Clean Max IPO: Issue fully subscribed with 2 days to go
Clean Max Enviro Energy Solutions's IPO has reached 51% subscription by Wednesday afternoon, with bidding closing today.
The offer includes a ₹1,200 crore fresh issue and a ₹1,900 crore offer for sale, drawing 1.11 crore bids for 2.18 crore available shares.
Retail investors lag behind
Big players are leading the charge—Qualified Institutional Buyers have already oversubscribed their portion (1.35x), while Non-Institutional Investors are at 51%.
Retail investors seem less excited so far, at just 5%.
The share price is set between ₹1,000 and ₹1,053, valuing Clean Max at up to ₹12,325 crore.
India's largest renewable energy supplier for businesses
Since starting in 2010, Clean Max has become India's top renewable energy supplier for businesses and industries.
They provide solar and wind power through long-term contracts and also handle EPC projects, maintenance services, and carbon credits.
Key details of the offer
Money raised will mainly go toward paying off debt (₹1,123 crore) and general business needs.
If you're tracking the timeline: share allotment is on February 26; refunds come on February 26; listing on BSE and NSE is expected March 2.