/saur-energy/media/agency_attachments/2025/06/20/2025-06-20t080222223z-saur-energy-logo-prasanna-singh-1-2025-06-20-13-32-22.png){kind=logo}
Follow Us
/saur-energy/media/post_attachments/2025/06/rayzon-files-for-inr-1500-cr-ipo-to-expand-manufacturing-.jpg)
The Mumbai-based company, known for offering green energy solutions to the Commercial and Industrial (C&I) segment, has planned to raise Rs 5,200 crore with the issue of its proposed IPO. Photograph: (Archive)
CleanMax Enviro Energy Solutions Limited finally listed today, a listing hit by a confluence of factors well beyond the company's control. The firm, which issued shares at Rs 1053/share, saw prices slump quickly to 10% below on listing today at the NSE and BSE exchanges, and go upto 19% below the issue price, with the price of Rs 858 at the time of filing this story. Almost 19% below the issue price. (Updated at 1230 p.m. Down over 27% at Rs 768, putting it in place among the worst debuts seen in recent times.)
Besides the obvious conclusion that the hit today means a longer wait for investors hoping for a quick exit, the experience will also burden future issuances in the space with lower investor interest. CleanMax, despite barely scraping through with just under full subscription, chose to price the shares at the upper end of the prioce band, further ensuring that returns would be difficult to come by for short term investors.
The firm had seen a sharp difference in the response from varioius investor categories, with the QIB portion, reserved for institutional investors, being subscribed 2.99 times. This excludes the Rs 921 crores it had raised from investors just before the issue. the non-institutional segment opted for only 0.57 or 57% of its entitlement, while the retail segment was practically a no go at just 0.07 times the shares on offer. Even employee subscriptions have been reported at just 10% of the shares on offer.
The offer, which comprised a fresh issue of Rs 1200 crores and Rs 1900 crores of exits by existing investors, was widely awaited from a firm seen as one of the strongest in the C&I segment in India with a footprint outside the country as well. Most of the money raised will be used to retire existing debt.
With a 2.54 GW portfolio in operation, and another 2.53 GW under construction, CleanMax remains poised to deliver strongly in the coming quarters, but whether that will reflect in its stock price soon, is anyone's guess.
We believe the firm left little on the table for investors, and that has shown up in the response as well as listing slippage. Timing has also played spoilsport for now, but with strong fundamentals, the firm remains a long term bet now, with little to offer for the short to medium term for its new investors.