Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
Clean Max Enviro Energy Solutions IPO
Clean Max Enviro Energy Solutions IPO is a book-building IPO of ₹5,200 crores, which is a mix of a fresh issue of ₹1,500 crore and an offer for sale (OFS) of ₹3,700 crore. The IPO price band is set at ₹1000 to ₹1053, and the lot size for an application is 14 Shares. The minimum amount of investment required by an individual investor is ₹14,742. The IPO will be open for subscription from 23 to 25 Feb, 2026 on the BSE and the NSE platforms with a tentative listing date fixed as Mon, Mar 2, 2026.
Company Background
Clean Max Enviro Energy Solutions Ltd. is the leading renewable energy company in India, founded in 2010, exclusively catering to the Commercial and Industrial (C&I) segment. As of March 2025, it is the country’s largest C&I renewable energy company, managing an enormous portfolio of 2.54 GW of operational capacity and an equal 2.53 GW of ongoing projects. The company enables businesses to achieve net-zero by offering end-to-end solar, wind, and hybrid energy solutions, along with expert carbon credit and energy management services.
Operations & Product Range
Facility & Production
Clean Max Enviro Energy Solutions Ltd. has a technologically advanced solar, wind and hybrid power plant portfolio in India. With 2.54 GW of owned and managed operational capacity, their production assets are based on high-efficiency EPC and O&M capabilities. Their plants are located in a way that ensures hassle-free energy evacuation.
Brand & Market presence
Clean Max Enviro Energy Solutions Ltd. has created a strong market presence as the “sustainability partner of choice” for major corporations. It is a leader in the Indian C&I renewable market, catering to various industries such as technology, manufacturing and traditional sectors, as per CRISIL. Its brand is recognized for the timely execution of projects and affordable green energy solutions.
Revenue Channels
- • Renewable Energy Power Sales by manufacturing stable, long-term cash flows through Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs).
- • Income from comprehensive development services, including land acquisition, infrastructure setup and plant engineering.
- • Generating revenue from lifecycle maintenance and performance monitoring of renewable assets.
- • Revenue from providing carbon credit solutions and energy attribute certificates to help clients meet climate goals.
Management & shareholding
Promoter & Shareholding
Clean Max Enviro Energy Solutions Ltd. enjoys the support of blue-chip global investors, which is a clear indication of the confidence reposed in the company by institutional investors. The major shareholders of the company are Temasek Holdings and Bain Capital, which recently injected funds into the company through high-profile funding rounds.
Board Members
The board members of Clean Max Enviro Energy Solutions Ltd. include experienced professionals such as Kuldeep Jain (Founder & Managing Director), who are aided by nominees from the leading investors Bain Capital and Temasek. The company’s governance framework is designed to focus on effective project implementation and prudent financial management to keep the company at the forefront while meeting global standards in the environment and ethics.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Clean Max Enviro Energy Solutions IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Clean Max Enviro Energy Solutions IPO Details
| Detail | Description |
|---|---|
| IPO Date | 23 to 25 Feb, 2026 |
| Listing Date | Mon, Mar 2, 2026 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹1000 to ₹1053 |
| Lot Size | 14 Shares |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | 2,94,39,695 shares (agg. up to ₹3,100 Cr) |
| Fresh Issue(Ex Market Maker) | 1,13,96,011 shares (agg. up to ₹1,200 Cr) |
| Offer for Sale | 1,80,43,684 shares of ₹1 (agg. up to ₹1,900 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 10,56,53,268 shares |
| Share Holding Post Issue | 11,70,49,279 shares |
Clean Max Enviro Energy Solutions IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Feb 23, 2026 |
| IPO Close Date | Wed, Feb 25, 2026 |
| Tentative Allotment | Thu, Feb 26, 2026 |
| Initiation of Refunds | Thu, Feb 26, 2026 |
| Credit of Shares to Demat | Fri, Feb 27, 2026 |
| Tentative Listing Date | Mon, Mar 2, 2026 |
| Cut-off time for UPI mandate confirmation | 5:00 PM on the Bid/Offer Closing Date |
Clean Max Enviro Energy Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 14 | ₹14,742 |
| Individual investors (Retail) (Max) | 13 | 182 | ₹1,91,646 |
| S-HNI (Min) | 14 | 196 | ₹2,06,388 |
| S-HNI (Max) | 67 | 938 | ₹9,87,714 |
| B-HNI (Min) | 68 | 952 | ₹10,02,456 |
Clean Max Enviro Energy Solutions IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 74.89% |
| Promoter Holding Post Issue | 49.08% |
Competitive Strength:
- • Experienced promoters and a management team
- • Customer-centric capabilities
- • Timely and cost-effective project development
- • Consistent growth record with strong market presence
Clean Max Enviro Energy Solutions IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 16,945.65 | 969.35 | 19.00 | 2,598.34 | - | 10,121.46 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 13,279.25 | 1,610.34 | 19.43 | 3,054.00 | 2,465.25 | 7,973.70 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 9,076.55 | 1,425.31 | -37.64 | 2,178.04 | 1,781.72 | 5,514.56 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 7,000.14 | 960.98 | -59.47 | 1,439.20 | 1,177.32 | 1,177.32 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 1.27% |
| Debt/Equity | 1.97x |
| RoNW | 1.09% |
| Price to Book Value | 4.20 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 1.84 | 3.25 |
| P/E (x) | 634.34 | 324.28 |
IPO Objectives
- • Repayment of debt (in part or in full)
- • General corporate purposes
Conclusion
Clean Max Enviro Energy Solutions IPO is an opportunity for investors to invest in a formidable leader in India’s energy transition, uniquely positioned at the intersection of corporate sustainability and large-scale infrastructure. This IPO will help the company in debt reduction by this proceed that will help them in strengthening their balance sheet.
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Frequently Asked Questions (FAQs)
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What is the total issue size of Clean Max Enviro Energy Solutions IPO?
The total issue size of the Clean Max Enviro Energy Solutions IPO is ₹3,100 crores.
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Who are the promoters of Clean Max Enviro Energy Solutions Ltd.?
The promoters are Kuldeep Jain, Pratapjain, Nidhi Jain, BGTf One Holdings (DIFC) Ltd. and Kempinc LLP.
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What are the IPO objectives of the Clean Max Enviro Energy Solutions IPO?
The IPO objective of this company is repayment of debt and general corporate purposes.
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What is the Clean Max Enviro Energy Solutions IPO?
The Clean Max Enviro Energy Solutions IPO is a main-board IPO of ₹3,100 Crores, which will list on the BSE and NSE platforms, to reduce the debt burden and fund the general corporate purposes to maintain day-to-day operational activities.
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What is the issue type and where will the shares list of Clean Max Enviro Energy Solutions IPO?
The issue type of bookbuilding IPO and the shares are supposed to be listed on the BSE and the NSE platforms.
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Who are the lead managers and registrar of the issue of Clean Max Enviro Energy Solutions IPO?
The lead manager of this issue is Axis Capital Ltd. and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
