Clean Max Enviro Energy Bulk Deal: Citigroup to pay Rs. 70 crores sold 8.3 lakh shares

On Monday Rs. In a wholesale deal worth Rs 70 crore, Citigroup offloaded around 8.3 lakh shares of bourse debutant Clean Max Enviro Energy Solutions. Share Rs. 846.72, which was Rs. 1,053 representing a 20% discount on the issue price.

Clean Max Enviro Energy Solutions listed on NSE at Rs. 960, which is 9% below the issue price.

The shares were sold by Citigroup Global Markets Mauritius Private Limited, an affiliate of Citigroup. He got Rs. 94,717 equity shares were allotted through anchor allotment at an upper price band of 1,053. This anchor accounts for 1.1% of the quota.

Clean Max Enviro Energy today gained 10.63% or Rs. 102 and fell 19% against the issue price to Rs. Ended at 858.

The IPO, which closed on February 25, was oversubscribed 0.99 times, managing to advance on the final day. Subscription patterns show sharp differences across categories.

The QIB tranche excluding anchor was subscribed 2.99 times, indicating institutional interest. However, the non-institutional investor segment was subscribed only 0.57 times, while retail participation was extremely muted at 0.07 times. Employee segment saw 0.11 times subscription.

In IPO Rs. 1,200 crore fresh issue and Rs. 1,900 crore includes an offer for sale.

Clean Max is India’s largest commercial and industrial renewable energy provider by March 2025, according to a Crisil report. The company has 2.54 GW of operational capacity and another 2.53 GW under execution. It supplies renewable power under long-term PPAs to corporate customers, including technology and industrial companies.

Financially, the company has shown revenue growth but operates in a capital-intensive business. For FY25, total revenue of Rs. 1,610.34 crore, while profit after tax was Rs. 19.43 crores.

At the issue price, the shares were valued at steep earnings with a post-issue P/E of over 300 times historical earnings.

The net proceeds from the fresh issue will be used for general corporate purposes with the balance amounting to Rs. 1,122.67 crore will be made for repayment or prepayment of loans.

Given the barely-there subscription level and negative GMP, listing gains appear unlikely at this stage. Market participants expect a cautious debut, with performance depending more on institutional demand and broader market sentiment rather than retail-driven momentum.

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