Clean Max's Rs 3,100-crore IPO subscribed 45% on day 2; QIB, NII lead - Check GMP

Clean Max IPO sees robust subscription on Day 2.

• Clean Max IPO subscribed 37 percent on day two of share sale, so far.
• Qualified institutional buyers' quota fully subscribed.
• IPO listing expected on March 2, price band set at Rs 1,000-1,053.

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Clean Max initial public offering (IPO) received 45 percent subscription on the second day of share sale on Tuesday.

The initial share sale by Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, got bids for 97.59-lakh shares against 2.18-crore shares on offer, according to the NSE data..

The portion for qualified institutional buyers was subscribed 1.21 times, while the quota for non-institutional investors received 41 percent subscription. Retail Individual Investors part garnered only 4 percent subscription.

Earlier on Friday, it raised Rs 921 crore from anchor investors. The Rs 3,100 crore IPO will conclude on February 25.

The company has fixed a price band of Rs 1,000-1,053 per share, valuing it at Rs 12,325 crore at the upper end.

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Clean Max IPO GMP Today News

According to platforms tracking the grey market activities, the shares of Clean Max Enviro Energy are commanding a flat GMP in the unofficial market.

Proceeds from the fresh issue amounting to Rs 1,125 crore will be used to repay debt, while the balance will go towards general corporate purposes.

Clean Max IPO allotment is expected by February 26, while the share listing is scheduled for March 2.

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