Clean Max Enviro Energy Solutions IPO
GMP, Subscription, Price, Dates & Financial Details
Power and Energy
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…
Open Date
Mon, 23 Feb 2026
Close Date
Wed, 25 Feb 2026
Price Band
₹ 1000 – 1053
Lot Size
14
Issue Size
₹ 3,080.00 Cr
Minimum Investment
₹ 14,742 (14 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Clean Max Enviro Energy Solutions IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹3,080.00 Crore, comprising a fresh issue of 1.14 Crore equity shares aggregating to ₹1,196.00 Crore and an offer for sale (OFS) of 1.79 Crore equity shares aggregating to ₹1,884.00 Crore by the existing shareholders.
The Clean Max Enviro Energy Solutions IPO remained open for subscription from February 23, 2026, to February 25, 2026. The basis of allotment was finalized on February 26, 2026, and the company's shares were listed on the NSE and BSE on March 02, 2026.
The company had fixed the price band at ₹1000 to ₹1053 per share, with a lot size of 14 shares. Retail investors were required to make a minimum investment of ₹14,742 (based on the upper price band) to apply for one lot.
MUFG Intime India Private Limited served as the registrar to the issue. 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, and SBI Capital Markets Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Clean Max Enviro Energy Solutions Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Clean Max Enviro Energy Solutions IPO Timeline (Tentative)
- IPO Open Date
- Mon, 23 Feb 26
- IPO Close Date
- Wed, 25 Feb 26
- Basis of Allotment
- Thu, 26 Feb 26
- Initiation of Refunds
- Thu, 26 Feb 26
- Credit of Shares to Demat
- Fri, 27 Feb 26
- Listing Date
- Mon, 02 Mar 26 — NSE & BSE
Open Date
23 February 2026
Close Date
25 February 2026
Basis Of Allotment
26 February 2026
Listing Date
02 March 2026
IPO Subscription
Check Live Subscription →The Clean Max Enviro Energy Solutions IPO has received bids for 2,05,63,732 shares against 2,18,23,329 shares offered, resulting in an overall subscription of 0.94x. the NII category is subscribed 0.54x, Retail Investors 0.06x, Employees 0.11x, and QIBs 2.83x. Within the NII category, BNII is subscribed 0.77x, while SNII is subscribed 0.06x.
QIB
2.83x
NII
0.54x
BNII
0.77x
SNII
0.06x
RII
0.06x
EMP
0.11x
Total
0.94x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 1,07,44,999 shares, representing 49.24% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 61,39,997 shares (28.14%), while Non-Institutional Investors (NIIs) receive 46,05,000 shares (21.1%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 6,139,997 | 28.14% |
| Non-Institutional | 4,605,000 | 21.1% |
| BNII | 3,070,000 | 14.07% |
| SNII | 1,535,000 | 7.03% |
| Retail Investors | 10,744,999 | 49.24% |
| Employees | 333,333 | 1.53% |
| Total | 21,823,329 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Clean Max Enviro Energy Solutions Limited KPI Information
| Particular | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 0.43 | 1.27 | -2.04 | -5.28 |
| Debt / Equity | 2.53 | 1.97 | 2.17 | 2.16 |
| RoNW % | 0.43 | 1.09 | -1.7 | -5.39 |
Peers Comparison
| 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 |
About Clean Max Enviro Energy Solutions Limited
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
Clean Max Enviro Energy Solutions IPO 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%
Clean Max Enviro Energy Solutions IPO Objective
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
Clean Max Enviro Energy Solutions Limited Address / Contact Details
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
Clean Max Enviro Energy Solutions IPO Lot Size
The Clean Max Enviro Energy Solutions IPO has a lot size of 14 shares. Retail investors require a minimum investment of ₹14,742 by applying for 1 lot (14 shares). The maximum application allowed for the retail category is 13 lots (182 shares), requiring an investment of ₹1,91,646.
| 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 |
Issue Reservation
- QIB — 28.14%
- NII — 21.1%
- RII — 49.24%
- EMP — 1.53%
Clean Max Enviro Energy Solutions IPO Registrar
MUFG Intime India Private Limited
Check Allotment StatusBook 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
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Clean Max Enviro Energy Solutions IPO?
Clean Max Enviro Energy Solutions IPO is a Book-building IPO with a total issue size of ₹3080 crore. The Clean Max Enviro Energy Solutions IPO price band is ₹1000 to 1053 per share. The Clean Max Enviro Energy Solutions IPO subscription opens on Mon, Feb 23, 2026, and closes on Wed, Feb 25, 2026. The Clean Max Enviro Energy Solutions IPO will be listed on the BSE,NSE. MUFG Intime India Private Limited is the registrar for the Clean Max Enviro Energy Solutions IPO.
When will the Clean Max Enviro Energy Solutions IPO open for subscription?
The Clean Max Enviro Energy Solutions IPO opens on Mon, Feb 23, 2026 and closes on Wed, Feb 25, 2026
What is Clean Max Enviro Energy Solutions IPO Price Band?
Clean Max Enviro Energy Solutions IPO Price Band is ₹1000 to 1053 per share.
What is Clean Max Enviro Energy Solutions IPO Lot Size?
Clean Max Enviro Energy Solutions IPO lot size is 14 shares, Retail investors need a minimum investment of ₹14742 based on the upper price band
What is the minimum investment for Clean Max Enviro Energy Solutions IPO?
The minimum investment for Clean Max Enviro Energy Solutions IPO is ₹14742, based on one lot of 14 shares at the upper price band of ₹1053 per share.
How to apply for Clean Max Enviro Energy Solutions IPO?
Investors can apply for the Clean Max Enviro Energy Solutions IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Wed, Feb 25, 2026. The application amount remains blocked until the Clean Max Enviro Energy Solutions IPO allotment is finalized.
What is Clean Max Enviro Energy Solutions IPO Issue Size?
Clean Max Enviro Energy Solutions IPO issue size is ₹3080 crores.
What is the Clean Max Enviro Energy Solutions IPO Allotment Date?
Clean Max Enviro Energy Solutions IPO allotment date is Thu, Feb 26, 2026.
Who is the Clean Max Enviro Energy Solutions IPO Registrar?
The registrar for Clean Max Enviro Energy Solutions IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check Clean Max Enviro Energy Solutions IPO allotment status, refund processing, and other IPO-related information.
What is the Clean Max Enviro Energy Solutions IPO GMP?
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 -3.32% over the issue price.
Who is the Clean Max Enviro Energy Solutions IPO Lead Manager?
The book-running lead managers (BRLMs) for the Clean Max Enviro Energy Solutions IPO are 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, and SBI Capital Markets Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Clean Max Enviro Energy Solutions IPO Red Herring Prospectus (RHP).