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Clean Max Enviro IPO

Clean Max Enviro Energy Solutions IPO

Clean Max Enviro Energy Solutions Ltd. is launching a book-building IPO of Rs. 5,200.00 crore, comprising a fresh issue of Rs. 1,500.00 crore and an offer for sale (OFS) of Rs. 3,700.00 crore by existing shareholders.
The IPO bidding dates are yet to be declared. The allotment timeline will be announced later, and the shares are proposed to be listed on BSE and NSE with a tentative listing date to be declared.

Clean Max Enviro Energy Solutions IPO

IPO Size: Rs. 5,200.00 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

Chanakya View: To be updated post price band announcement

🕗 Last Update: 11 February 2026, 6.00 AM

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IPO Details at a Glance

Particulars Details
IPO Opening Date To be declared
IPO Closing Date To be declared
Listing Date (Tentative) To be declared
Face Value Rs. 1 per share
Price Band To be declared
Lot Size To be declared
Issue Type Book Building IPO
Total Issue Size To be declared shares
Total Issue Amount Rs. 5,200.00 crore
Fresh Issue Rs. 1,500.00 crore
Offer for Sale Rs. 3,700.00 crore
Listing At BSE, NSE

IPO Timetable (Tentative)

Event Date
IPO Opens To be declared
IPO Closes To be declared
Allotment To be declared
Refunds To be declared
Credit of Shares To be declared
Listing To be declared

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) To be declared To be declared To be declared
Retail (Max) To be declared To be declared To be declared
S-HNI (Min) To be declared To be declared To be declared
B-HNI (Min) To be declared To be declared To be declared

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 strong C&I focus and integrated EPC capabilities. Capacity expansion and EBITDA growth are positives, while leverage and execution risk remain key monitorables.

Chanakya View

Detailed view to be updated once price band, valuation metrics and lot details are announced.

About Chanakya IPO Analysis

Chanakya provides independent IPO analysis combining fundamentals, grey market intelligence and technical insights for retail and long-term investors.

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.

Is Clean Max Enviro Energy Solutions profitable?

Yes, FY25 PAT stood at Rs. 19.43 crore after losses in prior years.

What is the core business of Clean Max Enviro Energy?

High leverage and project execution dependency.

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