Clean Max Enviro Energy's IPO: A New Chapter in Renewable Energy Investment

Clean Max Enviro Energy Solutions, a leader in renewable energy, began its initial public offering (IPO) with a 45% subscription on the second day. The IPO aims to raise significant funds, with allocations to repay debt and support corporate purposes, reflecting the company's dynamic growth in renewable solutions.

The initial public offering (IPO) of Clean Max Enviro Energy Solutions stands at 45% subscription as of the second day, highlighting robust investor interest. The renewable energy provider attracted bids for more than 97 lakh shares against over 218 lakh shares on offer, according to the National Stock Exchange (NSE) data.

The qualified institutional buyers' category exhibited strong demand with a 1.21 times subscription, while the non-institutional investors' quota saw a 41% booking. Retail individual investors contributed to a 4% subscription. Clean Max Enviro Energy Solutions had previously secured Rs 921 crore from anchor investors, setting the stage for the IPO, which closes on February 25. The company's valuation could reach as high as Rs 12,325 crore, with a price band set between Rs 1,000 and Rs 1,053 per share.

The IPO, previously targeted at Rs 5,200 crore, now comprises a fresh issue of shares worth up to Rs 1,200 crore and an offer-for-sale valued at Rs 1,900 crore. Proceeds will be directed toward debt repayment and corporate purposes. Established in 2010, Clean Max focuses on net zero and decarbonization solutions and is set for a stock market debut on March 2. Its operational capacity stood at 2.54 GW by July 31, 2025, with a revenue increase of 13% to Rs 1,610.34 crore in FY25, marking its profitability.

(With inputs from agencies.)