Clean Max Enviro Energy Solutions IPO
Bookbuilding IPO | ₹3,100.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Mon, Feb 23, 2026
IPO Close
Wed, Feb 25, 2026
Price Band
₹1,000.00 to ₹1,053.00
Market Cap (Pre-IPO)
₹11,881.82 Cr
IPO Details
| IPO Date | Feb 23, 2026 to Feb 25, 2026 |
| Listing Date | Tentative: Mar 02, 2026 |
| Face Value | ₹1.00 per share |
| Price Band | ₹1,000.00 to ₹1,053.00 |
| Lot Size | 14 Shares (Minimum: ₹14,742.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹3,100.00 Crores |
| Total Shares Offered | 29,439,695 shares |
| Fresh Issue | 11,396,011 shares |
| Offer For Sale | 18,043,684 shares |
Clean Max Enviro Energy Solutions IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Clean Max Enviro Energy Solutions IPO Lot Size
Investors can bid for a minimum of 14 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,742 |
| Retail (Max) | 13 | 182 | ₹191,646 |
| S-HNI (Min) | 14 | 196 | ₹206,388 |
| S-HNI (Max) | 67 | 938 | ₹987,714 |
| B-HNI (Min) | 68 | 952 | ₹1,002,456 |
Clean Max Enviro Energy Solutions Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| NET Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Reserves and Surplus | - | - | - | - |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 1.27% |
| ROCE (Return on Capital Employed) | 1.97% |
| RoNW (Return on Net Worth) | 1.09% |
| Price to Book Value | 4.20 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 2.79 | - |
| P/E (x) | 377.42 | - |
| Promoter Holding | 74.89% | 49.08% |
Company Overview
Clean Max Enviro Energy Solutions – Company Overview
- Market Leadership: Recognized as India’s largest Commercial & Industrial (C&I) renewable energy provider as of March 31, 2025 (as per CRISIL Report).
- Installed & Pipeline Capacity: As of July 31, 2025, the company has 2.54 GW operational, owned, and managed renewable capacity, along with 2.53 GW contracted capacity under execution, highlighting strong growth visibility.
- Core Offerings: Provides renewable power supply, energy management services, and carbon credit solutions to commercial and industrial clients.
- Diverse Customer Base: Serves leading technology companies and conventional C&I customers, supporting corporate sustainability and decarbonization goals.
- Technical Expertise: Strong capabilities in Energy Contracting, Engineering Procurement & Construction (EPC), and Operation & Maintenance (O&M) of solar, wind, and hybrid renewable energy projects.
Business Segments
- Renewable Energy Power Sales: Supplies clean energy under long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs), ensuring stable recurring revenue streams.
- Renewable Energy Services: Offers turnkey project development including land acquisition, grid evacuation infrastructure, EPC execution, long-term O&M services, and carbon advisory solutions.
- Sustainability Focus: Enables businesses to reduce carbon footprint through integrated renewable energy and carbon management solutions.
Company Strengths
- Comprehensive Suite of Customer-Centric Capabilities
- Timely and Cost-Effective Project Development, Execution and Management Capabilities
- Efficient capital allocation and risk management
Use of Proceeds
| 1 | Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries | 1,125.00 |
| 2 | General corporate purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Clean Max Enviro Energy Solutions IPO Peer Comparison
Clean Max Enviro Energy Solutions peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Clean Max Enviro Energy Solutions | 2.88 | 2.79 | 250.93 | - | 1.09 | - | Consolidated |
| ACME Solar Holdings | 4.55 | 4.53 | 74.54 | 49.46 | 5.59 | 3.03 | - |
| NTPC Green Energy | 0.67 | 0.67 | 21.88 | 132.94 | 2.58 | 4.24 | - |
| Adani Green Energy | 8.37 | 8.37 | 58.63 | 119.14 | 13.48 | 17.19 | - |
| ReNew Energy Global PLC | 10.92 | 10.81 | 310.40 | 44.84 | 3.39 | 1.56 | - |
Quick Info
| Sector | renewable energy |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹11,881.82 Cr |
Important Dates
| IPO Open | Feb 23, 2026 |
| IPO Close | Feb 25, 2026 |
| Allotment Date | Feb 26, 2026 |
| Credit to Demat | Feb 27, 2026 |
| Listing Date | Tentative: Mar 02, 2026 |
Lead Manager(s)
Axis Capital Ltd.
Registrar
MUFG Intime India Pvt.Ltd.
+91-22-4918 6270
Description
- IPO Type: Book build issue worth ₹3,100.00 crores, comprising a fresh issue of 1.14 crore shares (₹1,200.00 Cr) and an offer for sale of 1.80 crore shares (₹1,900.00 Cr), making it one of the large renewable energy IPOs.
- IPO Dates: The IPO opens for subscription on February 23, 2026 and closes on February 25, 2026.
- Allotment & Listing: Allotment is expected on February 26, 2026, with tentative listing on BSE and NSE scheduled for March 2, 2026.
- Price Band: The IPO price band is fixed between ₹1,000 to ₹1,053 per share, positioning it in the premium segment of the primary market.
- Lot Size: Minimum application size is 14 shares, making it accessible to retail investors despite the higher share price.
- Retail Investment Requirement: Minimum retail investment is ₹14,742 (14 shares) based on the upper price band.
- sNII Investment Requirement: Minimum of 14 lots (196 shares) requiring an investment of approximately ₹2,06,388.
- bNII Investment Requirement: Minimum of 68 lots (952 shares) amounting to around ₹10,02,456.
- Investor Focus: Suitable for investors tracking renewable energy IPOs, green energy companies, and large-cap public offerings in India.