Clean Max, Shree Ram Twistex crash on debut amid global equities selloff

Clean Max and Shree Ram Twistex fell up to 36 per cent on debut amid a global equities selloff, underscoring a turbulent year for India's primary markets and weak investor sentiment

Brookfield-backed Clean Max Enviro Energy Solutions and cotton yarn manufacturer Shree Ram Twistex crashed during their trading debut on Monday amid a global equities selloff.

 

Shares of Clean Max fell as much as 27 per cent, while Twistex plunged 36 per cent before recouping some of the losses.

 

Clean Max ended at ₹858, down 18.5 per cent over its issue price of ₹1,053, valuing the firm at ₹10,045 crore. Meanwhile, Twistex ended at ₹71.4, down 31.4 per cent over its issue price of ₹104, despite its IPO garnering over 40x subscription.

 

The weak debuts underscore a turbulent year for the primary markets, with shares of five out of eight debutants in losses and several companies forced to hold back their IPO launches due to market volatility.

 

 

The ₹3,100-crore initial public offering (IPO) of Brookfield-backed Clean Max — the biggest so far for this calendar year — had narrowly scraped through, with overall bids falling marginally short of full subscription. The high net-worth individual (HNI) and retail portions of the IPO were subscribed just 54 per cent and 6 per cent, respectively.

 

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 fund-raise of ₹1,200 crore and an offer for sale of ₹1,900 crore.

 

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 31 October 2025.