Clean Max Enviro IPO Day 3 Highlights: Issue booked 94%. GMP signals weak trend. Apply or not?

Clean Max Enviro IPO Day 3 Highlights: Clean Max Enviro IPO subscription status was 94% on day . The retail portion is subscribed 6%, and NII portion was also booked 54% and Qualified Institutional Buyers (QIBs) portion received 2.83x bids. The employee portion has been subscribed 10%.

The company has received bids for 2,05,69,556 shares against 2,18,23,329 shares on offer, at 17:00 IST, according to data on BSE.

Clean Max Enviro IPO Day 3 LIVE: BP Equities, said - “At the upper price band of Rs. 386, PNGS Reva Diamond Jewellery Ltd. is valued at a P/E multiple of 10.9x based on FY25 earnings. Given the company’s historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon."

Clean Max Enviro IPO Day 3 LIVE: 1. Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company and/or certain of their Subsidiaries ( ₹ 1,122.67)

2. General corporate purposes

3. Offer for sale of Equity Shares aggregating up to ₹1,900 Cr. The company will not receive any proceeds from the Offer for sale.

Clean Max Enviro IPO Day 3 LIVE: 1. Regulatory Changes: Open Access charges and "Green Energy" banking rules by state governments can impact PPA viability.

2. Debt Levels: Even post-IPO, the debt-to-equity remains moderately high as they build out the 3GW+ pipeline.

3. Execution Risk: Delays in land acquisition or grid connectivity for the "offsite" hybrid projects.

1. Undisputed Market Leadership in the C&I Segment
2. Blue-Chip Customer Base and High Repeat Business
3. Specialized Expertise in Complex RE Solutions
4. Strong Institutional Backing and Strategic Promoters

Clean Max Enviro IPO Day 3 LIVE: 1. High-Quality Clientele: Over 95% of its contracted capacity is with Investment Grade (A and above) customers, significantly reducing payment default risks common in the utility sector.

2. Brookfield Sponsorship: Being backed by one of the world's largest infrastructure investors (Brookfield) provides access to low-cost global capital.

3. Regulatory Advantage: Corporate PPAs generally offer higher tariffs than government tenders, leading to superior EBITDA margins (60%+).

1. Efficient capital allocation and risk management.
2. Comprehensive Suite of Customer-Centric Capabilities Leading to C&I Market Leadership and Strong Customer Relationships.
3. Timely and Cost-Effective Project Development, Execution and Management Capabilities

Clean Max Enviro IPO Day 3 LIVE: Anand Rathi Research, said - “At the upper price band company is valuing at EV/EBITDA of 21.5x with to its FY25 earnings and market cap of ₹1,23,252 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe Long Term” rating to the IPO.”

1. C&I Market Dominance: India’s largest "pure-play" renewable provider for the high-margin corporate sector, avoiding the lower tariffs and payment delays associated with state-run utility projects.
2. Stable & Long-Term Cash Flows: Revenue is secured by 20+ year contracts with blue-chip giants like Google, Amazon, etc. with 95% of capacity tied to A-rated (or higher) customers.
3. AI & Data Center Growth: A major first-mover in greening India's AI infrastructure; their contracted capacity for data centers increased 10 times in just 18 months to reach 2,400 MW by late 2025.
4. Tier-1 Institutions: Strong backing from global heavyweights Brookfield, Temasek and Bain Capital, ensuring world-class governance and access to lowcost capital for expansion.
5. Financial Pivot: Recently turned profitable in FY25 with a 58% EBITDA CAGR (FY23–25); the ₹3,100 crore IPO will significantly deleverage the balance sheet by repaying ₹1,125 crore in debt.

Clean Max Enviro IPO Day 3 LIVE: Lakshmishree Investment & Securities, said - “Despite a high debt-to-equity ratio of 1.97, CleanMax’s backing from global giants like Brookfield and Temasek provides a major competitive edge. We recommend a ‘Subscribe’ rating for high-risk investors seeking long-term exposure to India's green infrastructure and AI-driven power demand.”

Clean Max Enviro IPO Day 3 LIVE: Clean Max Enviro is recognized as the largest provider of renewable energy for commercial and industrial purposes in India as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, we operate, own, and manage 2.54 GW of capacity, with an additional 2.53 GW of capacity currently under contract and in progress.

Their primary services include the provision of renewable energy, energy consultancy, and carbon credit management. They serve a diverse clientele that includes both technology-based customers and traditional commercial and industrial clients.

Clean Max Enviro IPO Day 3 LIVE: IPO comprises a new issuance of shares totaling ₹1,200 crore, alongside an offer-for-sale of shares valued at ₹1,900 crore. The total offer size has been lowered from the previously planned ₹5,200 crore, as indicated in the initial documents submitted in August of last year.

The selling stakeholders in the offer-for-sale include promoters Kuldeep Jain, Brookfield's BGTF One Holdings (DIFC), and KEMPINC, along with investors Augment India I Holdings and DSDG Holding APS.

The CleanMax IPO is being managed by Axis Capital, JP Morgan India, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets.

Clean Max Enviro IPO Day 3 LIVE: As per the red herring prospectus (RHP), the company's listed peers are ACME Solar Holdings Ltd (with a P/E of 49.46), NTPC Green Energy Ltd (with a P/E of 132.94), Adani Green Energy Limited (with a P/E of 119.14), and ReNew Energy Global PLC (with a P/E of 44.84).

Clean Max Enviro IPO Day 3 LIVE: Tentatively, Clean Max Enviro Energy Solutions IPO basis of allotment of shares will be finalised on Thursday, February 26 and the company will initiate refunds on Thursday, while the shares will be credited to the demat account of allottees on Friday, February 27. Clean Max Enviro Energy Solutions share price is likely to be listed on BSE and NSE on Monday, March 2.

Clean Max Enviro IPO Day 3 LIVE: Clean Max Enviro Energy Solutions IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Employee portion has been reserved shares up to ₹300 million.

Clean Max Enviro IPO Day 3 LIVE: The IPO subscription rate of 45 percent by the second day of its share sale on Tuesday.

The IPO received offers for over 97 lakh (97,59,106) shares, compared to more than 218 lakh (2,18,23,329) shares available, based on data from the NSE.

The category for qualified institutional buyers was subscribed 1.21 times, whereas the segment for non-institutional investors reached a 41 percent subscription. The portion for Retail Individual Investors garnered a subscription rate of 4 percent.

Clean Max Enviro IPO Day 3 LIVE: Clean Max Enviro IPO GMP is -3. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Clean Max Enviro shares is indicated as ₹1,050 apiece, which is 0.28% lower than the IPO price of ₹1,053.

According to the recent trends observed in the last 15 sessions of grey market activities, the current IPO GMP indicates a tendency toward a discount, suggesting a potential discount listing. The most significant GMP recorded is ₹14, while the lowest stands at ₹-3.00, as per expert analysis.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.