Clean Max Enviro Energy Solutions share price: Stock lists at 9% discount on NSE; here's how much investors lost

This reflects a 8.83% discount against the IPO issue price of ₹1,053 apiece.

On the BSE, the stock started trading at ₹952.20, down 9.57% from the issue price.

Clean Max Enviro Energy Solutions share price: Here's how much investors lost

The ₹3,100 crore IPO, with a price band of ₹1,000 to ₹1,053 per share, was a mix of fresh issuance of ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore.

Under the OFS, promoters Kuldeep Jain, KEMPINC LLP and BGTF One Holdings (DIFC) Ltd, along with investors DSDG HOLDING APS and Augment India I Holdings, LLC, will offload their stake.

The money generated will be utilised for repayment of certain outstanding borrowings and corporate general purposes.

The initial public offering was subscribed 94%, with bids for 2,05,69,556 shares as against 2,18,23,329 shares on offer, according to the NSE data.

Before the IPO, the company raised ₹921 crore from anchor investors, including Eastspring, SBI Life, Tata Investment Corp, Temasek Holdings, HDFC Mutual Fund, ADIA, SBI General, Premji Invest, 360 One Mutual Fund, Nomura Asset Management and Franklin Templeton Mutual Fund.

Axis Capital, BNP Paribas, JP Morgan India, HSBC Securities and Capital Markets, IIFL Capital, BOB Capital Markets, Nomura Financial Advisory and Securities and SBI Capital Markets were the issue's merchant bankers.