Adds analyst comment in paragraph 4, updates shares in paragraph 1

March 2 (Reuters) - Shares of Clean Max Enviro Energy Solutions CLEM.NS fell 18% in their trading debut on Monday, valuing the company at 100.48 billion rupees ($1.10 billion) after weak retail demand weighed on India's biggest IPO so far this year.

The stock listed at 960 rupees on the National Stock Exchange (NSE) and was last down at 859 rupees by 10.55 a.m. IST, below its issue price of 1053 rupees.

The retail portion of the renewable power firm's $341 million IPO was only subscribed 6% by the final day of bidding last week, making it one of the lowest subscribed flotations by retail investors in recent years. The company had issued shares at a valuation of 123.3 billion rupees.

"Expensive IPO valuations and weak secondary market sentiments have led to weak listings this year. There is also a problem of perception of returns after a string of weak listings," said Aamar Deo Singh, senior vice president at Angel One.

The Brookfield-backed company's weak debut adds to a series of muted public issues in India this year, where five of eight IPOs have listed below their issue price.

India's benchmark Nifty 50 .NSEI was also down 1.24% on Monday as the Middle East war crippled global risk appetite.

Clean Max supplies renewable energy to clients including Amazon AMZN.O and Google GOOGL.O in India.

($1 = 91.4000 Indian rupees)

(Reporting by Komal Salecha and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)

((Komal@thomsonreuters.com;))