Clean Max Enviro Energy Solutions IPO is a bookbuilt issue of ₹3100.00 crores. It combines a fresh issue of 1.14 crore shares aggregating to ₹1200.00 crore and an offer for sale of 1.80 crore shares aggregating to ₹1900.00 crore.
The IPO opens for subscription on February 23, 2026 and closes on February 25, 2026. The allotment is expected to be finalised on Thursday, February 26, 2026. The price band for the IPO is set at ₹1000 to ₹1053 per share, and the minimum lot size for an application is 14 shares.
Company Summary
Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, we 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 commercial and industrial (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).
Company 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.
Company Strengths
- Comprehensive Suite of Customer-Centric Capabilities
- Timely and Cost-Effective Project Development, Execution, and Management Capabilities
- Efficient capital allocation and risk management
Company Financials
| 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 | 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 |
| Total Borrowing | 10,121.46 | 7,973.7 | 5,514.56 | 3,843.42 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries
- General corporate purposes
Promoters of the company
Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd, and Kempinc LLP are the company promoters.
IPO Details
| IPO Date | February 23, 2026 to February 25, 2026 |
| Listing Date | March 02, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹1000 to ₹1053 per share |
| Lot size | 14 shares |
| Total Issue size | 2,94,39,695 shares (aggregating upto ₹3100.00 Cr ) |
| Fresh Issue | 1,13,96,011 shares (aggregating upto ₹1200.00 Cr ) |
| Offer for Sale | 1,80,43,684 shares of ₹1 (aggregating upto ₹1900.00 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 10,56,53,268 shares |
| Share Holding Post Issue | 11,70,49,279 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Upto Rs 2 lakhs | Yes |
| Employee + RII/NII | 1. Employee limit: Upto 2 lakhs (In certain cases, employees are given a discount if the bidding amount is up to Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 14 | ₹14,742.00 |
| Retail (Max) | 13 | 182 | ₹1,91,646.00 |
| S-HNI (Min) | 14 | 196 | ₹2,06,388.00 |
| S-HNI (Max) | 67 | 938 | ₹9,87,714.00 |
| B-HNI (Min) | 68 | 952 | ₹10,02,456.00 |
Allotment Schedule
| Basis of Allotment | Thu, 26 Feb, 2026 |
| Initiation of Refunds | Thu, 26 Feb, 2026 |
| Credit of Shares to Demat | Fri, 27 Feb, 2026 |
| Tentative Listing Date | Mon, 02 Mar, 2026 |
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 |
Source – SEBI, Chittorgarh
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