New Delhi, February 24 The initial public offering (IPO) of Clean Max Enviro Energy Solutions, a provider of commercial and industrial renewable energy, received 45% subscription on the second day of the share sale on Tuesday.
According to NSE data, the company's IPO received bids for over 97 lakh (97,59,106) shares against over 218 lakh (2,18,23,329) shares on offer.
The qualified institutional buyers' category was subscribed 1.21 times, while the quota for non-institutional investors was booked at 41%. The retail individual investors' portion received a 4% subscription.
Clean Max Enviro Energy Solutions raised Rs 921 crore from anchor investors on Friday. The public issue will close on February 25.
The company has fixed a price band of Rs 1,000-1,053 per share, valuing it at Rs 12,325 crore at the upper end. The proposed issue comprises a fresh issue of shares worth up to Rs 1,200 crore and an offer-for-sale (OFS) of shares valued at Rs 1,900 crore by promoters and an investor shareholder.
The IPO size has been reduced from the earlier planned Rs 5,200 crore, according to the preliminary papers filed in August 2025. Proceeds from the fresh issue of Rs 1,125 crore will be used to repay debt, while the balance will be used for general corporate purposes.
Ahead of the proposed IPO, the company had raised Rs 1,500 crore.
CleanMax will make its stock market debut on March 2.
Founded in 2010, CleanMax specializes in net zero and decarbonisation solutions for C&I customers. Its offerings include renewable power supply – wind, solar, hybrid – energy services, and carbon credit solutions.
As of July 31, 2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, in addition to 5.07 GW of projects under advanced stage and under development.
Financially, CleanMax's revenue from operations rose 13% to Rs 1,610.34 crore in FY25 from Rs 1,425.31 crore in FY24, while the company turned profitable, reporting a net profit of Rs 27.84 crore in FY25.
