Clean Max Enviro Energy Solutions IPO Subscribed 94% On Final Day, QIBs Lead With 2.83x Oversubscription

New Delhi: The initial public offer of Clean Max Enviro Energy Solutions Ltd, a commercial and industrial renewable energy provider, received 94 per cent subscription on the last day of share sale on Wednesday. The Rs 3,100-crore IPO got bids for 2,05,69,556 shares against 2,18,23,329 shares on offer, as per details available with the NSE.

Qualified Institutional Buyers' (QIBs) portion received 2.83 times subscription. The category for non-institutional investors mopped up 54 per cent subscription, and that of Retail Individual Investors (RIIs) received 6 per cent subscription. Clean Max Enviro Energy Solutions raised Rs 921 crore from anchor investors on Friday last week.

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 IPO has 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 Rs 5,200 crore planned earlier, according to the preliminary papers filed in August 2025.

CleanMax will make its stock market debut on March 2. Founded in 2010, CleanMax specialises in net zero emissions and decarbonisation solutions for commercial and industrial customers. Its offerings include renewable power supply -- wind, solar, hybrid -- energy services, and carbon credit solutions. 

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