Clean Max Enviro IPO opens today: Check GMP, subscription status and what brokerages say

Clean Max Enviro Energy has opened its Rs 3,100 crore IPO for subscription today, with a price band set between Rs 1,000 and Rs 1,053 per share. The offering includes a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore, and is expected to close on February 25, with a listing date of March 2. As India's largest commercial and industrial renewable energy provider, Clean Max has shown significant financial improvement, reporting revenues of Rs 1,610 crore in FY25, a rise from Rs 1,425 crore in FY24, alongside a net profit of Rs 19.43 crore. Despite this positive trajectory, the company carries a high net debt of Rs 5,938 crore, with a net debt-to-equity ratio of 1.9 times, prompting a focus on debt repayment from IPO proceeds. Analysts have varied opinions on the IPO; while Swastika Investmart gives a 'Neutral' rating due to aggressive valuation, Aditya Birla Money recommends a 'Subscribe' for long-term investors, citing growth potential in the renewable sector. The grey market premium currently stands at a modest 0.3%, suggesting limited short-term excitement among investors, particularly for those seeking immediate gains. Investors are advised to weigh the company's long-term growth prospects and debt management strategies before making decisions.