Clean Max Enviro Energy Solutions IPO: Renewable energy company Cleanmax Enviro Energy Solutions Limited had a very poor start in the stock market. On Monday, the company’s shares closed with a decline of about 18 percent against the issue price of Rs 1053. The company’s shares were listed at Rs 952.20 on BSE, down 9.57 percent from the issue price of Rs 1053. Later it closed at Rs 867.90 with a fall of 17.57 percent. Similarly, it was listed on NSE at Rs 960, which is 8.83 percent less than the issue price. The market cap of the company stood at Rs 10,161.30 crore. Let us tell you that the IPO of Cleanmax Enviro Energy Solutions Limited opened on 23 February and closed on 25 February.
The company’s IPO was not even fully subscribed.
Cleanmax Enviro Energy Solutions Limited had fixed the price band of Rs 1000 to Rs 1053 for each share with face value of Re 1 as part of its Rs 3080 crore IPO. In this sense, retail investors got only 14 shares in one lot. There was not much interest among investors regarding the company’s IPO. Therefore, the IPO of Cleanmax Enviro Energy Solutions Limited could receive only 0.94 times subscription. That is, the company’s IPO could not be fully subscribed. Established in 2010, the company provides ‘net-zero emissions’ and carbon emission reduction solutions to commercial and industrial customers.
Shares were allotted on 26 February
A total of 2,92,50,277 shares were to be allotted for Rs 3080 crore under the IPO of Cleanmax Enviro Energy Solutions. These included 1,13,60,190 fresh shares worth Rs 1196 crore, while 1,78,90,087 shares worth Rs 1884 crore were issued by the company’s promoters through OFS. After the IPO closed on February 25, the shares were allotted to the applicants on February 26 and then the shares were transferred to the demat accounts of the investors on February 27. However, this IPO could not live up to the expectations of the investors.
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