The initial public offering of Clean Max Enviro Energy Solutions was subscribed 0.34 times, or 34 per cent, as of 4,03 pm on the first day of bidding on February 23, 2026, with institutional investors leading the demand while retail participation remained muted.
The qualified institutional buyers (QIB) portion was subscribed 1.03 times, reflecting strong early interest from institutional investors. In contrast, the non-institutional investor (NII) category saw 0.20 times subscription, while the retail individual investor segment and employee quota were subscribed 0.02 times each.
IPO details, price band, anchor portion
The ₹3,100 crore IPO, which opened on February 23 and will close on February 25, comprises a fresh issue of shares worth up to ₹1,200 crore and an offer-for-sale (OFS) aggregating ₹1,900 crore by promoters and existing shareholders. The price band has been fixed at ₹1,000-1,053 per share, valuing the company at ₹12,325 crore at the upper end.
Proceeds from the fresh issue, to the extent of ₹1,125 crore, will be used for debt repayment, with the remainder earmarked for general corporate purposes. Prior to the IPO, the company had raised ₹1,500 crore in a pre-IPO round. The shares are scheduled to list on March 2.
Ahead of the public issue opening, the company mobilised ₹921 crore from anchor investors. Domestic institutional investors accounted for 68 per cent of the anchor book, while foreign institutional investors contributed the remaining 32 per cent.
Prominent participants in the anchor round included Temasek Holdings, Nomura Asset Management, Eastspring, SBI Life, Tata Investment Corp, HDFC Mutual Fund, Abu Dhabi Investment Authority, Franklin Templeton Mutual Fund, SBI General Insurance, Premji Invest and 360 One Mutual Fund.
Clean Max, India’s largest commercial and industrial renewable energy service provider with an estimated 8 per cent market share, focuses on supplying green power solutions to corporate clients under long-term power purchase agreements. Brokerages have largely recommended subscribing to the issue with a long-term perspective, though they have flagged valuation concerns.
SBI Securities said Clean Max benefits from a capital-efficient model and one of the lowest net debt-to-adjusted EBITDA ratios in the industry at around 4.8 times, compared with more than 6 times for peers. It highlighted that green energy sourcing by corporates, currently at about 7.5 per cent, is expected to rise to 20 per cent by FY30, providing scalability. At the upper price band of Rs 1,053, the issue is valued at FY25 and annualised first-half FY26 EV/EBITDA multiples of 21.7 times and 16.3 times, respectively, on a post-issue basis.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, noted that the company has a strong capacity pipeline, premium tariffs and long-tenure power purchase agreements of around 23 years, along with high repeat clientele and robust project-level return on equity of about 35 per cent. However, he pointed out that valuations appear stretched at around 16 times EV/EBITDA, particularly given elevated leverage with net debt-to-equity of about 2.5 times. The brokerage has recommended subscribing for long-term investors, citing structural demand drivers such as data centres and AI-led power consumption.
Anand Rathi said Clean Max’s integrated operating model, disciplined capital allocation and diversified portfolio support cash-flow stability and long-term growth. At the upper price band, it estimates the company is valued at an EV/EBITDA multiple of 21.5 times FY25 earnings, with a post-issue market capitalisation of Rs 12,325 crore. The brokerage has assigned a “subscribe – long term” rating, though it considers the IPO fully priced at current valuations.
With institutional interest providing early support and retail participation yet to pick up, market participants will closely watch subscription trends over the remaining two days of bidding and the company’s debut on the exchanges.
Published on February 23, 2026
