The initial public offering (IPO) of Clean Max Enviro Energy Solutions Limited (CleanMax) was subscribed 99.26% at the close of bidding on Wednesday, supported by strong participation from institutional investors.
The three-day issue, which opened on February 23 and closed on February 25 at 5:00 pm, saw the Qualified Institutional Buyers (QIB) portion subscribed 2.99 times, indicating solid institutional confidence. The Non-Institutional Investor (NII/HNI) category was subscribed 0.57 times.
As per data available on the National Stock Exchange (NSE), the IPO received bids for 2,05,69,122 equity shares against 2,07,23,155 shares offered at the upper end of the price band of ₹1,053 per share, translating to 99.26% subscription. At the lower price band of ₹1,000 per share, bids were received for 2,05,69,122 shares against 2,18,23,329 shares on offer.
Prior to the issue opening, CleanMax raised ₹921 crore from anchor investors, including SBI Life Insurance, HDFC Mutual Fund, ADIA, and Temasek Holdings. Earlier this month, the company secured ₹1,500 crore in a pre-IPO funding round backed by Temasek Holdings, Bain Capital, Trust Group, and 360 One, among others.
Further details will be disclosed in the prospectus to be filed in accordance with regulatory requirements, subject to finalisation of the Basis of Allotment.
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