Clean Max Enviro Energy Solutions lists on BSE and NSE

Mumbai-headquartered Clean Max Enviro Energy Solutions debuted in the secondary market on Monday, trading at a discount amid a market-wide sell-off on Dalal Street.

The stock began trading at Rs 952.2 apiece on BSE, marking a 9.6 per cent discount to the issue price. Its journey on NSE began at Rs 960, marking a discount of 8.8 per cent.

Selling pressure increased in the stock after the debut trade.

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At 10:10 am, the Dalal Street entrant traded at Rs 892.6 apiece and Rs 905.4 apiece on BSE and NSE, respectively. Thar translates into discounts of 15.2 per cent and 14 per cent, respectively.

EDITOR'S TAKE | Only meant for high risk-taking investors as suggested earlier

Prior to the opening bell on Dalal Street, Zee Business Managing Editor Anil Singhvi said the issue got a lukewarm response as expected, and given the market scenario, it is bound to see a weak listing.

The mainboard IPO of Clean Max Enviro Energy Solutions concluded on February 25 with an overall subscription of 94 per cent, with bids for 2.06 crore shares against the 2.18 crore equity on offer, according to provisional exchange data.

"We had recommended subscription only to high-risk investors, suggesting those with a low risk appetite to wait for the listing," said the market guru.

"Those holding the stock must place a strict stop loss," he said, referring to weak signals for the Nifty50 amid a turmoil in the global markets owing to the conflict in the Middle East.

Clean Max Enviro Energy Solutions IPO

The IPO was open to subscription for three trading days, from February 23 to 25, with shares offered in the range of Rs 1,000-1,053. Potential investors could apply for the IPO in lots of 14 shares at a time.

The issue comprised fresh equity amounting to an estimated Rs 1,200 crore and an offer-for-sale (OFS) worth Rs 1,900 crore.

The company plans to utilise a portion of the proceeds to repay debt. Its total borrowings stood at Rs 10,121.5 crore, as of September 30.

Clean Max Enviro Energy Sol anchor investors

Prior to the IPO, Clean Max Enviro Energy Solutions raised Rs 921 crore from 41 anchor investors, including SBI Life, Tata Investment Corp, Temasek Holdings, HDFC Mutual Fund, ADIA, SBI General, Premji Invest, 360 One Mutual Fund, Nomura Asset Management and Franklin Templeton Mutual Fund.

What does Clean Max Enviro Energy Solutions do?

Clean Max Enviro Energy Solutions is a Mumbai-based renewable energy company.

It claims to be the country's's largest commercial and industrial (C&I) renewable energy provider, with a 2,799 MW operational capacity portfolio, as of October 31.

Clean Max Enviro Energy Solutions specialises in delivering net zero and decarbonisation solutions, including supplying renewable power and energy services and carbon credit solutions across data centers, AI and technology industries.

Here are answers to a few frequently asked questions (FAQs) on the subject:

How did Clean Max Enviro Energy Solutions list on bourses?

Clean Max Enviro Energy Solutions debuted at a discount on both exchanges.

The stock opened at Rs 952.2 on BSE, marking a 9.6 per cent discount to the issue price of Rs 1,053.

On NSE, it began its journey at Rs 960, down 8.8 per cent from the issue price.

How did the stock perform after listing?

Selling pressure intensified after the debut.

Was the weak listing impacted by the broader market sell-off?

Yes.

Analysts had already indicated that weak market sentiment could result in a subdued debut.

What was the subscription response to the IPO?

The IPO concluded with an overall subscription of 94 per cent.

How much did the company raise through the IPO?

The issue comprised fresh equity worth around Rs 1,200 crore and an offer-for-sale (OFS) worth about Rs 1,900 crore.