Clean Max IPO Day 2: Subscribed 0.47x Till Now
The initial public offering (IPO) of Clean Max Enviro Energy Solutions, India's largest commercial and industrial (C&I) renewable energy provider, progressed on a steady but cautious note on the second day of the bidding. After a muted beginning on Day 1, the IPO issue of Rs 3,100 crore reached an overall subscription of 0.47 times by the end of the Day 2 session with a GMP of Rs. 0.
While qualified institutional buyers (QIBs) are showing early interest in India's developing corporate renewable energy narrative, retail and non-institutional investors (NIIs) appear to be adopting a traditional wait-and-see strategy.
The reception to the Clean Max IPO has been relatively muted, primarily due to the premium valuation and the capital-intensive nature of the green energy sector. Here we will explore Clean Max IPo day 2 in more detail.
Key dates for the Clean Max IPO
The Clean Max IPO is in the midst of its three-day subscription period, having officially opened for public bidding on Monday, February 23, 2026. Prospective investors have until February 25, 2026, to submit their applications. Following the bidding, the IPO allotment is expected to be final on Thursday, February 26.
The process of refunds will initiate from Thursday, February 26, and credits of shares to the demat accounts is scheduled to begin on Friday, February 27. The stock is scheduled to make its debut on the BSE and NSE on Monday, March 2, 2026.
The public issue is priced in the range of Rs. 1000 to Rs. 1,053 per share. For the retail investors category, the minimum application is one lot of 14 shares, which implies a commitment of Rs 14,742 at the upper price band.
About Clean Max
Clean Max was incorporated in 2010. Since then, Clean Max has grown to be a dominant market leader in supplying renewable energy solutions to commercial and industrial (C&I) consumers. Serving high-value global and domestic clients, including marquee names such as Google, Apple and Amazon, the company is helping corporates to meet their net-zero and decarbonisation targets through long-term Power Purchase Agreements (PPAs).
Clean Max has a strong portfolio in solar, wind and hybrid energy assets. As of mid-2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity under execution.
Financially, the company had shown a robust turnaround in FY25 and reported a revenue from operations of Rs 1,610.34 crore (compared to Rs 1,425.31 crore in FY24) and a net profit (PAT) of Rs 19.43 crore.
Recent GMP and subscription status on day 2
As of the end of Day 2, the issue had an overall subscription of 0.47 times. The qualified institutional buyers (QIB) segment led the charge and crossed full subscription at 1.27 times, which indicates strong structural demand from large funds.
Non-Institutional Investors (NII) had a moderate participation of 0.44 times the subscription. The retail individual investors (RII) portion was still extremely muted at only 0.04 times, while the employee quota was subscribed 0.05 times.
The Grey Market Premium has been mostly flat and unexciting on Day 2, hovering at Rs. 0. The latest GMP indicates a flat listing at the upper price band of Rs. 1053, resulting in no gain/loss from the listing.
What is next?
Market observers attribute this subdued retail subscription and flat GMP to Clean Max's rich valuations and high debt levels. At the upper price band, the IPO is priced at a steep P/E ratio at nearly 15.3x EV/EBITDA, which is considered expensive for capital-intensive businesses.
As the last day (February 25) of the IPO approaches, all eyes will be on the QIB and HNI segments. While short-term listing gains appear highly unlikely given current grey market trends, investors are looking to buy the stock to be a play for the long term.
