New Delhi, 02 March (H.S.): Shares of commercial and industrial renewable energy provider Clean Max Enviro Energy Solutions Limited made a feeble stock market entry today, leaving IPO investors nursing heavy losses.Weak Listing PerformanceIssued at ₹1,053 per share, the stock listed at a 9.50% discount on BSE (₹952.20) and 9% on NSE (₹960).

Post-listing selling pressure drove it down to ₹855.10, trading at ₹855.50 by 11:30 AM—inflicting ₹197.50 per share or 18.76% losses on investors.

The ₹3,086.97 crore IPO, open February 23–25, scraped 0.99x overall subscription: QIBs at 2.99x, NIIs at 0.57x, retail at a dismal 0.07x. It comprised a ₹1,200 crore fresh issue of 1.14 crore shares (₹1 face value) and ₹1,900 crore OFS of 1.80 crore shares. Proceeds target debt reduction, working capital, and corporate needs.

Losses narrowed from ₹59.47 crore (FY23) to ₹37.64 crore (FY24), flipping to ₹19.43 crore profit (FY25) and ₹19 crore in H1 FY26 (Apr–Sep 2025). Revenue climbed from ₹960.98 crore (FY23) to ₹1,610.34 crore (FY25) and ₹969.35 crore (H1 FY26).

Debt ballooned from ₹3,843.42 crore (FY23) to ₹10,121.46 crore (H1 FY26), while reserves grew from ₹1,209.93 crore to ₹2,598.34 crore. EBITDA soared from ₹405.92 crore (FY23) to ₹1,015.07 crore (FY25) and ₹637.85 crore (H1 FY26).

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Hindusthan Samachar / Jun Sarkar