Issue closes on Wednesday, February 25, 2026 for bidding

The Initial Public Offering of Clean Max Enviro Energy Solutions Limited was subscribed 1.03 times for the QIB portion on the first day, demonstrating strong demand from qualified institutional buyers, retail and non-institutional investors for this IPO.

The issue received bids of 63,43,526 equity shares against the offered 61,39,997 equity shares for QIBs, according to data available on the stock exchanges.

Overall the issue was subscribed 0.34 times across categories as of 5:00pm on Monday 23, February 2026.

The issue kicked off for subscription on Monday, February 23, 2026 and will close for subscription on Wednesday, February 25, 2026.

A day before the opening of the issue, Clean Max Enviro Energy Solutions Limited had raised nearly Rs 921 crore from anchor investors.

Some of the marquee institutions that participated in the anchor include Zulia Investments Pte Ltd (Temasek), SBI Life Insurance Co Ltd, HDFC Mutual Fund – HDFC Business Cycle Fund, Nomura India Investment Fund Mother Fund, Prudential Hong Kong Limited – PHKL Asia Pacific Active Growth Equity Portfolio and Eastspring Investments – Asia Opportunities Equity Fund, amongst others.

Leading brokerage firms like, Aditya Birla Money, BP Wealth, Ventura Securities and Way2Wealth Brokers have given a “Subscribe” rating to the issue. Further Mint, ET and other top news houses have given positive reviews,  highlighting the company is a market leader in the commercial and industrial (C&I) renewable energy sector, with the largest customer base among C&I renewable energy players in India as of March 31, 2025 and September 30, 2025.

Also, the company does not participate in competitive tenders with state-owned distribution companies that award projects solely on the basis of the lowest tariff bids. As a result, the company prices its offerings at a premium compared to large utility-scale independent power producers due to its differentiated project economics and risk profiles.

On the valuation front, at the upper price band, the company is valued at an EV/EBITDA multiple of 17.49x times as compared to 27x for India listed peers. Given the company’s position within the industry, improving financials and favorable macroeconomic conditions, recommend a Subscribe rating to the issue from a medium-to long-term perspective.