Clean Max IPO Day 1 Subscription At 0.36x
- By Kotak News Desk
- 24 Feb 2026 at 8:59 AM IST
- Market News
- 4m
Clean Max Enviro Energy Solutions' IPO saw a steady start on its first day, and was subscribed 0.36x. The subscription trend was QIB-led. Retail and non-institutional participation remained cautious. Read about IPO day 1 numbers & day 2 expectations ahead.
The primary market witnessed the debut of Clean Max Enviro Energy Solutions Ltd on 23 February 2026. Clean Max Enviro is a prominent name in the renewable energy space.
The initial public offering (IPO) recorded a total subscription of 0.36x on day 1 of its public bidding. The standout performer was the qualified institutional buyer (QIB) category. Generally, this category consists of banks, mutual funds, and foreign funds. The QIB category was oversubscribed on IPO Day 1 itself (excluding the anchor portion).
However, the non-institutional investor (NII) segment, which generally involves high-net-worth individuals, saw a comparatively muted response. Within the NII segment, the big NII (bNII) portion subscribed more than the small NII (sNII) portion.
The retail individual investor (RII) segment includes individual traders applying for up to ₹2 lakh. This segment showed the least response. The IPO also has an employee quota which has performed in line with RIIs.
It seems like institutional players are locking in their interest early. Investors need to have a closer look at the IPO figures to make their analysis.
Clean Max Enviro IPO: Day 1 Subscription Snapshot
Here are the Clean Max Enviro IPO subscription figures tabled below.
Day 1 Investor Category-Wise Subscription
Investors can look at the investor-category-wise day 1 subscription from the below table:
QIBs | 1.09 | Financial institutions and large fund houses |
NIIs | 0.21 | Corporates and High-Net-Worth Individuals |
RIIs | 0.02 | General public and small investors |
Employee Reserved Category | 0.03 | Eligible staff of the company |
Total Subscription (Ex Anchor) | 0.36 | Consolidated day 1 performance |
Bidding Numbers And Financial Scale
Below is a detailed table on the bidding figures and their respective financial scale:
QIB (Ex Anchor) | 58,16,014 | 63,43,526 | 667.97 |
NII (Consolidated) | 43,68,735 | 9,29,488 | 97.88 |
Retail Individual | 1,01,93,715 | 2,33,730 | 24.61 |
Total (Ex Anchor) | 2,06,93,259 | 75,15,368 | 791.37 |
Non-Institutional Investor (NII) Segment Breakdown
Here is a table representing the subcategories of NII subscribers' portion on day 1:
bNII (Big NII) | 0.31 | Applications above ₹10 lakh |
sNII (Small NII) | 0.01 | Applications between ₹2 lakh and ₹10 lakh |
Clean Max Enviro Energy Solutions Ltd (Clean Max Enviro) has opened its doors for public subscription today. India is accelerating its transition towards a net-zero economy. So, the commercial and industrial (C&I) renewable sector is emerging as an important battleground.
Clean Max, a specialist in the C&I segment. It is seeking to leverage its market-leading position by raising capital that balances fresh funding (fresh issue) for expansion with an exit for early-stage backers through offer-for-sale (OFS).
The issue has already demonstrated strong institutional interest. It has raised huge capital from marquee anchor investors just a day before the public launch. Its participants range from global sovereign wealth funds to domestic mutual fund giants.
Also, the IPO is arriving at a time when the "green energy" story is shifting from broad utility-scale projects to specialised and corporate-focused solutions. Now, there is an important question for investors: does this initial public offering (IPO) mark a new chapter for private-sector renewable plays in India?
Major Details Of The IPO
Here are the main IPO numbers for Clean Max Enviro IPO.
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Total Issue Size - ₹3,100.00 Cr.
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Fresh Issue Component - ₹1,200.00 Cr.
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OFS - ₹1,900.00 Cr.
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Price Band - ₹1,000 to ₹1,053 per equity share
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Pre-IPO Market Cap - ₹12,325.29 Cr.
Investors can navigate the specifics of this issue with these brief tables on the main IPO figures and timelines.
Investment Thresholds And Categories
Here is a table outlining the minimum application sizes and investment amounts for different investor categories:
Retail Individual | 1 | 14 | 14,742 |
Small High-Net-Worth Individuals (S-HNI) | 14 | 196 | 2,06,388 |
Big High-Net-Worth Individuals (B-HNI) | 68 | 952 | 10,02,456 |
Tentative IPO Timetable
Here is the detailed IPO schedule for the Clean Max Enviro IPO. Investors can find the main subscription dates and timeline for allotment, and listing process here.
IPO Opens for Subscription | Monday, 23 February 2026 |
IPO Closes for Subscription | Wednesday, 25 February 2026 |
Finalisation of Basis of Allotment | Thursday, 26 February 2026 |
Initiation of Refunds | Thursday, 26 February 2026 |
Credit of Shares | Friday, 27 February 2026 |
Listing Date on the Bombay Stock Exchange (BSE) & National Stock Exchange (NSE) | Monday, 02 March 2026 |
Also Read - Omnitech Engineering Sets ₹583 Crore IPO From 25 February
Investor Takeaway
Clean Max Enviro has a specialised industry advantage amongst the renewable energy segment. Currently, the The subscription performance of Clean Max Enviro IPO on the first day was largely driven by the QIBs. The RIIs seemed cautious on day 1. It would be interesting to see the IPO day 2 and day 3 performance on 24 February and 25 February, respectively.
Source:
Chittorgarh
CNBC TV18
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