Clear Max Enviro Power bulk deal: Citigroup sells 8.3 lakh shares price Rs 70 crore
Clear Max Enviro Power Options made its market debut at Rs 960 on the NSE, down 9% from the problem worth.
The shares have been bought through Citigroup’s affiliate Citigroup International Markets Mauritius Personal Restricted. It was allotted 94,717 fairness shares through anchor allotment on the higher worth band of Rs 1,053. This constituted 1.1% of the anchor quota.
Clear Max Enviro Power immediately ended at Rs 858, down 10.63% or Rs 102 with respect to the itemizing worth and down 19% towards the problem worth.
The IPO, which closed on February 25, was subscribed 0.99 occasions general, nearly managing to sail by on the ultimate day. Subscription patterns confirmed a pointy divergence throughout classes.
The QIB portion, excluding anchors, was subscribed 2.99 occasions, reflecting institutional curiosity. Nevertheless, the non-institutional investor phase was subscribed solely 0.57 occasions, whereas retail participation was extraordinarily muted at 0.07 occasions. The worker portion noticed 0.11 occasions subscription.
The IPO comprised a contemporary challenge of Rs 1,200 crore and a proposal on the market of Rs 1,900 crore.Clear Max is India’s largest business and industrial renewable power supplier as of March 2025, in response to a Crisil report. The corporate has 2.54 GW of operational capability and one other 2.53 GW beneath execution. It provides renewable energy beneath long-term PPAs to company clients, together with know-how and industrial firms.
Financially, the corporate has proven income development however operates in a capital-intensive enterprise. For FY25, complete revenue stood at Rs 1,610.34 crore, whereas revenue after tax was Rs 19.43 crore.
On the challenge worth, the inventory was valued at a steep earnings a number of, with a post-issue P/E of over 300 occasions based mostly on historic earnings.
The online proceeds from the contemporary challenge will primarily be used for compensation or pre-payment of borrowings amounting to Rs 1,122.67 crore, with the stability for common company functions.
Given the just-about subscription ranges and unfavourable GMP, itemizing good points seem unlikely at this stage. Market members count on a cautious debut, with efficiency prone to rely extra on institutional demand and broader market sentiment relatively than retail-driven momentum.
(Disclaimer: Suggestions, ideas, views and opinions given by the specialists are their very own. These don’t signify the views of Financial Instances)
