Clean Max Enviro IPO allotment today: How to check status, GMP ahead of listing

The allotment for the Clean Max Enviro Energy Solutions IPO is expected to be finalised on February 26 following the close of bidding on February 25. The Rs 3,100 crore public issue saw muted overall demand, with the issue sailed through on the final day. The company had earlier raised Rs 921 crore from anchor investors on February 20.

Subscription details

The IPO received strong interest from institutional investors but weak response from retail and non-institutional investors. The QIB (excluding anchor) portion was subscribed 2.99 times, with bids for 1,73,74,756 shares against 58,16,014 shares on offer. The NII category was subscribed 0.57 times. The retail category was subscribed 0.07 times.

How to check Clean Max Enviro IPO allotment status

Investors can check their allotment status through the registrar’s website or on the BSE website once the basis of allotment is finalised.

To check via MUFG Intime India:

Visit https://www.mufgintime.com/ipo/

Select Clean Max Enviro from the dropdown.

Enter your PAN or application number and click on Submit to view allotment status.

On the BSE website (https://www.bseindia.com/investors/appli_check.aspx)

Choose Equity, select Clean Max Enviro and enter your application details or PAN.

Refunds for non-allottees are expected to be initiated on February 26, while shares will be credited to demat accounts by February 27.

GMP and listing outlook

The grey market premium is currently negative, indicating that the shares are trading below the upper price band of Rs 1,053 in the unofficial market. A negative GMP generally signals cautious sentiment and points to a flat to weak listing, unless institutional support improves secondary market confidence closer to debut.

The shares are scheduled to list on BSE and NSE on March 2.

Given the near-full subscription driven largely by QIBs, listing performance will likely depend on institutional participation and broader market conditions in the renewable energy and infrastructure space.

Company overview

Clean Max Enviro is India’s largest commercial and industrial renewable energy provider as of March 31, 2025, according to a CRISIL report. As of July 31, 2025, the company had 2.54 GW of operational, owned and managed capacity and an additional 2.53 GW of contracted capacity under execution.

The company supplies renewable power to corporate clients under long-term PPAs and Energy Attribute Purchase Agreements. It also offers turnkey development services, including land acquisition, EPC, power evacuation, O&M and carbon services.

Its customer base includes technology firms, data centres and conventional commercial and industrial consumers.

With a negative GMP and retail participation remaining subdued, near-term listing gains appear limited. However, strong institutional participation could provide stability if renewable energy themes regain traction in the secondary market.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)