Clean Max Enviro share price makes weak debut, lists at 10% discount to IPO price

Clean Max Enviro IPO listing: Clean Max Enviro share price made a dull debut in the Indian stock market on Monday, March 2, as it listed at a 9.68% discount to the initial public offering (IPO) price of ₹1,053 per share.

Clean Max Enviro share price opened at ₹960 on NSE and ₹952.20 on BSE on Monday. This means that the IPO allottees made a loss of around 10% on the Clean Max Enviro IPO listing.

The listing of Clean Max Enviro IPO was below market expectations. The GMP of Clean Max Enviro IPO was - ₹35, according to Investorgain.

Clean Max Enviro IPO details

Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, launched its IPO for subscription from Monday, February 23, to Wednesday, February 25. By the end of the bidding period, the issue saw a muted response, especially from retail investors, who subscribed just 6% of their allotted portion. The non-institutional investors’ (NII) segment was subscribed 54%, while the qualified institutional buyers’ (QIB) portion was booked 2.83 times. On the third day of bidding, the overall subscription stood at 94%, according to data available on the BSE.

The IPO price band was set at ₹1,000– ₹1,053 per equity share with a face value of Re 1. The minimum lot size was fixed at 14 equity shares and in multiples of 14 thereafter.

The offering comprised a fresh issue of shares worth up to ₹1,200 crore and an offer-for-sale (OFS) of ₹1,900 crore by promoters and an existing investor. The total issue size was reduced from the earlier planned ₹5,200 crore, as outlined in the draft papers filed in August 2025. Of the proceeds from the fresh issue, ₹1,125 crore is earmarked for debt repayment, with the remaining funds to be used for general corporate purposes.

The 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, while MUFG Intime India Pvt. Ltd. is acting as the registrar to the issue.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.