India’s renewable energy momentum continues to attract capital market attention. Clean Max Enviro Energy Solutions Limited, India’s leading commercial & industrial (C&I) renewable energy provider, is launching its ₹3,100 crore IPO.

If you are planning to apply through IPO Ji, here is a complete and updated breakdown covering price band, dates, lot size, financials, objectives, subscription categories, and investment insights.

Clean Max Enviro Energy Solutions IPO – Key Highlights

• IPO Size: ₹3,100 crore
• Price Band: ₹1,000 to ₹1,053 per share
• Face Value: ₹1 per share
• Lot Size: 14 shares
• Issue Type: Bookbuilding IPO
• Listing: BSE & NSE
• Market Cap (Pre-IPO): ₹11,881.82 crore

IPO Structure Breakdown

Clean Max Enviro Energy Solutions IPO is a combination of Fresh Issue + Offer for Sale (OFS).

Fresh Issue – ₹1,200 crore

• 1.14 crore shares
• Proceeds primarily for debt repayment

Offer for Sale – ₹1,900 crore

• 1.80 crore shares
• Allows existing investors to partially exit

At the upper price band of ₹1,053, the company aims to raise the full ₹3,100 crore.

IPO Lot Size & Minimum Investment

✔ Retail investors can bid at cut-off price✔ Employee discount: ₹100 per share

Clean Max Enviro Energy Solutions IPO – Application Forms

IPO Reservation Quota

• QIB: Not more than 50%
• Retail: Not less than 35%
• NII: Not less than 15%

About Clean Max Enviro Energy Solutions Ltd.

Clean Max Enviro Energy Solutions Ltd. is India’s largest C&I renewable energy provider (as per CRISIL Report).

Operational Strength:

• 2.54 GW operational capacity (as of July 31, 2025)
• 2.53 GW contracted capacity under execution
• Strong presence in solar, wind, and hybrid energy projects

Core Offerings:

• Renewable power supply via long-term PPAs
• Energy Attribute Purchase Agreements (EAPAs)
• Carbon credit solutions
• EPC & O&M services

The company caters to large technology companies and traditional industrial clients.

Financial Performance (₹ Crore)

Key Observations:

• Revenue grew 13% YoY
• Returned to profitability in FY25
• High debt levels (Debt/Equity: 1.97)
• ROE remains modest (1.27%)

Objects of the IPO

The company will utilize ₹1,200 crore towards:

✔ Repayment/prepayment of borrowings✔ Strengthening balance sheet✔ General corporate purposes

Reducing debt is expected to lower interest burden and improve profitability margins going forward.

Key Performance Indicators (KPI)

⚠ The P/E appears significantly high based on FY25 earnings, indicating premium valuation expectations.

Business Model Comparison

Promoter Holding

Promoters include:

• Kuldeep Jain
• Pratap Jain
• Nidhi Jain
• BGTF One Holdings (DIFC) Ltd
• Kempinc LLP

Lead Managers & Registrar

• Book Running Lead Manager: Axis Capital Ltd.
• Registrar: MUFG Intime India Pvt. Ltd.
• Other BRLMs include JP Morgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura, BOB Capital & SBI Capital Markets.

Strengths of Clean Max IPO

Market leader in C&I renewable segment

Strong long-term PPA model

Diversified client baseImproving EBITDA trend

Debt reduction via IPO proceeds

Risks to Consider

⚠ High valuation multiple

⚠ Capital-intensive business model

⚠ Elevated debt levels

⚠ Renewable sector policy dependency

Clean Max Enviro Energy Solutions stands at the forefront of India’s commercial & industrial renewable energy transition. While revenue growth and EBITDA expansion are strong positives, the premium valuation and leverage position warrant careful consideration.

Investors should assess risk appetite, listing expectations, and long-term renewable sector outlook before applying.

Clean Max Enviro Energy Solutions IPO – FAQs 

Clean Max Enviro Energy Solutions Ltd. IPO has generated strong interest among investors due to its positioning in India’s growing renewable energy sector.

What is the price band of Clean Max Enviro Energy Solutions IPO?

The price band of Clean Max Enviro Energy Solutions IPO is ₹1,000 to ₹1,053 per share.

What are the IPO dates?

The IPO opens on February 23, 2026, and closes on February 25, 2026. The tentative listing date is March 2, 2026 on BSE and NSE.

What is the lot size and minimum investment?

The minimum lot size is 14 shares, requiring a minimum investment of ₹14,742 (at upper price band).

How much is the total IPO size?

The IPO size is ₹3,100 crore, comprising:

• ₹1,200 crore Fresh Issue
• ₹1,900 crore Offer for Sale

What will the IPO proceeds be used for?

The company plans to use ₹1,200 crore primarily for repayment or prepayment of borrowings, along with general corporate purposes.

Is Clean Max Enviro Energy Solutions profitable?

Yes, the company reported a profit of ₹19.43 crore in FY25, returning to profitability after previous losses.

Disclaimer

The information provided is for educational purposes only and does not constitute investment advice. Please refer to the RHP and consult your financial advisor before investing.