Clean Max Enviro Energy Solutions Ltd has opened its initial public offering (IPO) for subscription today, 23 February, with the issue set to close on 25 February. The commercial and industrial renewable energy provider plans to raise ₹3,100 crore through a mix of fresh issue and offer for sale.
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Highlights
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The IPO price band is set at ₹1,000–₹1,053 per share, with a lot size of 14 equity shares and in multiples thereafter.
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The total issue size is ₹3,100 crore, including a fresh issue of ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore by existing shareholders such as Kuldeep Jain, KEMPINC LLP, BGTF One Holdings (DIFC), DSDG Holding APS and Augment India I Holdings, LLC.
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On Day 1, the issue was subscribed 3% as of 11:45 am, with QIBs at 9% and retail investors at 1%.
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The company raised ₹921 crore ahead of the IPO from anchor investors including Temasek, HDFC Mutual Fund, SBI Life, Tata Investment Corp, ADIA and others.
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Key dates: subscription 23–25 February, allotment and refund initiation on 26 February, credit of shares on 27 February, and listing on NSE and BSE on 2 March.
Why it matters
CleanMax, founded in 2010, focuses on net zero and decarbonisation solutions for commercial and industrial clients through solar, wind, hybrid power, energy services and carbon credit offerings. The IPO offers investors exposure to India’s growing renewable energy and sustainability solutions space, with a diversified customer base across sectors such as AI and technology, data centres, cement, steel, pharma, FMCG and real estate. The fresh capital will be used to reduce debt and for general corporate purposes, potentially strengthening the company’s balance sheet and growth capacity. In the grey market, the stock is quoting around ₹1,056, implying a marginal premium over the upper end of the price band, though such indicators are unregulated and not a substitute for due diligence.
SOURCE: Upstox