Clean Max IPO bets on growth discount in a weak listing market

The primary market has struggled to find its footing in 2026.

- Mayur Bhalerao [e-mail]

Benchmark indices are down about 2.6% year-to-date, volatility remains elevated, and investors are wary amid global uncertainties and tighter domestic liquidity. Mainboard initial public offering (IPO) activity has been sparse and listing gains even scarcer.

A Mint analysis of 2026 mainboard listings shows just five companies have hit the market so far, compared with nine IPOs during the same period last year. ‘The median listing loss is at 3.6%, with only one standout debut, The first maiden issue of the year, Bharat Coking Coal surged 77% on listing day after being subscribed 147 times. The rest offered little cheer. Shadowfax Technologies listed at an 11% discount despite a three-times subscription. Fractal Analytics debuted 6% below its issue price with similar demand. Amagi Media Labs and Aye Finance delivered muted single-digit or flat returns.

It is in this subdued backdrop that Clean Max Enviro Energy Solutions is launching a ₹3,100 crore IPO, testing whether a renewable infrastructure platform can buck the weak listing trend.

The IPO comprises a fresh issue of ₹1,200 crore and an offer for sale of ₹1,900 crore, priced at ₹1,000-1,053 per share. At the upper band, it implies a post-issue market capitalization of over ₹12,000 crore. The issue will be open for subscription from Monday to Wednesday.

Renewable energy listings have delivered gains before.