The Rs 3,100 crore IPO of Clean Max Enviro Energy Solutions has entered its second day of bidding with a subscription of 34% recorded on the first day. The issue is priced between Rs 1,000 and Rs 1,053 per share, with a minimum lot size of 14 shares requiring an investment of Rs 14,742 for retail participants. Institutional appetite appears resilient as the Qualified Institutional Buyers (QIB) segment was oversubscribed 1.03 times on day one. In contrast, the retail segment saw a lukewarm response with only 2% subscription, and Non-Institutional Investors (NII) stood at 20%. The offering includes a fresh issue of Rs 1,200 crore and an offer for sale (OFS) of Rs 1,900 crore. Grey market signals remain muted, with the premium (GMP) hovering near Re 1, or roughly 0.09% above the upper price band. This indicates expectations of a flat listing. The company reported a turnaround in FY25, posting a net profit of Rs 19.43 crore compared to a loss in FY24, while revenue grew 13% to reach Rs 1,610 crore. Market analysts highlight the firm's leadership in the commercial and industrial (C&I) renewable sector, where it manages 2.80 GW of operational capacity. However, concerns persist regarding high leverage, as total borrowings reached Rs 10,121 crore by September 2025. The company plans to utilize Rs 1,125 crore from the fresh issue to repay debt. Valuation is a primary point of debate. At the upper price band, the issue is valued at approximately 16 times EV/EBITDA. While some brokerages suggest caution due to aggressive pricing and thin net profit margins of 1.2%, others point toward long-term potential fueled by rising demand from data centers and AI industries. The subscription window remains open until February 25, 2026. Share allotment is expected to be finalized on February 26, with the tentative listing on BSE and NSE scheduled for March 2, 2026. Current trends suggest a cautious approach from individual investors even as the broader renewable energy sector sees accelerated growth in India.