Subscription Details
The IPO received strong interest from institutional investors but weak response from retail and non-institutional investors. The QIB (excluding anchor) portion was subscribed 2.99 times with bids for 1,73,74,756 shares against 58,16,014 shares on offer. NII category was subscribed 0.57 times. Retail category was subscribed 0.07 times.
How to Check Clean Max Enviro IPO Allotment Status
Once the allotment basis is decided, investors can check their allotment status through the Registrar’s website or on the BSE website.
MUFG Intime India to check out:
Visit https://www.mufgintime.com/ipo/
Select Clean Max Enviro from the dropdown.
Enter your PAN or application number and click submit to check the allotment status.
On BSE website (https://www.bseindia.com/investors/appli_check.aspx)
Select Equity, select Clean Max Environment and enter your application details or PAN.
Refunds for non-allottees are expected to start on February 26, while shares will be credited to demat accounts by February 27.
GMP and Listing Outlook
The gray market premium is currently negative, indicating that the shares are trading in the unofficial market at Rs. Trading below the upper price band of 1,053. A negative GMP usually signals cautious sentiment and points to a flat for weak listings, unless institutional support improves secondary market confidence near the debut.
The shares are scheduled to be listed on BSE and NSE on March 2.
Given the near-full subscription driven mostly by QIBs, listing performance will likely depend on institutional participation and broader market positioning in the renewable energy and infrastructure space.
Company Overview
According to a CRISIL report, Clean Max Enviro is India’s largest commercial and industrial renewable energy provider as of March 31, 2025. As of July 31, 2025, the company has 2.54 GW of operational, owned and managed capacity and an additional 2.53 GW of contracted capacity in place.
The company supplies renewable power to corporate clients under long-term PPAs and energy attribute purchase agreements. It also provides turnkey development services including land acquisition, EPC, power evacuation, O&M and carbon services.
Its customer base includes technology companies, data centers, and traditional commercial and industrial customers.
With negative GMP and retail participation pending, near-term listing benefits appear limited. However, strong institutional partnerships can provide stability if renewable energy themes regain traction in the secondary market.
(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)
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