Clean Max Enviro Energy Solutions Limited IPO

Mainboard

Power Generation

Listed On: Mar 2, 2026 at ₹ 960.0(NSE)

₹ 14742 /14 Shares

Check Allotment

23 Feb, 2026

Open Date

25 Feb, 2026

Close Date

26 Feb, 2026

Allotment Date

02 Mar, 2026

Listing Date

Price Summary

Last Closing

804.00 (-23.65%)

52 Week High

960.00

52 Week Low

768.00

Last Update

27-Mar-2026 3:30 PM

Expected Premium

₹ -25 - -30 (-2%)

*Expected Premium provided in this app is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Clean Max Enviro Energy Solutions IPO Live Subscription Details

View Subscription Details

QIB 2.99x

Retail 0.07x

NIIs 0.57x

BHNI 0.82x

SHNI 0.07x

Retail 0.07x

EMP 0.11x

Total 0.99x

Last updated: 25 Feb 2026, 05:57 PM

Clean Max Enviro Energy Solutions IPO Issue Details

Issue Price ₹1000-1053 per equity share
Face Value ₹1 Per Equity Share
Total Issue Size 2,94,39,695 shares(aggregating up to ₹3100 crore)
Fresh Share 1,13,96,011 shares(aggregating up to ₹1200 crore)
Offer For Sale 1,80,43,684 shares(aggregating up to ₹1900 crore)
Listing at BSE, NSE
List Price 960.0(NSE)
Listing Date 2026-03-02
Lead Manager Axis Capital Pvt.Ltd.
JP Morgan India Pvt.Ltd.
BNP Paribas
HSBC Securities & Capital Markets (India) Pvt.Ltd.
IIFL Capital Services Ltd.
Nomura Financial Advisory & Securities (India) Pvt.Ltd.
BOB Capital Markets Ltd.
SBI Capital Markets Ltd.
Registrar MUFG Intime India Pvt.Ltd.

Market Lot Size

Investors can bid for a minimum of 14 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	14	₹14,742
Retail(max)	13	182	₹1,91,646
SHNI(min)	14	196	₹2,06,388
SHNI(max)	67	938	₹9,87,714
BHNI(min)	68	952	₹10,02,456

Clean Max Enviro Energy Solutions IPO Reservation

Clean Max Enviro Energy Solutions IPO offers total 29439696 shares. Out of which 5816014 (19.76%) allocated to QIB, 4368735 (14.84%) allocated to NII,10193715 (34.63%) allocated to RII, 314795 (1.07%) allocated to employees and 8746437 (29.71%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	8746437 (29.71%)
QIB Shares Offered	5816014 (19.76%)
NII (HNI) Shares Offered	4368735 (14.84%)
bNII > ₹10L	2912490 (10%)
sNII < ₹10L	1456245 (5%)
Retail Shares Offered	10193715 (34.63%)
Employee Shares Offered	314795 (1.07%)
Total Shares Offered	29439696 (100%)

Clean Max Enviro Energy Solutions IPO Documents

DRHP

RHP

ANCHOR

Clean Max Enviro Energy Solutions IPO Details

Clean Max Enviro Energy Solutions IPO is a book-built issue of ₹3100 crores, The total issue size is ₹3100 crores. The IPO of Clean Max Enviro Energy Solutions is priced at ₹1000-1053 per equity share, which has a face value of ₹1 Per Equity Share each, IPO bidding starts from Feb 23, 2026 and ends on Feb 25, 2026. The allotment for Clean Max Enviro Energy Solutions IPO will be finalized on Feb 26, 2026. Clean Max Enviro Energy Solutions IPO will be listed on BSE, NSE, with a tentative listing date fixed as Mar 2, 2026. The company shall list its equity shares on the BSE, NSE. MUFG Intime India Pvt.Ltd. is the registrar of the issue.

Retail investors can bid for a minimum of 14 shares, extendable to 14,742. S-HNIs will be able to bid for 196 shares at ₹2,06,388, while B-HNIs can also apply for a bid of 952 shares at ₹10,02,456. The book-running lead manager for the IPO is/are Axis Capital Pvt.Ltd., JP Morgan India Pvt.Ltd., BNP Paribas, HSBC Securities & Capital Markets (India) Pvt.Ltd., IIFL Capital Services Ltd., Nomura Financial Advisory & Securities (India) Pvt.Ltd., BOB Capital Markets Ltd., SBI Capital Markets Ltd..

The total issue ₹3100 crore, comprising a fresh issue of 1,13,96,011 shares ₹1200 crore and having Offer for Sale (OFS) of 1,80,43,684 shares to mop up ₹1900 crore.

The Clean Max Enviro Energy Solutions IPO sets its price band at 1000-1053 for each share. A single application for Clean Max Enviro Energy Solutions Limited IPO must contain at least 14 shares. Sentiment investors need to invest a minimum of 14 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,742 In order to participate in the sNII, investors must purchase at least 14 lots of 196 shares for ₹2,06,388, while the bNII requires 68 lots of 952 shares for an investment of ₹10,02,456.

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	58,16,014	43,68,735 29,12,490 14,56,245	1,01,93,715	2,06,93,259
Day 1 23-02-26 05:00 PM	1.09 x	0.21 x 0.31 x 0.01 x	0.02 x	0.36 x
Day 2 24-02-26 05:00 PM	1.27 x	0.44 x 0.63 x 0.04 x	0.04 x	0.47 x
Day 3 25-02-26 05:00 PM	2.99 x	0.57 x 0.82 x 0.07 x	0.07 x	0.99 x

Total No of Applications

37,002

Subscription on the basis of Applications

Retail:0.05x BHNI:0.01x SHNI:0.05x

Clean Max Enviro Energy Solutions Valuations

EPS Pre IPO ₹1.84/-

EPS Post IPO ₹3.25/-

P/E Pre IPO 634.34

P/E Post IPO 324.28

ROE 1.27%

Debt/Equity 1.97

RoNW 1.09%

Price to Book Value 4.20

Market Cap. 12,325.29 Cr.

Clean Max Enviro Energy Solutions Company Financials

In Crs.

In Cr.

	30-Sep-25	31-Mar-25	31-Mar-24	31-Mar-23
Assets	16,945.65	13,279.25	9,076.55	7,000.14
Revenue	969.35	1,610.34	1,425.31	960.98
Profit After Tax	19.00	19.43	-37.64	-59.47
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

About Clean Max Enviro Energy Solutions Company

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, we have 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.

Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. We cater to a wide range of customers, including Technology customers and conventional C&I customers.

The company's expertise covers Energy contracting, Engineering, procurement, and construction (EPC), and Operation and maintenance (O&M) of renewable energy plants (solar, wind, and hybrid).

Business Offerings:
Power Sales Renewable Energy: Power Sales Use Provided by the way of Long-term Power Purchase Agreement (PPA) and Energy Attribute Purchase Agreement (EAPA).
Services of Renewable Energy: It offers the following services: turnkey project development, EPC services, evacuation infrastructure, lifetime O and M services and carbon services.

Clean Max Enviro Energy Solutions - Promoter(s)

Kuldeep Jain

Pratap Jain

Nidhi Jain

BGTF One Holdings (DIFC) Ltd

Kempinc LLP

Pre Issue Share Holding : 74.89%

Post Issue Share Holding : 49.08%

Clean Max Enviro Energy Solutions IPO - Issue Objectives

Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries - ₹1,125.00 Crores

General corporate purposes

Clean Max Enviro Energy Solutions IPO - Anchor Investors

Clean Max Enviro Energy anchors Rs 921 cr ahead of Rs 3,100 cr IPO.

Zulia Investments, SBI Life Insurance, Nomura India Investment Fund Mother Fund, and Eastspring Investments were the largest investors in the company through the anchor book, buying 6.31 lakh shares worth Rs 66.5 crore each.
Marquee global investors like Abu Dhabi Investment Authority, Susquehanna Pacific, Societe Generale, Citigroup Global, and Moon Capital Trading also participated in the anchor book.
Of the total allocation of 87.46 lakh equity shares to anchor investors, 18.99 lakh equity shares were allocated to six domestic mutual funds, including HDFC Mutual Fund, PGIM India, Trust Mutual Fund, and Franklin India.
Insurance companies like SBI Life Insurance, IndiaFirst Life Insurance, Canara HSBC Life Insurance, and Bharti AXA Life Insurance also bought 14.86 lakh shares worth Rs 156.5 crore in the anchor book.

Clean Max Enviro Energy Solutions IPO - Peers Comparison

	P/B Ratio	P/E Ratio	RoNW	Revenue(in Cr.)
Clean Max Enviro	N/A	N/A	1.09%	1495
ACME Solar	3.03	49.4	5.59%	1405
NTPC Green	4.24	132.9	2.48%	2209
Adani Green	17.19	119.1	13.48%	11212
ReNew Energy Global	1.56	44.8	3.39%	9751

Strength

Timely & Cost-Efficient Project Execution: The company’s in-house development, execution, and management strengths enable projects to be completed on time, within budget, and with maximum plant efficiency. In-house expertise in site evaluation, EPC, O&M, and ESG-centric project execution improves customer retention and ensures smooth project execution.

Solutions-Driven Sales Strategy: The business development organization looks after the entire customer life cycle in India, UAE, and Thailand, catering to 531 customers and 1,127 PPAs as of March 31, 2025. Smaller, customer-focused projects reduce risk, build customer relationships, and improve long-term visibility through cross-selling.

Diverse & Customized Product Portfolios: The company’s five portfolios—Onsite, Offsite STU, Offsite CTU, Capex Services, and Carbon Services—are designed to meet customers’ Net Zero objectives. This allows the company to offer customized clean energy solutions that help achieve carbon neutrality and sustainability targets.

Weakness

Project Development Risks: Renewable energy projects are subject to various external risks, such as the availability of land, connectivity to the grid, resource quality, funding, delivery of equipment, and timely approvals. Delays or cost overruns in any of these may impact the project development schedules and, in turn, affect the financial performance.

Risk of Termination of PPAs/EAPAs: The company’s long-term PPAs and EAPAs can be terminated if the requirements of project construction, grid connectivity, or energy supply are not fulfilled. The failure to obtain new agreements on similar terms may adversely impact the company’s revenue visibility, operations, and future prospects.

Land Title and Acquisition Risks in India: Unclear land titles, land record discrepancies, and land acquisition difficulties in India may impede project development. Risks associated with land title disputes, record errors, unregistered encumbrances, or ownership disputes may slow down project development and pose risks to the company’s operations.

Contact Details

Clean Max Enviro Energy Solutions

4th Floor, The International 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate Mumbai, Maharashtra, 400020

+91 22 6252 000

Secretarial@cleanmax.com

http://www.cleanmax.com/

Registrar Contact Details

MUFG Intime India Private Limited (Link Intime)

+91-22-4918 6270

cleanmax.ipo@in.mpms.mufg.com

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Clean Max Enviro Energy Solutions IPO - FAQs

Ans. Clean Max Enviro Energy Solutions Limited IPO is a Mainboard IPO. The issue is priced at ₹1000-1053 per equity share. The minimum order quantity is 14 Shares. The IPO opens on Feb 23, 2026, and closes on Feb 25, 2026. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Clean Max Enviro Energy Solutions Limited IPO opens on Feb 23, 2026 and closes on Feb 25, 2026.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Clean Max Enviro Energy Solutions Limited IPO is ₹3100 Crores : 1200 Crores Fresh + 1900 Crores OFS.

Ans. The Clean Max Enviro Energy Solutions Limited IPO price band is set between ₹1000-1053 per equity share.

Ans. To apply for Clean Max Enviro Energy Solutions Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Clean Max Enviro Energy Solutions Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Clean Max Enviro Energy Solutions Limited IPO is Feb 26, 2026.

Ans. The Clean Max Enviro Energy Solutions Limited IPO will be listed on Mar 2, 2026.

Ans. Follow the steps to check the Clean Max Enviro Energy Solutions Limited IPO allotment status online.