Clean Max IPO allotment: Step-by-step guide to check status, fresh GMP, listing date

Clean Max Enviro Energy Solutions is likely to finalize the basis of allotment of its shares on Thursday, February 26. Applicant bidders will get the messages, alerts or emails for debit of their funds by Friday, February 27 or latest over the weekend. The hybrid renewable energy solutions provider muted response from the investors during the three-day bidding process.

The IPO of Clean Max Enviro Energy Solutions was open for bidding between February 23-25. It had offered its shares in the price band of Rs 1,000-1,053 per share with a lot size of 14 shares. The company eyed to raise a total of Rs 3,100 crore via IPO, which included a fresh share sale of Rs 1,200 crore and an offer-for-sale (OFS) of up to 1.80 crore shares worth Rs 1,900 crore.

The issue was overall subscribed only 94 per cent with only 37,210 applications, fetching bids for Rs 2,166 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 2.83 times. The quotas for non-institutional investors (NIIs) and retail bidders were undersubscribed at 54 per cent and 6 per cent, respectively. Even the employee portion was booked just 10 per cent.

The grey market premium (GMP) of Clean Max Enviro Energy Solutions has tanked sharply after muted bidding and jittered market sentiments. Last heard, it was commanding a discount of Rs 17-20 per share, suggesting a weak listing for the investors. The company was commanding nearly negligible GMP during the bidding phase of the issue.

Bengaluru-based Clean Max Enviro is India’s leading commercial and industrial (C&I) renewable energy provider. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. It has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.

Axis Capital, BNP Paribas, JP Morgan India, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory, BoB Capital Markets and SBI Capital are the book running lead manager of Clean Max IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Monday, March 02.

Investors, who had bid for the issue of Clean Max Enviro Energy Solutions, can check the allotment status on the Bombay Stock Exchange (BSE) website:

• Visit https://www.bseindia.com/investors/appli_check.aspx
• Under the issue type, click Equity
• Under the issue name, select Clean Max Enviro Energy Solutions Limited in the dropbox
• Write the application number
• Add the PAN card ID
• Click on 'I am not a Robot' and hit search button

Similarly, one can also check the allotment status on NSE website also (https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids)

• Select ‘Equity & SME IPO Bid details’.
• Under ‘Select Symbol’, choose ‘CLEANMAX’.
• Put in your PAN No. and Application No.
• Click on ‘Submit’ to proceed.

Investors can also check the allotment status on the online portal of MUFG Intime India (https://in.mpms.mufg.com/Initial_Offer/public-issues.html), the registrar to the issue. The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.

• Go to the web portal of MUFG Intime India Limited
• Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
• You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
• In application type, select between ASBA and non-ASBA
• Enter the details of the mode you selected in Step 2
• For security purposes, fill the captcha accurately
• Hit submit.