Clean Max IPO Sees 37% Subscription on Day 2: QIBs Take the Lead in ₹3,100 Crore Issue

The Clean Max IPO is gradually building momentum.

On Day 2 of bidding, the ₹3,100 crore public issue has been subscribed 37%, reflecting selective interest from institutional investors while retail participation remains muted so far.

As the market watches closely, numbers are beginning to tell a clear story.

Let’s break it down simply — what’s happening, who’s bidding, and what this means in the broader market context.

Market Performance: Clean Max IPO Subscription Status Day 2

The Clean Max IPO received bids for 81 lakh shares against the 2.18 crore shares on offer, as per NSE data available till 11:15 AM on Tuesday.

Here’s how the categories are shaping up:

• Overall Subscription: 37%
• Qualified Institutional Buyers (QIBs): 1.03 times
• Non-Institutional Investors (NIIs): 31%
• Retail Individual Investors (RIIs): 3%

The key takeaway?

Institutional investors have crossed the full subscription mark, but retail investors are still taking a wait-and-watch approach.

Institutional Investors Show Early Confidence

In the Clean Max IPO, the QIB portion has already been subscribed 1.03 times on Day 2 itself.

That’s important.

When qualified institutional buyers participate early, it signals structured demand. These investors usually evaluate balance sheets, valuations, and long-term positioning before committing capital.

Non-institutional investors have subscribed 31%, which shows moderate interest from high-net-worth participants.

Retail interest, however, stands at just 3% so far — a clear contrast to institutional demand.

Anchor Book: ₹921 Crore Raised Before Opening

Before the IPO opened for public subscription, Clean Max Enviro Energy Solutions raised ₹921 crore from anchor investors.

This pre-IPO placement often provides early visibility into institutional appetite.

The anchor round not only reduces uncertainty but also strengthens the base of the IPO book ahead of public bidding.

Clean Max IPO Size and Timeline

Here are the critical details of the Clean Max IPO:

• Total Issue Size: ₹3,100 crore
• IPO Closing Date: February 25
• Shares Offered: 2.18 crore shares
• Bids Received (Day 2 till 11:15 AM): 81 lakh shares

The issue is currently open, and subscription numbers may evolve as the closing date approaches.

Price Band and Valuation

Clean Max has fixed a price band of:

• ₹1,000 to ₹1,053 per share

At the upper price band of ₹1,053, the company is valued at approximately:

• ₹12,325 crore

Valuation always becomes a focal point in large IPOs. The ₹3,100 crore offering positions this issue among the significant primary market events of the season.

About Clean Max Enviro Energy Solutions

Clean Max Enviro Energy Solutions operates in the commercial and industrial renewable energy segment.

The company focuses on providing renewable energy solutions to commercial and industrial consumers, a segment that has been seeing increasing adoption amid rising sustainability focus.

The Clean Max IPO therefore represents not just a public issue, but an entry of another renewable-focused player into the listed space.

What the Numbers Are Indicating So Far?

Let’s look at the structure of demand:

• Strong participation from qualified institutional buyers
• Steady but not aggressive interest from non-institutional investors
• Very low participation from retail investors till now

This pattern typically reflects cautious retail sentiment while institutions take early positions.

With two days into bidding, participation trends may shift closer to closing.

Clean Max IPO in the Current Market Mood

The primary market has been selective lately.

Investors are looking closely at issue size, pricing, and institutional participation before stepping in. In that backdrop, the Clean Max IPO subscription data shows:

• Early QIB confidence
• Modest HNI participation
• Retail staying guarded

Large IPOs tend to see participation spike in the final days. For now, institutional subscription remains the headline figure.

Quick Snapshot: Clean Max IPO Key Data

Summary: Clean Max IPO Day 2 Update

The Clean Max IPO has reached 37% subscription on Day 2, led primarily by qualified institutional buyers whose portion is subscribed 1.03 times.

With ₹921 crore already secured from anchor investors and a total issue size of ₹3,100 crore, the IPO is steadily progressing.

Retail participation remains low at 3% so far, while non-institutional investors have subscribed 31%.

As the February 25 deadline approaches, subscription momentum will be closely monitored.

For now, the numbers show institutional interest leading the way in the Clean Max IPO.

Source: Moneycontrol