It’s the wrap of day 1 for Clean Max’s IPO, which started strong as its Qualified Institutional Buyer section has already been oversubscribed.
However, the IPO’s GMP has fallen compared to Friday. The offer worth Rs 3,100 crore has also seen slightly low subscription in the employee reserved and retail investor categories.
Here is all you need to know about the IPO’s day 1 performance-
Clean Max Enviro IPO: Subscription on day 1
Of the total 2.18 crore bids, the total cumulative bids for the IPO stand at over 75 lakhs, representing a total subscription of 34%.
Clean Max Enviro IPO: QIBs leading the pack
The Qualified Institutional Buyers (QIB) segment saw strong subscription growth, as it has already been oversubscribed 1.03 times.
In the QIB segment, foreign institutional investors (FIIs) are leading the pack, accounting for nearly 68% of the total bids.
Clean Max Enviro IPO: NIIs category subscribed 20%
The Non-Institutional Investor category has been subscribed 20%, receiving over 9.29 lakh bids against a total of 46 lakh bids.
Clean Max Enviro IPO: RIIs and Employee subscription at slow pace
The Retail Individual Investors (RIIs) category made a slow start with a 2% subscription, as it received over 2.26 lakh bids against a total of 1.07 crore bids.
The same goes for the employee reserved category, which too has been subscribed just 2%.
Clean Max Envio IPO: GMP
The buzz in the unlisted markets seems to have faded a bit, as shares of the company are trading at Rs 1,054.75. This implies a premium of nearly 0.17% on the upper end of the price band.
This marks a steep decline in premium, as on Friday the shares were trading at Rs 1,057.
The company has fixed the price band at Rs 1,000–1,053 per share, with each share having a face value of Rs 1.
Clean Max Enviro IPO: Key details
The IPO is a book-build issue worth Rs 3,100 crore, of which Rs 1,200 crore is a fresh issue, while the remaining Rs 1,900 crore is an offer for sale.
The issue will be open for bidding till Wednesday, February 25. The final allotment of shares is expected to be completed by February 26. The refund process is also likely to be initiated on the same day.
Eligible shareholders can expect the shares to be credited to their demat accounts by February 27. The renewable energy firm is likely to be listed on the stock exchanges by March 2.