Vishnu Bhardwaj’s report-

Cleanmax IPO Price: Capital markets regulator ‘SEBI’ The free hand to decide the price in IPO is being misused. Despite huge losses being incurred by retail investors in many expensive IPOs, ‘SEBI’ Due to ignorance of this, the greed of merchant bankers and company promoters is increasing. A recent example of this is the Rs 3100 crore IPO of CleanMax Enviro Energy Solutions Limited, which is the most expensive IPO in the green energy sector so far.

The IPO of Clean Max, which is being launched at the most expensive valuation of price-to-earnings (P/E) ratio of 400, will open on February 23. You will be surprised to hear its per share price. The company has kept the price range of its Re 1 face value equity shares at Rs 1,000 to Rs 1,053.

If calculated from the face value of Rs 10, then the share price of Clean Max is Rs 10,530 i.e. more than Rs 10 thousand. Solar and wind power producer Clean Max was facing a loss of Rs 20 crore in FY 2024 and made a net profit of only Rs 28 crore in FY 2025. On which the earning per share (EPS) was only Rs 2.60 and in the first half of this year also the profit was only Rs 11 crore and the annual EPS was only Rs 2.

Measly profit of Rs 11 crore, ‘imaginary’ Valuation

Investors are surprised that Clem Max has such a modest profit, then what ‘imaginary’ Issuing such an expensive IPO at a PE ratio of 400 on valuation and asking for Rs 10,000 per share? And on what basis have SEBI officials approved the IPO? Has the company found any gold mines? Shares of other big listed companies in the green energy sector like Adani Green, NTPC Green and Acme Solar are also trading at PE ratio of 44 to 132 and these companies are also earning high profits.

These merchant bankers had cheated earlier also

This expensive ipo The eight merchant bankers include Axis Capital, J.P. Morgan India, HSBC, BNP Paribas, Nomura and IIFL Capital, two of which were also merchant bankers for the Paytm IPO. Who 4 years ago had defrauded 10 lakh investors of about Rs 10,000 crore in the most expensive Paytm IPO in history.