Clean Max Enviro Energy Solutions IPO
Clean Max Enviro Energy Solutions Limited
Minimum Investment
About Company
Company Name: Clean Max Enviro Energy Solutions Limited
Industry / Sector: Renewable Energy / C&I (Commercial & Industrial) Solar & Hybrid Power Solutions
Founded Year: 2011
Promoters: Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd, Kempinc LLP
Clean Max Enviro Energy Solutions Limited is India’s largest commercial and industrial (C&I) renewable energy provider as of March 31, 2025 (per CRISIL Report). As of July 31, 2025, it has 2.54 GW of operational, owned, and managed renewable energy capacity and an additional 2.53 GW of contracted capacity under execution. The company supplies renewable power to C&I customers through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs). It also provides turnkey renewable energy services including land acquisition, evacuation infrastructure, EPC, and long-term O&M services. It offers carbon credit solutions and operates in both solar and wind (including hybrid) projects. The company has a strong presence across India with expertise in energy contracting, project development, and asset management.
IPO Basic Details
| Company Name | Clean Max Enviro Energy Solutions Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹1000 – ₹1053 |
| Lot Size | 14 |
| Total Issue Size | ₹3,080 Cr (2,92,50,277 shares) |
IPO Strengths & Risks
Strengths
- Largest C&I renewable energy player in India
- Large operational and under-construction portfolio (5.07 GW total as of Jul 2025)
- Comprehensive customer-centric capabilities
- Strong project execution track record
- Efficient capital allocation and risk management
Risks
- Dependence on power purchase agreements and offtakers
- Regulatory and policy changes in renewable energy sector
- Execution risks in large-scale project development
- High debt levels typical in renewable energy
IPO Important Dates
| IPO Open Date | 23 Feb 2026 |
| IPO Close Date | 25 Feb 2026 |
| Basis of Allotment | 26 Feb 2026 |
| Refund Initiation | 26 Feb 2026 |
| Demat Credit Date | 27 Feb 2026 |
| Listing Date | 02 Mar 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – ₹23.79 Cr
Investor Reservation
| QIB Quota | 50% (incl. Anchor) |
| Retail Quota | 35% |
| HNI Quota | 15% |
| Employee Quota | 1.07% (3,14,795 shares with ₹100 discount) |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 lot | 14 | ₹14,742 |
| Retail Maximum | 13 lots | 182 | ₹1,91,646 |
| S-HNI Minimum | 14 lots | 196 | ₹2,06,388 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 68 lots | 952 | ₹10,02,456 |
Key Performance Indicators (KPI)
| ROE | N/A |
| ROCE | N/A |
| RoNW | N/A |
| PAT Margin | N/A |
| EBITDA Margin | N/A |
| EPS | N/A |
| NAV per share | N/A |
| Debt to Equity | High (typical for renewable energy developer) |
| P/E Ratio | N/A |
| Industry P/E | High-growth renewable energy peers 40–80x+ |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹7,000.14 Cr | ₹960.98 Cr | ₹-59.47 Cr | ₹405.92 Cr | ₹1,209.93 Cr | ₹3,843.42 Cr |
| 31 Mar 2024 | ₹9,076.55 Cr | ₹1,425.31 Cr | ₹-37.64 Cr | ₹741.57 Cr | ₹1,817.96 Cr | ₹5,514.56 Cr |
| 31 Mar 2025 | ₹13,279.25 Cr | ₹1,610.34 Cr | ₹19.43 Cr | ₹1,015.07 Cr | ₹2,545.44 Cr | ₹7,973.70 Cr |
| 30 Sep 2025 | ₹16,945.65 Cr | ₹969.35 Cr | ₹19.00 Cr | ₹637.85 Cr | ₹2,598.34 Cr | ₹10,121.46 Cr |
Grey Market Premium
| GMP Price | ₹0 to negative (flat to -₹3 as of closure) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Feb 2026 |
| Estimated Listing Price | ₹1,050 – ₹1,053 (flat to mild discount) |
IPO Subscription Data
| Total Subscription | 0.99x (final on Day 3, 25 Feb 2026 6:54:45 PM) |
| QIB (Ex Anchor) | 2.99x |
| HNI Subscription | 0.57x |
| Retail Subscription | 0.07x |
| Anchor | Fully subscribed (₹921 Cr) |
IPO Intermediaries
Registrar: MUFG Intime India Pvt. Ltd.
Registrar Website: https://in.mpms.mufg.com
IPO Lead Manager(s)
Company Information
Address: 4th Floor, The International, 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate, Mumbai, Maharashtra 400020
Website: https://www.cleanmax.com
Email: secretarial@cleanmax.com
Phone: +91 22 6252 0000
IPO Documents
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