Clean Max Enviro Energy Solutions IPO
Open MainLineCurrent GMP
₹-35 (-3.32%)
Price Band
₹ 1000 – 1053
Lot Size
14
Issue Size
₹3100 Cr
Minimum Investment
₹14742 (14 Shares)
Listing Date
02 March 2026
Subscription
0.94x
About the Company
Clean Max Enviro is India’s largest commercial and industrial (C&I) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, the company has a total operational, owned, and managed capacity of 2.54 GW, along with an additional 2.53 GW of contracted capacity under execution.
Clean Max Enviro offers comprehensive renewable energy solutions, including renewable power supply, energy services, and carbon credit solutions, catering to a diverse customer base that spans technology companies as well as traditional commercial and industrial (C&I) enterprises.
Areas of Expertise
The company’s expertise covers the entire renewable energy value chain, including:
- Energy Contracting
- Engineering, Procurement, and Construction (EPC)
- Operation and Maintenance (O&M) of renewable energy plants, including solar, wind, and hybrid projects
Business Segments
1. Renewable Energy Power Sales Segment
Clean Max Enviro sells renewable power to customers through:
- Long-term Power Purchase Agreements (PPAs)
- Energy Attribute Purchase Agreements (EAPAs)
This segment focuses on providing sustainable and cost-effective renewable power directly to C&I customers.
2. Renewable Energy Services Segment
This segment provides end-to-end renewable energy project development and management services, including:
- Turnkey project development, covering land acquisition and power evacuation infrastructure
- EPC services for solar, wind, and hybrid projects
- Operation and Maintenance (O&M) services throughout the project lifecycle
- Carbon Services, helping clients achieve sustainability and carbon reduction goals
Promoters
- Kuldeep Jain
- Pratap Jain
- Nidhi Jain
- BGTF One Holdings (DIFC) Ltd
- Kempinc LLP
Promoters Holding
Holding Pre Issue
74.89%
Holding Post Issue
49.08%
Objects of the Issue
The Company Clean Max Enviro Energy Solutions IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or our Subsidiaries
- General corporate purposes
Address / Contact Info
Clean Max Enviro Energy Solutions Ltd.
4th Floor,The International 16 Maharshi Karve Road,
New Marine Lines Cross Road No.1, Churchgate
Mumbai, Maharashtra, 400020
Phone: +91 22 6252 000
Email: Secretarial@cleanmax.com
Website: http://www.cleanmax.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Monday, 23 February 2026
IPO Close Date
Wednesday, 25 February 2026
Basis of Allotment
Thursday, 26 February 2026
Initiation of Refunds
Thursday, 26 February 2026
Credit of Shares to Demat
Friday, 27 February 2026
Listing Date
Monday, 02 March 2026 — NSE & BSE
Important Dates
Open Date
23 February 2026
Close Date
25 February 2026
Basis Of Allotment
26 February 2026
Listing Date
02 March 2026
Financial Performance (₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16945.65 | 13279.25 | 9076.55 | 57000.14 |
| Revenue | 969.35 | 1610.34 | 1425.31 | 960.98 |
| Profit After Tax | 19 | 19.43 | -37.64 | -59.47 |
| Net Worth | 2598.34 | 2545.44 | 1817.96 | 1209.93 |
| Reserve & Surplus | 0 | 0 | 0 | 0 |
| Total Borrowings | 10121.46 | 7973.7 | 5514.56 | 3843.42 |
EPS Pre
2.79%
EPS Post
0.00%
P/E Pre
377.42
P/E (Post Issue)
0.00x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 0.43 | 1.27 | -2.04 | -5.28 |
| ROCE % | 0 | 0 | 0 | 0 |
| Debt / Equity | 2.53 | 1.97 | 2.17 | 2.16 |
| RoNW % | 0.43 | 1.09 | -1.7 | -5.39 |
| PbW | 0 | 0 | 0 | 0 |
| Pat Margin % | 0 | 0 | 0 | 0 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 6139997 | 28.14 | 0 |
| Non-Institutional | 4605000 | 21.1 | 0 |
| BNII | 3070000 | 14.07 | 0 |
| SNII | 1535000 | 7.03 | 0 |
| Retail Investors | 10744999 | 49.24 | 0 |
| Employees | 333333 | 1.53 | 0 |
| Total | 21823329 | 100 | 0 |
Subscription Status ( Wed, 25 Feb 26 01:55 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 6139997 | 17374756 | 2.83x |
| Non-Institutional | 4605000 | 2475564 | 0.54x |
| BNII | 3070000 | 2376304 | 0.77x |
| SNII | 1535000 | 99260 | 0.06x |
| Retail Investors | 10744999 | 678230 | 0.06x |
| Employees | 333333 | 35182 | 0.11x |
| Total | 21823329 | 20563732 | 0.94x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Clean Max Enviro Energy Solutions Ltd | 1 | 0.00 | 2.88 | 2.79 | 1.09 | 250.93 |
| ACME Solar Holdings Ltd | 2 | 42.38 | 4.55 | 4.53 | 5.59 | 74.54 |
| NTPC Green Energy Ltd | 10 | 150.10 | 0.67 | 0.67 | 2.58 | 21.88 |
| Adani Green Energy Ltd | 10 | 113.39 | 8.37 | 8.37 | 15.55 | 58.63 |
| ReNew Energy Global PLC | 0.0001 | 46.63 | 10.92 | 10.81 | 3.39 | 310.40 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 14 | 14,742.00 |
| Retail (Max) | 13 | 182 | 191,646.00 |
| S-HNI (Min) | 14 | 196 | 206,388.00 |
| S-HNI (Max) | 67 | 938 | 987,714.00 |
| B-HNI (Min) | 68 | 952 | 1,002,456.00 |
Registrar
MUFG Intime India Private Limited ((Link Intime)
91-22-4918 6270
ipo.helpdesk@in.mpms.mufg.com
https://in.mpms.mufg.com/home.html
Book Running Lead Managers
- IIFL Capital Services Limited
- Bob Capital Markets Limited
- J.P. Morgan India Private Limited
- Nomura Financial Advisory And Securities (India) Pvt Ltd
- Hsbc Securities & Capital Markets Pvt Ltd
- Bnp Paribas
- Axial Capital Private Limited
- SBI Capital Markets Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Clean Max Enviro Energy Solutions IPO is a Book-building IPO worth ₹3100 crores. The price band is ₹1000 to 1053 per share. The IPO opens on Mon, Feb 23, 2026 and closes on Wed, Feb 25, 2026. It will be listed on BSE and NSE. MUFG Intime India Private Limited ((Link Intime) is the registrar.
The Clean Max Enviro Energy Solutions IPO opens on Mon, Feb 23, 2026 and closes on Wed, Feb 25, 2026
Clean Max Enviro Energy Solutions IPO Price Band is ₹1000 to 1053.
Clean Max Enviro Energy Solutions IPO lot size is 14, and the minimum amount required for application is ₹14742.
The minimum investment for Clean Max Enviro Energy Solutions IPO is approximately ₹14742 based on the upper price band.
To apply for the Clean Max Enviro Energy Solutions IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Wed, Feb 25, 2026. After submission, funds are blocked until the basis of allotment of Clean Max Enviro Energy Solutions IPO is finalised.
Clean Max Enviro Energy Solutions IPO issue size is ₹3100 crores.
Clean Max Enviro Energy Solutions IPO allotment date is Sat, Jun 27, 2026.
The registrar for Clean Max Enviro Energy Solutions IPO is MUFG Intime India Private Limited ((Link Intime). Investors can go to MUFG Intime India Private Limited ((Link Intime) website for IPO allotment status, refund processing, and other queries related to Clean Max Enviro Energy Solutions IPO through their official website or helpline.
The Clean Max Enviro Energy Solutions IPO GMP (Grey Market Premium) is ₹-35 as of Mon, Mar 2, 2026. Based on the upper price band of ₹1053 per share, the estimated Clean Max Enviro Energy Solutions IPO listing price is ₹1018, indicating a potential listing gain of approximately 31% over the issue price.