Clean Max Enviro Energy Solutions IPO
Clean Max Enviro Energy Solutions Limited (CLEANMAX) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 02 March 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +0.7% (likely range -9% to +5%), day's high +6.4%, chance of a gain 50%. Actual: -8.8% at the open, -8.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 61,39,997 | 1,73,74,756 | 2.83x | |
| NII (HNI) total | 46,05,000 | 24,76,152 | 0.54x | |
| Big NII (above ₹10 lakh) | 30,70,000 | 23,76,304 | 0.77x | |
| Small NII (₹2-10 lakh) | 15,35,000 | 99,848 | 0.07x | |
| Retail | 1,07,44,999 | 6,83,844 | 0.06x | |
| Employees | 3,33,333 | 34,804 | 0.10x | |
| Total | 2,18,23,329 | 2,05,69,556 | 0.94x |
Bids on NSE and BSE together, as published by NSE, as of 25 Feb 2026, 07:00 PM. Shares offered exclude the anchor portion. 3% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Clean Max Enviro Energy Solutions's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Aavas FinanciersSep 2018 | 2.77x | 0.26x | 0.25x | 0.97x | ₹1,734 Cr | -8.7% | -4.1% |
| FiveStar Business FinanceNov 2022 | 1.77x | 0.61x | 0.11x | 0.70x | ₹2,065 Cr | -1.1% | +14.7% |
| Dr. Agarwal's Health CareJan 2025 | 4.64x | 0.40x | 0.41x | 1.55x | ₹3,027 Cr | 0.0% | +2.7% |
| WeWork India ManagementOct 2025 | 1.79x | 0.23x | 0.61x | 1.15x | ₹3,000 Cr | +0.3% | +0.3% |
| DelhiveryMay 2022 | 2.66x | 0.30x | 0.57x | 1.63x | ₹5,519 Cr | +1.7% | +16.8% |
| Macrotech DevelopersApr 2021 | 3.05x | 1.44x | 0.40x | 1.36x | ₹2,516 Cr | -10.3% | -1.6% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| J.P. Morgan India | 27 | +17.4% | 74% |
| BNP Paribas | 10 | +10.5% | 50% |
| HSBC Securities and Capital Markets (India) | 15 | +8.3% | 87% |
| IIFL Capital Servies | — | — | — |
| Nomura Financial Advisory and Securities (India) | 27 | +16.0% | 56% |
| BOB Capital Markets | 6 | +4.9% | 50% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Clean Max Enviro Energy Solutions IPO price band and lot size? ₹1,000–1,053 per share, with a lot of 14 shares, so the smallest retail bid is ₹14,742.
How many times has it been subscribed? 0.94x overall: QIB 2.83x, NII 0.54x, retail 0.06x, employees 0.10x.
How did it list? It opened at ₹960, -8.8% against the issue price of ₹1,053, and closed its first day -17.6%.
