Clean Max Enviro Energy Solutions IPO, a mainboard issue, is raising ₹3,100.00 crore through a book-building process. The issue comprises 1,13,96,011 Fresh Equity Shares (₹1,200 crore) and an offer-for-sale (OFS) of 1,80,43,684 Equity Shares (₹1,900 crore), at face value ₹1/share.
Clean Max Enviro Energy Solutions IPO shall open its subscription window from 23 February 2026 to 25 February 2026. Clean Max Enviro Energy Solutions Limited has scheduled the IPO shares allotment on 26 February 2026, which will list on 2 March 2026 on BSE & NSE.
Clean Max Enviro Energy Solutions IPO shares are fixed at a price band of ₹1,000/share – ₹1,053/share, and the lot size is 14 shares/lot. The minimum investment required from the retail investors is ₹14,742 (at the upper price band).
Clean Max Enviro Energy Solutions IPO Details
| IPO Open On | 23 February 2026 |
| IPO Close On | 25 February 2026 |
| Face value | ₹1/share |
| Price Band | ₹1,000/share–₹1,053/share |
| Issue price | – |
| IPO Lot Size | 14 shares |
| Offer for sale | 1,80,43,684 Equity Shares (₹1,900.00 crore) |
| Fresh issue | 1,13,96,011 Equity Shares (₹1,200.00 crore) |
| Issue Type | Book-built/Mainboard |
| Listing | BSE & NSE |
| Total Issue Size (₹ Crore) | ₹3,100.00 crore (2,94,39,695 Equity Shares) |
| Minimum Retail Investment | ₹12,352 |
Clean Max Enviro Energy Solutions IPO Timeline
| Bid Opening Date | 23 February 2026 |
| Bid Closing Date | 25 February 2026 |
| Allotment | 26 February 2026 |
| Refunds Initiated | 26 February 2026 |
| Share Credit Date | 27 February 2026 |
| Listing Date | 2 March 2026 |
| UPI mandate Cut-off time | 25 February 2026 (5 PM) |
Clean Max Enviro Energy Solutions Key Performance Indicators (KPIs)
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 1.27 | -2.04 | -5.28 |
| ROCE (%) | – | – | – |
| Debt-Equity Ratio (in times) | 1.97 | 2.17 | 2.16 |
| RoNW (%) | 1.09 | -1.7 | -5.39 |
| PAT Margin (%) | – | – | – |
| EBITDA Margin (%) | 13.38 | 25.87 | 24.2 |
| Price-Book Value | – | – | – |
Clean Max Enviro Energy Solutions Financial Information
| 2025 (in ₹ crore) | 2024 (in ₹ crore) | 2023 (in ₹ crore) | |
| Revenue | 1,495.70 | 1,389.84 | 929.58 |
| Assets | 13,279.25 | 9,076.54 | 7,000.13 |
| Profit After Tax | 19.43 | (37.64) | (59.47) |
Clean Max Enviro Energy Solutions IPO Subscription Status
The subscription details for the Clean Max Enviro Energy Solutions IPO is currently unavailable. You can check here once the bidding opens.
The subscription will start at 10:00 AM and remain open till 5:00 PM on the issue dates.
Clean Max Enviro Energy Solutions IPO GMP
The Clean Max Enviro Energy Solutions IPO GMP is ₹15 as of 18 February 2026. With the listing price estimated at ₹1,068/share (upper price band + today’s GMP), the expected profit to 1.42%.
The recent GMP trend reflects an upward movement and a strong listing possibility. For more Clean Max Enviro Energy Solutions IPO GMP trend information, check here!
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 18 February 2026 | ₹15 | ₹1,068 | ₹210 (1.42%) | ⬆️Increasing |
| 17 February 2026 | ₹14 | ₹1,067 | ₹196 (1.33%) | ⬆️Increasing |
Note: GMP values are unofficial and are subject to fluctuation based on shifts in market sentiment, trading activity, and subscription trends.
Clean Max Enviro Energy Solutions IPO Reservation
Clean Max Enviro Energy Solutions IPO shares are reserved in the following way:
| Category | Shares offered |
| QIBs | Maximum 50% |
| Retail Investors | Minimum 35% |
| NII shares offered (HNI) | Minimum 15% |
| Total | 100% |
Lot Size for the Clean Max Enviro Energy Solutions IPO
Interested investors need to apply for a minimum of 14 shares, and further applications are to be made in multiples of this quantity.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors Minimum Application | 1 | 14 | ₹14,742 |
| Retail Investors Maximum Application | 13 | 182 | ₹1,91,646 |
| S-HNI Minimum Application | 14 | 196 | ₹2,06,388 |
| S-HNI Maximum Application | 67 | 938 | ₹9,87,714 |
| B-HNI Minimum Application | 68 | 952 | ₹10,02,456 |
Clean Max Enviro Energy Solutions IPO: Anchor Investors Details
| Bidding Opens On | 20 February 2026 |
| Shares to be Offered | – |
| Issue Size | – |
| 30 days expiry date for lock-in(50% shares) | March 2026 |
| 90 days expiry date for lock-in(Remaining shares) | May 2026 |
Clean Max Enviro Energy Solutions IPO Prospectus
About Clean Max Enviro Energy Solutions Limited
Established on 29 September 2010, the company is led by its Chairperson and Managing Director, Kuldeep Jain. According to the CRISIL Report, the company was recognised as the largest renewable energy provider serving India’s commercial and industrial segment as of 31 March 2025.
On 31 July 2025, the company’s renewable portfolio comprised 2.54 GW of operational assets under ownership and management, in addition to 2.53 GW of contracted projects presently in the execution phase.
The enterprise operates across three domains: Renewable power supply, energy management services, and carbon credit advisory & trading solutions. Its client base comprises both technology-focused enterprises and traditional commercial and industrial consumers.
The company possesses end-to-end capabilities encompassing contractual structuring, project engineering, procurement and construction execution, together with long-term operation and maintenance of solar, wind, and hybrid renewable assets.
| Book Running Lead Managers (BRLM) | Axis Capital Ltd |
| J.P. Morgan India Private Ltd | |
| BNP Paribas | |
| HSBC Securities and Capital Markets (India) Pvt Ltd | |
| IIFL Capital Services Ltd | |
| Nomura Financial Advisory and Securities (India) Pvt Ltd | |
| BOB Capital Markets Ltd | |
| SBI Capital Markets Ltd | |
| IPO Registrar | MUFG Intime India Pvt Ltd |
Objectives of Clean Max Enviro Energy Solutions
| Particulars | Amount (in ₹ crore) |
| Repayment of outstanding borrowings of the Company & its Subsidiaries | 1,122.67 |
| Corporate requirements | – |
Strengths Of Clean Max Enviro Energy Solutions
- Comprehensive customer-centric capabilities: The company operates an integrated renewable platform that supports leadership in the C&I segment and sustains long-term client relationships.
- Timely and cost-efficient project execution: The company has established in-house development and management systems that facilitate scheduled commissioning, cost control, and consistent operational efficiency.
- Disciplined capital allocation and risk governance: The company’s structured oversight mechanisms, project economics, diversified financing, and refinancing practices strengthen financial stability.
- People-centric organisational culture: The company’s emphasis on talent acquisition, professional development, inclusivity, and team-based incentives reinforces institutional continuity and performance standards.
Risks of Clean Max Enviro Energy Solutions
- Volatility in profitability and subsidiary losses: The company has previously recorded losses, and the ongoing subsidiary underperformance may constrain profitability and debt servicing capacity.
- Customer concentration risk: The company’s revenue dependence on its top Indian customers heightens vulnerability to contract non-renewal or reduced engagements.
- PPA and EAPA termination exposure: The company’s contractual termination by counterparties without timely replacement agreements may affect cash flows and operations.
- Execution risk in new CTU and ISTS projects: The company’s limited experience in CTU development may affect project execution and expansion strategy.
Clean Max Enviro Energy Solutions IPO Review
The Clean Max Enviro Energy Solutions IPO represents a renewable energy company with significant capital deployment and expanding operational capacity. The financial performance indicates revenue growth in recent years, alongside a return to profitability in FY2025 after earlier losses.
A substantial portion of the proceeds is allocated towards debt reduction, suggesting balance sheet rationalisation. The overall investment evaluation depends on pricing, financial sustainability, customer concentration risk, and execution capability within the commercial and industrial renewable segment.
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Clean Max Enviro Energy Solutions IPO FAQs
The Clean Max Enviro Energy Solutions IPO is a book-built mainboard public issue comprising fresh equity shares and an offer-for-sale, aggregating ₹3,100.00 crore, proposed for listing on BSE and NSE.
Investors can apply for the Clean Max Enviro Energy Solutions IPO through ASBA-enabled bank accounts or registered brokerage platforms using UPI authentication during the subscription period, subject to eligibility and lot size requirements.
The Clean Max Enviro Energy Solutions IPO assessment depends on valuation, financial recovery trends, debt reduction objectives, and risk exposure. Investors must evaluate fundamentals and sectoral outlook before forming conclusions.
Based on prevailing GMP indications, modest listing gains are anticipated for the Clean Max Enviro Energy Solutions IPO, though actual returns will depend on subscription demand, market sentiment, and pricing dynamics.
The Clean Max Enviro Energy Solutions IPO is scheduled to open for subscription on 23 February 2026 and close on 25 February 2026.
The minimum application lot for the Clean Max Enviro Energy Solutions IPO consists of 14 equity shares, with further bids permitted in multiples of this quantity.
The Clean Max Enviro Energy Solutions IPO allotment is scheduled to be finalised on 26 February 2026, subject to regulatory and procedural completion.
The shares of Clean Max Enviro Energy Solutions are proposed to be listed on 2 March 2026 on the BSE and NSE, following completion of allotment and credit processes.
