Clean Max Enviro IPO
Clean Max Enviro IPO Details
Clean Max Enviro Energy Solutions IPO bidding started from Feb 23, 2026 and ended on Feb 25, 2026. The allotment for Clean Max Enviro Energy Solutions IPO was finalized on Feb 26, 2026. The shares got listed on NSE and BSE on Mar 2, 2026.
Clean Max Enviro IPO GMP
Clean Max Enviro IPO GMP reflects the unofficial Grey Market Premium of the shares before listing. The GMP moved from a small premium during the initial IPO period to a discount before listing, indicating weakening grey-market sentiment. The final recorded GMP was -₹25 against the upper price band of ₹1,053, while the shares later listed at ₹960. GMP is unofficial and does not guarantee the actual listing price.
Clean Max Enviro IPO Timeline (Tentative)
Clean Max Enviro Energy Solutions IPO opened for subscription on February 23, 2026, and closed on February 25, 2026. The basis of allotment was finalized on February 26, shares were credited to Demat accounts on February 27, and the company was listed on March 2, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Feb 23, 2026 |
| IPO Close Date | Wed, Feb 25, 2026 |
| Basis of Allotment | Thu, Feb 26, 2026 |
| Initiation of Refunds | Thu, Feb 26, 2026 |
| Credit of Shares to Demat | Fri, Feb 27, 2026 |
| Listing Date | Mon, Mar 2, 2026 |
| IPO Opens | February 23, 2026 |
| IPO Closes | February 25, 2026 |
| Basis of Allotment | February 26, 2026 |
| Refund / Fund Unblocking | February 26, 2026 |
| Share Credit to Demat | February 27, 2026 |
| Listing Date | March 2, 2026 |
Clean Max Enviro IPO Lot Size
The Clean Max Enviro IPO lot size was 14 shares. At the upper price band of ₹1,053 per share, one lot required a minimum investment of ₹14,742.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 14 | 14,742 |
| 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 IPO Reservation
Clean Max Enviro Energy Solutions IPO comprises a total issue size of 2,93,15,993 shares. The net offer to the public is 2,90,01,198 shares, after excluding 3,14,795 shares under a preferential allotment. Of the Net offer 1,45,00,598 (50.00%) are allocated to QIB, 43,50,180 (15.00%) allocated to NII 1,01,50,420 (35.00%) allocated to RII.
Clean Max Enviro IPO Subscription
Clean Max Enviro IPO received 0.94x overall subscription by the close of bidding on February 25, 2026, meaning the issue was not fully subscribed overall. QIB demand was relatively strong at 2.83x, while NII and retail participation remained below 1x.
| Category | Subscription (times) |
|---|---|
| QIB | 2.83x |
| NII | 0.54x |
| RII | 0.06x |
| Employees | 0.10x |
| Total | 0.94x |
About Clean Max Enviro
Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider. As of July 31, 2025, the company have 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.
Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. We cater to a wide range of customers, including Technology customers and conventional C&I customers.
The company's expertise covers Energy contracting, Engineering, procurement, and construction (EPC), and Operation and maintenance (O&M) of renewable energy plants (solar, wind, and hybrid).
Business Offerings
- Renewable Energy Power Sales Segment: Sell renewable energy to customers through long-term Power Purchase Agreements (“PPAs”) and Energy Attribute Purchase Agreements (“EAPAs”). T
- Renewable Energy Services Segment: Turnkey development services, including land, evacuation infrastructure, EPC services, power evacuation and O&M services for the project lifetime and Carbon Services offering.
Strengths
- Strong position in the C&I renewable-energy segment: Clean Max focuses on supplying renewable power to commercial and industrial customers and had 2.8 GW of operational owned-and-managed capacity as of October 31, 2025.
- Large contracted capacity: The company had around 3.2 GW of contracted capacity yet to be executed, providing visibility for future expansion.
- Long-term customer contracts: Its renewable-power business is supported by long-term PPAs/EAPAs, with an average tenure of around 22.85 years and a lock-in period of around 16.86 years as of September 2025.
- Diversified renewable portfolio: The company operates across solar, wind and hybrid renewable-energy solutions, reducing dependence on a single generation technology.
- Strong corporate customer base: Clean Max serves major commercial and industrial customers, including multinational companies, giving it exposure to growing corporate demand for renewable power.
- Growth in renewable-energy demand: Increasing corporate focus on decarbonisation and Net Zero targets can support demand for C&I renewable-energy solutions.
- Improving profitability: After reporting losses in FY2023 and FY2024, the company returned to profitability in FY2025 and remained profitable in H1 FY2026.
- Debt-reduction opportunity: ₹1,200 crore from the fresh issue was intended for repayment/prepayment of certain borrowings, which could help reduce financial pressure.
Risks to Consider
- High debt levels: The business is capital intensive and carries substantial borrowings. High finance costs and debt obligations can put pressure on cash flows.
- Customer concentration: The top 10 India-based customers contributed 34.95% of revenue in H1 FY2026 and 36.16% in FY2025. Losing or failing to renew major contracts could materially affect the business.
- PPA/EAPA termination risk: Long-term contracts can contain termination provisions relating to project delays, supply failures and other specified events.
- Execution and cost-overrun risk: Renewable projects require significant investment in land, grid connectivity, equipment and construction. Delays or inaccurate cost estimates can increase project costs and working-capital requirements.
- Land acquisition and grid-connectivity risk: Failure to secure suitable land, transmission infrastructure or rights of way can delay renewable projects.
- Geographical concentration: Karnataka and Gujarat accounted for approximately 77.16% of renewable-energy power-sales revenue in H1 FY2026, exposing the company to state-specific regulatory and operating risks.
- Weather and generation risk: Solar and wind generation depends on weather and natural-resource availability, which can affect power output.
- Regulatory risk: Changes in renewable-energy, open-access, electricity tariffs or related regulations could affect project economics.
- Profitability volatility: The company reported restated losses of ₹59.47 crore in FY2023 and ₹37.64 crore in FY2024 before returning to profit in FY2025.
KPIs & Valuation
Clean Max Enviro has a significant position in India's commercial and industrial renewable-energy market. At the time of the IPO, the company had 2.80 GW of operational capacity, while its business was focused on long-term renewable-energy solutions for corporate customers. The company also had exposure to the rapidly expanding data-centre and technology sector. Data and AI infrastructure accounted for approximately 44% of revenue, according to reporting during the IPO.
Objects of the Issue
The Clean Max Enviro IPO included a ₹1,200 crore Fresh Issue and an Offer for Sale by existing shareholders. The net proceeds from the Fresh Issue were primarily intended to reduce outstanding borrowings of the company and certain subsidiaries, with the balance allocated for general corporate purposes.
- The company proposed to utilise the net proceeds of the Fresh Issue for:
- Repayment and/or pre-payment, in part or full, of certain outstanding borrowings of the company and/or its subsidiaries.
- General corporate purposes.
- The IPO therefore provided the company with an opportunity to strengthen its balance sheet by reducing debt while also retaining funds for general corporate requirements.
Promoters, Lead Managers & Registrar
Clean Max Enviro Energy Solutions is promoted by Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Limited and KEMPINC LLP.
Promoters
Lead Managers (BRLM)
Clean Max Enviro IPO Review
Clean Max Enviro Energy Solutions has a strong position in India's commercial and industrial renewable-energy segment, supported by long-term customer contracts, a diversified renewable portfolio and significant operational capacity. The company also returned to profitability in FY2025 after losses in FY2023 and FY2024.
The main concern is high debt and valuation. The company had borrowings of about ₹10,121 crore as of September 2025, while the IPO's ₹1,200 crore fresh issue was primarily intended for repayment/prepayment of debt.
The business also faces customer concentration, geographic concentration, project-execution and regulatory risks. In addition, the IPO valuation was considered aggressive by several analysts.
How to Apply
Clean Max Enviro Energy Solutions IPO applications were made through the ASBA process, with UPI available for eligible investors. The IPO opened on February 23, 2026 and closed on February 25, 2026.
Through UPI
- Open your stockbroker's app or website.
- Go to the IPO section.
- Select Clean Max Enviro Energy Solutions IPO.
- Enter the number of lots you want to apply for.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account.
- If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Last updated Aug 14, 2026.