Clean Max listing was below the grey market estimates. Ahead of the listing, the company's unlisted shares were trading at around ₹1,018 in the grey markets. This indicated a grey market discount of ₹35 or 3.3 per cent, over the issue price, according to sources tracking unofficial market activity.

 

Clean Max Enviro IPO Subscription rate

According to National Stock Exchange (NSE) data, Clean Max Enviro IPO received a lacklustre response from investors, with overall subscription reaching 94 per cent only. Investors placed bids for 20.56 million equity shares against the 21.82 million shares on offer. Qualified Institutional Buyers (QIBs) led the demand, oversubscribing their allotted quota by 2.83 times. The Non-Institutional Investors (NIIs) segment was subscribed 54 per cent, while the retail investors' portion was subscribed only 6 per cent.  READ | Shree Ram Twistex IPO listing: Shares debut at 35% discount on NSE

Clean Max Enviro IPO details

Clean Max Enviro successfully raised ₹3,100 crore through its initial public offering, which comprised a combination of fresh issue of 11.4 million shares and an offer for sale (OFS) of 18 million equity shares.  

 

The IPO was offered in the price band of ₹1,000 to ₹1,053 per share, with a minimum application lot of 14 shares. The issue was open for subscription from February 23 to February 25, 2026. The allotment of shares was finalised on Thursday, February 26, 2026. 

 

MUFG Intime India is the registrar for the issue. Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets are the book-running lead managers.

 

According to the red herring prospectus (RHP), the company plans to utilise ₹1,122.67 crore from the net fresh issue proceeds for repayment or prepayment of certain borrowings availed by itself and its subsidiaries. The remaining funds will be used for general corporate purposes.