Clean Max Enviro IPO sees muted demand on Day 3 with 46% booking and weak GMP signals

The price band is fixed at ₹1,000–₹1,053 per share with a face value of Re 1. The issue comprises a fresh issue of ₹1,200 crore and an offer for sale of ₹1,900 crore. The IPO has been attracting steady investor interest as bidding progresses. Investors are closely tracking subscription numbers and grey market trends ahead of closure.

Clean Max Enviro Energy Solutions IPO closed its third and final day of bidding on February 25 after being subscribed 45% by the end of Day 2, with the company having already raised ₹921 crore from anchor investors. The IPO is priced at ₹1,000–₹1,053 per share, valuing the company at ₹12,325 crore at the upper band, and comprises a fresh issue of ₹1,200 crore along with an offer-for-sale of ₹1,900 crore by promoters and investors, reduced from the earlier proposed ₹5,200 crore. As per the RHP, the company is the largest renewable energy provider for commercial and industrial clients in India as of March 31, 2025, operating 2.54 GW capacity with another 2.53 GW under development as of July 31, 2025, offering wind, solar, hybrid energy and carbon credit solutions. Subscription data showed QIBs booked 1.21 times, NIIs 41%, and retail investors 4% by Day 2, while the grey market premium stood at ₹-3, indicating a likely flat-to-marginally discounted listing around ₹1,050 compared to the upper issue price of ₹1,053; allotment is expected on February 26 and listing on the BSE and NSE is slated for March 2.