Clean Max Enviro Energy Solutions Ltd. is launching a book-building IPO of Rs. 3,100.00 crore, comprising a fresh issue of Rs. 1,200.00 crore and an offer for sale (OFS) of Rs. 1,900.00 crore by existing shareholders.
The IPO opens for subscription on Monday, February 23, 2026 and closes on Wednesday, February 25, 2026. The allotment is expected to be finalised on Thursday, February 26, 2026, and the shares are proposed to be listed on BSE and NSE with a tentative listing date of Monday, March 2, 2026.
Clean Max Enviro Energy Solutions IPO
IPO Size: Rs. 3,100.00 crore
Business: Commercial & Industrial renewable energy solutions provider
Operational Capacity: 2.54 GW operational portfolio (as of July 2025)
FY25 PAT: Rs. 19.43 crore (profit turnaround phase)
Key Risk: High leverage and execution dependency
| Final Subscription Tally | |||||
| Size Rs.165 Cr. | |||||
| Open 23/02 Close 25/02 | |||||
| QIB | B HNI | S HNI | HNI | RII | Total |
| 2.99 | 0.82 | 0.07 | 0.57 | 0.07 | 0.99 |
| Subscription Review- 37,210 applications received Because of few QIB applications, the IPO appears to have received good subscription. Retail flow is very weak even on the last day of subscriptions. |
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Listing- on 2nd March 2026, the scrip is listed at Rs. 960
🕗 Last Update: 2 March 2026, 6.00 AM
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IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | Monday, 23 Feb 2026 |
| IPO Closing Date | Wednesday, 25 Feb 2026 |
| Listing Date (Tentative) | Monday, 2 March 2026 |
| Face Value | Rs. 1 per share |
| Price Band | Rs. 1000 – Rs. 1053 |
| Lot Size | 14 Shares |
| Employee Discount | Rs. 100 per share |
| Issue Type | Book Building IPO |
| Total Issue Size | Rs. 3,100.00 crore |
| Total Issue Amount | Rs. 3,100.00 crore |
| Fresh Issue | Rs. 1,200.00 crore |
| Offer for Sale | Rs. 1,900.00 crore |
| Listing At | BSE, NSE |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Mon, Feb 23, 2026 |
| IPO Closes | Wed, Feb 25, 2026 |
| Allotment | Thu, Feb 26, 2026 |
| Refunds | Thu, Feb 26, 2026 |
| Credit of Shares | Fri, Feb 27, 2026 |
| Listing | Mon, Mar 2, 2026 |
Investor Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min) | 1 | 14 | 14,742 |
| Retail (Max) | 13 | 182 | 1,91,646 |
| S-HNI (Min) | 14 | 196 | 2,06,388 |
| B-HNI (Min) | 68 | 952 | 10,02,456 |
What Does Clean Max Enviro Energy Solutions Do?
| Segment | Details |
|---|---|
| Renewable Energy Power Sales | Renewable power supply via long-term PPAs and EAPAs |
| Renewable Energy Services | EPC, O&M, evacuation infrastructure and carbon services |
| Capacity | 2.54 GW operational and 2.53 GW contracted capacity |
Clean Max Enviro Energy Solutions Ltd. is India’s largest commercial and industrial (C&I) renewable energy provider as of March 31, 2025, according to the CRISIL Report.
Competitive Strengths
| Key Strength | Details |
|---|---|
| Market Leadership | Strong position in C&I renewable energy segment |
| Execution Capabilities | Timely EPC execution and lifecycle management |
| Customer Solutions | Integrated renewable and carbon solutions |
| Capital Discipline | Efficient capital allocation and risk management |
Financials (Rs. crore – Consolidated)
| Period | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Income | 1,610.34 | 1,425.31 | 960.98 |
| EBITDA | 1,015.07 | 741.57 | 405.92 |
| PAT | 19.43 | -37.64 | -59.47 |
| Net Worth | 3,054.00 | 2,178.04 | 1,439.20 |
| Total Borrowings | 7,973.70 | 5,514.56 | 3,843.42 |
Key Performance Indicators (FY25)
| KPI | Value |
|---|---|
| RoNW | 1.09% |
| ROE | 1.27% |
| ROCE | 6% |
| Debt/Equity | 2.49 |
Objects of the Issue
| Purpose | Amount (Rs. crore) |
|---|---|
| Repayment / prepayment of borrowings | 1,125.00 |
| General corporate purposes | Balance |
Promoters & Shareholding
| Particulars | Holding |
|---|---|
| Pre-IPO | 74.89% |
| Post-IPO | To be declared |
Promoters include Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd and Kempinc LLP.
Clean Max Enviro Energy Solutions IPO – Review
Clean Max Enviro Energy Solutions IPO offers exposure to India’s renewable energy transition with a strong commercial & industrial (C&I) focus and integrated EPC capabilities. Capacity expansion, long-term PPAs and strong EBITDA growth support long-term scalability. However, elevated leverage levels, capital-intensive business structure and execution dependency remain key monitorables for investors.
Chanakya View
Detailed investment view to be updated after evaluating valuation metrics and peer comparison at the upper price band.
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Disclaimer
This IPO coverage is for informational purposes only. Investors are advised to read the DRHP/RHP carefully and consult a SEBI-registered investment advisor before investing.
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Yes, FY25 PAT stood at Rs. 19.43 crore after losses in prior years.
Commercial & Industrial renewable energy solutions with EPC and power sale model.