Clean Max Enviro Energy Solutions IPO Details
Clean Max Enviro Energy Solutions IPO Summary
Clean Max Enviro Energy Solutions IPO opens for subscription on 23 Feb 2026 and closes on 25 Feb 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 02 Mar 2026.
Clean Max Enviro Energy Solutions IPO price band has been fixed at ₹1000 – ₹1053 per share. The face value is ₹1 per share with a lot size of 14.
Clean Max Enviro Energy Solutions IPO total issue size comprises 2,94,39,695 shares (aggregating up to ₹3100.00 Cr.). This includes a fresh issue of 1,13,96,011 shares (aggregating up to ₹1200.00 Cr.). Offer for Sale consists of 1,80,43,684 shares (aggregating up to ₹1900.00 Cr.). Pre-issue shareholding stands at 10,14,41,820, which will increase to 11,28,37,831 post-issue.
Clean Max Enviro Energy Solutions IPO carries a ₹-35 (-3.32%) GMP, reflecting investor sentiment.
Clean Max Enviro Energy Solutions IPO Lot Size :Retail Minimum is 1 lot (14 shares) amounting to ₹14,742. Retail Maximum is 13 lots (182 shares) amounting to ₹191,646. SHNI Minimum is 14 lots (196 shares) amounting to ₹206,388. SHNI Maximum is 67 lots (938 shares) amounting to ₹987,714. BHNI Minimum is 68 lots (952 shares) amounting to ₹1,002,456.
Clean Max Enviro Energy Solutions IPO Details
Clean Max Enviro Energy Solutions IPO Subscription
Clean Max Enviro Energy Solutions IPO Application Wise Breakup (Approx)
Clean Max Enviro Energy Solutions IPO Dates
- 23 Feb 2026Opening dateOpen
- 25 Feb 2026Closing dateClose
- 26 Feb 2026Allotment Date Allotment
- 27 Feb 2026Initiation of RefundsRefund
- 27 Feb 2026Credit of SharesCredit
- 02 Mar 2026Listing dateListing
Clean Max Enviro Energy Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 14 | ₹14,742 |
| Retail Maximum | 13 | 182 | ₹191,646 |
| SHNI Minimum | 14 | 196 | ₹206,388 |
| SHNI Maximum | 67 | 938 | ₹987,714 |
| BHNI Minimum | 68 | 952 | ₹1,002,456 |
Clean Max Enviro Energy Solutions IPO Reservation
Promoter Holding
Documents
Clean Max Enviro Energy Solutions IPO Valuations
Clean Max Enviro Energy Solutions Financial Information
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| NET Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
| Amount in ₹ Crore | ||||
About Clean Max Enviro Energy Solutions IPO
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 had an operational, owned, and managed renewable energy capacity of 2.54 GW, along with an additional 2.53 GW of contracted capacity under execution.
The company’s core offerings include the supply of renewable power, provision of energy services, and carbon credit solutions. It serves a diversified customer base comprising technology companies as well as conventional commercial and industrial (C&I) customers.
Clean Max Enviro possesses expertise across the renewable energy value chain, including energy contracting, engineering, procurement and construction (EPC), and operation and maintenance (O&M) of renewable energy plants spanning solar, wind, and hybrid projects.
Business Offerings
- Renewable Energy Power Sales Segment: Sale of renewable energy to customers under long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs).
- Renewable Energy Services Segment: Provision of turnkey development services including land acquisition, evacuation infrastructure, EPC services, power evacuation systems, operation and maintenance throughout the project lifecycle, and carbon services.
Strength Of Clean Max Enviro Energy Solutions IPO
- Comprehensive Suite of Customer-Centric Capabilities Leading to C&I Market Leadership and Strong Customer Relationships.
- Timely and Cost-Effective Project Development, Execution and Management Capabilities.
- Efficient capital allocation and risk management.
- Our People and Culture.
Risk Of Clean Max Enviro Energy Solutions IPO
- In Fiscals 2024 and 2023, the company incurred restated loss for the year of Rs.376.43 million and Rs.594.73 million respectively and generated profits in Fiscal 2025. Further, some of Subsidiaries have incurred losses in Fiscals 2025, 2024 and 2023. If the company is unable to generate adequate cash profits and make scheduled loan repayments, the company may not be able to maintain its profitability.
- The company faces risk and uncertainties when developing renewable energy projects which could cause delays to the completion of its projects, increase the company's projects costs or result in the short closing of its project capacity, thereby adversely affect the company's cash flows, financial condition and prospects.
- The company's operational projects located in the States of Karnataka and Gujarat contributed an aggregate of 78.76%, 79.71% and 66.91% of its revenue from Renewable Energy Power Sales in Fiscals 2025, 2024 and 2023, respectively. Any adverse developments including changes in the regulatory framework affecting such states may have a heightened impact on the company's business, cash flows, financial condition and results of operations.
- The company's top 10 customers contributed 36.16%, 45.39% and 44.32% of its Revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The proportion of operational capacity attributed to our top 10 customers is expected to increase as we begin commissioning projects under construction with certain of such customers. Any failures to maintain renew or enter into new engagements with the company's top 10 customers could have a material adverse impact on its operations and financial condition.
- The company's PPAs or EAPAs may be terminated by counterparties upon the occurrence of certain events. In the event its PPAs or EAPAs are terminated, and the company is unable to secure a replacement PPA or EAPA in a timely manner or on similar terms, the company's business, results of operations, cash flows and prospects may be adversely affected.
- There are outstanding litigation proceedings involving the Company, Subsidiaries, Promoters, Directors and the company's Key Managerial Personnel. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, cash flows, financial condition and results of operations.
- Land title in India can be uncertain and the company may not be able to identify or correct defects or irregularities in title to the land which we own, lease or may from time to time acquire in connection with its current or future operations.
- The company's ability to deliver projects in a timely manner depends on its ability to secure key equipment from suppliers in a timely manner and the cost of solar modules and wind turbine generators, and any delays in the procurement of such equipment may result in project delays and cost overruns and subject the company to penalties.
- The company is developing the company's first CTU project and ISTS project and have not commissioned a CTU project before. Any failures to develop this project successfully could have a material adverse impact on the company's expansion plans, business, results of operations, financial conditions and prospects.
- Counterparties to the company's PPAs may not fulfil their obligations, including defaulting on or delaying payments owed, and failures to recover the company's trade receivables may adversely affect its business, results of operations, cash flows and financial condition.
Objectives Clean Max Enviro Energy Solutions IPO
1. Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries
2. General corporate purposes
Company 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/
Registrar Contact Details
Lead Mangers
- Axis Capital Ltd(Past IPO Performance)
- BNP Paribas(Past IPO Performance)
- Nomura Financial Advisory & Securities (India) Pvt Ltd(Past IPO Performance)
- IIFL Capital Services Ltd(Past IPO Performance)
- HSBC Securities & Capital Markets Pvt Ltd(Past IPO Performance)
- SBI Capital Markets Ltd(Past IPO Performance)
- BOB Capital Markets Ltd(Past IPO Performance)
- JP Morgan India Pvt Ltd(Past IPO Performance)
- IPO Lead Manager Performance Summary
Clean Max Enviro Energy Solutions FAQs
The Clean Max Enviro Energy Solutions IPO is a MAINBOARD public issue comprising 29439695 equity shares with a face value of ₹1 each, aggregating to a total issue size of ₹3100.00 Cr.. The issue price has been fixed at ₹1053 per equity share, and the minimum application size is 14 shares.
The IPO opens for subscription on 23 Feb 2026, and closes on 25 Feb 2026.
MUFG Intime India Pvt Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹-35 (-3.32%).
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