Clean Max Enviro Energy Solutions IPO opens on Feb 24: Check all key details here

Mumbai-based renewable power company, Clean Max Enviro Energy Solutions, is set to launch its initial public offering (IPO) for subscription on 23 February, closing on 25 February. The IPO features a price band of Rs 1,000–1,053 per equity share, with a minimum lot size of 14 shares. Retail investors can invest from Rs 14,742 at the upper price band. The total issue size stands at Rs 3,100 crore, comprising a fresh issue of Rs 1,200 crore and an offer for sale (OFS) of 1.80 crore shares worth Rs 1,900 crore. The basis of allotment will be finalised by 26 February, and shares will list on the bourses on 2 March. Axis Capital, JP Morgan India, HSBC Securities and Capital Markets India, IIFL Capital Services, Nomura Financial Advisory, BOB Capital Markets, and SBI Capital Markets are the book-running lead managers for the issue, while MUFG Intime India is the registrar for the IPO. Shares worth Rs 30 crore are reserved for employees, who also benefit from a Rs 100 per share discount to the IPO price. 50 per cent of the net issue is reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of reservation in the IPO. Retail bidders have an allocation of 35 per cent in the issue. The IPO proceeds will be used predominantly for debt repayment, with Rs 1,122.6 crore earmarked for this purpose. The remainder of the fresh issue will go towards general corporate purposes. Funds raised via the OFS will be distributed to the selling shareholders, including promoters and select institutional investors. Clean Max Enviro Energy Solutions provides renewable power, energy services, and carbon credit solutions to a diverse client base, including data centres, technology companies, and commercial and industrial enterprises. The company operates in a competitive market, with listed peers such as ACME Solar Holdings, NTPC Green Energy, and Adani Green Energy. The offer size has been revised from the earlier planned Rs 5,200 crore, as detailed in the company's August 2025 preliminary filings. Under the OFS, shares will be sold by promoters Kuldeep Jain, Brookfield's BGTF One Holdings DIFC, KEMPINC LLP, and investors Augment India I Holdings and DSDG Holding APS.