Clean Max IPO Debuts on Exchanges Without Full Subscription, a Four-Year Rarity

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Clean Max IPO Lists Without Full Subscription, First in Four Years

Clean Max breaks four-year streak as sub-100% subscribed IPO heads to listing.

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Moneycontrol•02-03-2026, 05:01

Clean Max IPO Lists Without Full Subscription, First in Four Years

•Clean Max Enviro Energy Solution's IPO will list on March 2 despite falling short of full subscription, the first such instance in four years.
•The company joins 14 others since 2007 that listed without 100% subscription, including Star Health and Allied Insurance in 2021.
•Clean Max's issue was 99% subscribed, with QIB portion oversubscribed (2.99x) but non-institutional (57%) and retail (7%) undersubscribed.
•Historically, most such IPOs have shown underwhelming performance, with negative listing day returns and steep one-year falls.
•Hindustan Aeronautics is a notable exception, generating strong long-term gains despite a muted initial performance.

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