Synopsis: CleanMax Enviro IPO Allotment process for the ₹3,100 crore CleanMax Enviro Energy Solutions IPO is expected to be finalized today, Thursday, February 26, 2026. Following a muted response from retail and HNI investors, the focus shifts to the official allotment results and a potentially weak listing on the grey market.
CleanMax Enviro IPO Allotment
CleanMax Enviro Energy Solutions, India’s leading commercial and industrial renewable energy provider, concluded its three-day bidding window on February 25.
While the issue managed to sail through on the final day, it was primarily driven by institutional interest.
The basis of allotment is being processed today, with shares scheduled to be credited to successful bidders by February 27 and a tentative listing set for March 2, 2026.
Where to Check CleanMax Enviro IPO Allotment Status
Investors can verify their allotment status through the following three official channels. You will need your PAN Number, Application Number, or DP ID.
1. Via Registrar (MUFG Intime India Pvt Ltd)
MUFG Intime (formerly Link Intime India) is the official registrar for this issue.
- Step 1: Visit the MUFG Intime IPO Status Page.
- Step 2: Select “CleanMax Enviro Energy Solutions Ltd” from the company list.
- Step 3: Enter your PAN, Application Number, or DP ID.
- Step 4: Click “Submit” to view your share allocation.
2. Via BSE (Bombay Stock Exchange)
- Step 1: Go to the BSE IPO Status Page.
- Step 2: Select “Equity” as the Issue Type.
- Step 3: Choose “CleanMax Enviro Energy Solutions Limited” from the dropdown.
- Step 4: Provide your Application Number and PAN. Click “Search.”
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Subscription Recap: Selective Institutional Interest
The IPO saw a clear divergence in demand, with retail investors largely staying on the sidelines due to aggressive valuations and high leverage concerns.
- Overall Subscription: 0.99 times (Nearly full subscription).
- Qualified Institutional Buyers (QIB): Subscribed 2.99 times.
- Non-Institutional Investors (NII): Subscribed 0.57 times.
- Retail Category: Subscribed only 0.07 times.
Allotment Status: Click Here
GMP and Listing Outlook
The Grey Market Premium (GMP) for CleanMax Enviro has taken a significant hit. As of February 26, the GMP is reported at -₹17, indicating that shares are trading at a discount in the unlisted market.
This suggests a potential discounted listing at approximately ₹1,036, a 1.6% drop from the issue price of ₹1,053.
While the company boasts blue-chip clients like Google and Amazon and long-term 22-year PPAs, the market remains wary of its thin 1.2% net profit margins and a P/E ratio exceeding 350x.
Short-term listing gains appear highly unlikely, making this a play only for long-term investors comfortable with the infrastructure-style business model.
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