CleanMax shares fall 18% post listing: Should you exit?
What's the story
CleanMax Enviro Energy Solutions' shares have seen a massive fall of 18% after their market debut. The company's stock was trading at ₹863.7 per share on the National Stock Exchange (NSE) earlier today, down by nearly 18%. The decline comes after the company's initial public offering (IPO) was subscribed by 94% between February 23-25 in the primary market.
Listing details
CleanMax shares listed at ₹960 per share
The shares of CleanMax, a provider of renewable energy solutions for commercial and industrial clients, were listed at ₹960 per share on the NSE. This was an 8.83% discount to its IPO price band of ₹1,000-1,053 per share. On the Bombay Stock Exchange (BSE), the company's shares were listed at ₹952 per share—a 9.57% discount from their issue price.
Market cap
Market capitalization at ₹11,148.28 crore
Post-listing, CleanMax's market capitalization stood at ₹11,148.28 crore. Analyst Shivani Nyati from Swastika Investmart advised long-term investors to hold onto their stocks despite the initial dip. She cautioned listing gain investors about limited upside visibility while advising allottees against panic selling if the discount is marginal and fundamentals remain intact. Fresh investors were advised to wait for post-listing price stability before making any purchases in this cautious market scenario.
Business focus
About CleanMax Enviro Energy Solutions
Founded in 2010, CleanMax specializes in net-zero emissions and decarbonization solutions for commercial and industrial clients. The company's services include renewable power supply through wind, solar, hybrid sources, energy services, and carbon credit solutions. The ₹3,100-crore IPO consisted of a fresh issue of shares worth up to ₹1,200 crore and an offer-for-sale (OFS) of ₹1,900 crore by promoters and an existing investor.