Clean Max Enviro Energy Solutions Ltd. (MAINBOARD)

Clean Max Enviro Energy Solutions Ltd. (MAINBOARD)

MainboardLive
Min. Investment
₹14,742
/ 14 Shares
Issue Price
₹1000 - ₹1053
Subscription
-
Issue Size
3100.00
Lot Size
14
Open
Feb 23, 2026
Close
Feb 25, 2026
Allotment
Feb 26, 2026
Listing
Mar 2, 2026

1. Clean Max Enviro Energy Solutions Ltd. (MAINBOARD) IPO Details

Clean Max Enviro Energy Solutions Ltd IPO is a book-built issue of approximately ₹5,200 crores. The issue is a combination of a fresh issue of ₹1,500 crores and an offer for sale (OFS) of ₹3,700 crores.

The bidding for the IPO is expected to take place in late February 2026. While SEBI approved the DRHP in October 2025, the final RHP with exact dates and price band is currently pending. Recent market reports suggest the company may recalibrate the deal size to around $350–$400 million (~₹3,000–₹3,500 Cr) to align with current sector valuations.

The shares will be listed on both NSE and BSE.

Grey Market Premium

Estimated listing gains (Live)

+₹1Per Share
EST. GAINS
Updated real-time from market sources

Clean Max Enviro Energy Solutions Ltd. (MAINBOARD) IPO Details

Total Issue Size29,439,696 shares (aggregating up to ₹3100.00 Cr)
Fresh Issue11,396,011 shares (aggregating up to ₹1200.00 Cr)
Offer For Sale18,043,685 shares (aggregating up to ₹1900.00 Cr)
Face Value₹1/- Per Share
Issue TypeBookbuilding IPO
Listing AtBSE,NSE
Share Holding Pre Issue10,14,41,820 shares
Share Holding Post Issue11,28,37,831 shares

IPO Reservation

CategoryOfferedAppliedTimes
QIBs581601463435261.09
HNIs43687359294880.21
HNIs 10+29124909077460.31
HNIs 2+1456245217420.01
Retail101937152331280.02
Employees31479586660.03
Total2069325975148080.36

IPO GMP Details

Price₹1000 - ₹1053
GMP Rumors *₹1
Lot size14
Issue size₹3100.00 cr
AllotmentFeb 26, 2026
ListingMar 2, 2026

Financial Summary

Period EndedSep-25Mar-25Mar-24Mar-23
Period EndedSep-25Mar-25Mar-24Mar-23
Assets16,945.713,279.39,076.67,000.1
Total Income969.41,610.31,425.3961.0
Profit After Tax19.019.4-37.6-59.5
EBITDA637.91,015.1741.6405.9
NET Worth2,598.32,545.41,818.01,209.9
Total Borrowing10,121.57,973.75,514.63,843.4

Peer Comparison & Valuation

KPISep-25Mar-25Mar-24Mar-23
RONW0.43%1.09%-1.70%-5.39%
DEBT/EQUITY2.531.972.172.16
EPS (BASIC)1.092.88-3.94-9.01
P/E Pre IPO634.34
P/E POST IPO324.28

2. About Clean Max Enviro Energy Solutions Ltd. (MAINBOARD)

Founded in 2010, Clean Max is India’s largest renewable energy provider for the Commercial and Industrial (C&I) segment. They specialize in "Net Zero" and decarbonization solutions for large-scale corporate clients.

Business Verticals

  • Renewable Energy Power Sales: Solar, wind, and hybrid power supply through long-term Power Purchase Agreements (PPAs).

  • Onsite & Offsite Solutions: Rooftop solar installations and large-scale renewable farms.

  • Renewable Energy Services: EPC (Engineering, Procurement, Construction) and O&M (Operation and Maintenance) services.

  • Carbon Solutions: Helping companies achieve carbon neutrality through carbon credit management.

Track Record

  • Operational Capacity: 2.54 GW operational and 2.53 GW under development (as of July 2025).

  • Financial Turnaround: Reported a profit of ₹19.43 Cr in FY25, rebounding from a loss of ₹376 Cr in FY24.

  • Client Base: Serves 500+ global and Indian giants including Amazon, Google, Apple, Meta, and the Tata Group.

  • Sponsorship: Backed by Brookfield, one of the world's largest infrastructure investors.

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Clean Max Enviro Energy Solutions Ltd IPO GMP

The Grey Market Premium (GMP) will start reflecting once the official price band is announced. Given the high-profile backing by Brookfield and Temasek, this is expected to be one of the most significant energy listings of 2026.

Clean Max Enviro Energy Solutions Ltd IPO Allotment Status

Once the IPO closes, you can check the allotment status on the registrar’s portal:

  • Registrar: MUFG Intime India Pvt Ltd (Link Intime).

  • Portals: NSE/BSE official websites or the registrar’s status page using your PAN or Application Number.

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Strengths

  • C&I Market Leadership: Dominant position in the high-margin corporate renewable energy sector.

  • Revenue Visibility: Long-term PPAs with a weighted average tenure of 22.7 years.

  • Repeat Business: Over 77% of contracted capacity in FY25 came from repeat customers.

  • Blue-Chip Backing: Strategic and financial support from global powerhouse Brookfield.

Weakness

  • High Debt Profile: Total borrowings stood at ₹7,973.70 Cr (as of March 2025) due to the capital-intensive nature of power projects.

  • Policy Dependency: Vulnerable to state-level changes in "Open Access" charges and renewable energy regulations.

  • Geographical Concentration: A significant portion of revenue is derived from projects in Karnataka and Gujarat.

  • Valuation Pressure: The renewable sector is currently facing valuation cooling due to global solar panel oversupply.

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How the Company Will Use IPO Money

The net proceeds from the fresh issue of ₹1,500 crores will be used for:

  • Debt Reduction: ₹1,125 crores (approx. 75%) will go toward the repayment or prepayment of outstanding borrowings.

  • General Corporate Purposes: The remaining funds will support brand building and operational growth.

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Clean Max Enviro Energy Solutions Ltd Lead Manager

Axis Capital, JP Morgan, BNP Paribas, HSBC, IIFL Capital, Nomura, BOB Capital, and SBI Capital Markets.

Clean Max Enviro Energy Solutions Ltd Address

Clean Max Enviro Energy Solutions Limited

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

Phone: +91 22 6252 0000

E-mail: Secretarial@cleanmax.com

Website: https://www.cleanmax.com/

Clean Max Enviro Registrar

MUFG Intime India Pvt Ltd (Link Intime)

Address: C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083

Phone: +91-22-4918 6270

Email: cleanmax.ipo@in.mpms.mufg.com

Website: https://in.mpms.mufg.com/

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As the founder and owner of this website, I have launched my 2nd digital platform focused on the Indian stock market IPO segment. This platform provides detailed and reliable information on upcoming and ongoing IPOs in India, including IPO issue details, subscription status, live Grey Market Premium (GMP), and IPO allotment status, helping investors stay informed with accurate and timely IPO insights.