Clean Max Enviro Energy Solutions Limited IPO
Clean Max is a renewable energy solutions provider serving commercial and industrial customers exclusively under a business-to-business model. Established in 2010, the Company has over 15 years of experience in delivering decarbonization solutions, including renewable power supply, energy services and carbon credit solutions. Its capabilities include engineering, procurement and construction (EPC) and operation and maintenance (O&M) of solar, wind and hybrid plants, executed at customer premises and Clean Max–developed farms. The Company operates through two segments: Renewable Energy Power Sales under long-term PPAs and Renewable Energy Services comprising EPC, O&M and carbon services. As of October 31, 2025, it had an operational capacity of 2,799 MW.Website: https://www.cleanmax.com
Price Band₹1000 - ₹1053 |
Dates23 Feb - 25 Feb |
GMP₹-12 (-1.14%) |
Subscriptions0.94 times |
Issue Size₹3,100.00 Crs |
Clean Max IPO Key Dates
Opening Date
23 Feb 26
Closing Date
25 Feb 26
Basis Of Allotment
26 Feb 26
Initiations Of Refund
26 Feb 26
Credit Of Shares
27 Feb 26
Listing Date
02 Mar 26
Clean Max IPO Objects
- Repayment &/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company &/or the Subsidiaries
- General corporate purposes
Clean Max IPO Details
Price Band₹1000 - ₹1053 |
Listing AtNSE & BSE |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹1,200.00 Cr (1.14 Cr Shares) |
Offer For Sale₹1,900.00 Cr (1.80 Cr Shares) |
Total Issue₹3,100.00 Cr (2.94 Cr Shares) |
Face Value₹1 per equity share |
Clean Max IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Retail |
Minimum
1
14
14,742
Maximum
13
182
1,91,646
|
|||
| Small HNI |
Minimum
14
196
2,06,388
Maximum
67
938
9,87,714
|
|||
| Big HNI |
Minimum
68
952
10,02,456
|
|||
Clean Max IPO Subscription
Updated as on 25-Feb-2026 19:00:00
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 3.02 | 57,54,161 | 1,73,74,756 |
| NII | 0.57 | 43,50,179 | 24,76,152 |
| bNII (bids above ₹10L) | 0.82 | 29,00,120 | 23,76,304 |
| sNII (bids between ₹2L to ₹10L) | 0.07 | 14,50,060 | 99,848 |
| Retail | 0.07 | 1,01,50,419 | 6,83,844 |
| Employee | 0.12 | 2,84,900 | 34,804 |
| Total | 1.00 | 2,05,39,660 | 2,05,69,556 |
Clean Max IPO GMP
The estimated Grey Market Premium of Clean Max IPO is ₹-12 per share (-1.14%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIBs | Not more than 50% of Net Offer |
| Big HNIs (NII) | Not less than 10% of Net Offer |
| Small HNIs (NII) | Not less than 5% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| Employee | 30Cr. |
Clean Max IPO Financials
| Particulars | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Revenue from Operations | 932.95 | 1,495.70 | 1,389.84 | 929.58 |
| Profit after Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| Net Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
| Total Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| NAV per share (in ₹) | 256.14 | 250.93 | 206.62 | 166.80 |
| EPS - Basic (in ₹) | 1.09 | 2.88 | -3.94 | -9.01 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | VALUES |
|---|---|
| Debt to Equity | 1.97 |
| ROE | 1.27% |
- All the data pertains to FY 2024-25.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
Clean Max IPO Peer Comparision
| Particulars | Clean Max Enviro | ACME Solar | NTPC Green | Adani Green | ReNew Energy |
|---|---|---|---|---|---|
| Revenue | 1,495.70 | 1,405.13 | 2,209.64 | 11,212.00 | 9,751.30 |
| PAT | 27.84 | 252.11 | 475.48 | 1,444.00 | 381.40 |
| EPS (₹) | 2.88 | 4.55 | 0.67 | 8.37 | 10.92 |
| NAV (₹) | 250.93 | 74.54 | 21.88 | 58.63 | 310.40 |
| RONW | 1.09% | 5.59% | 2.58% | 13.48% | 3.39% |
All information pertains to FY 2024-25. The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of February 12, 2026 for Peers
Clean Max IPO Peer Comparision
| Particulars | Clean Max Enviro |
|---|---|
| Revenue | 1,495.70 |
| PAT | 27.84 |
| EPS (₹) | 2.88 |
| NAV (₹) | 250.93 |
| RONW | 1.09% |
| ACME Solar | NTPC Green | Adani Green | ReNew Energy |
|---|---|---|---|
| 1,405.13 | 2,209.64 | 11,212.00 | 9,751.30 |
| 252.11 | 475.48 | 1,444.00 | 381.40 |
| 4.55 | 0.67 | 8.37 | 10.92 |
| 74.54 | 21.88 | 58.63 | 310.40 |
| 5.59% | 2.58% | 13.48% | 3.39% |
All information pertains to FY 2024-25. The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of February 12, 2026 for Peers
Promoter Details
| Name | Shareholding |
|---|---|
| Kuldeep Jain | 10.98% |
| BGTF One Holdings Ltd. | 31.42% |
| KEMPINC LLP | 12.86% |
| Others | 9.73% |
| Total | 64.99% |
Management Details
| Name | Designation |
|---|---|
| Kuldeep Jain | Chairman & MD |
| Nikunj Ghodawat | CFO |
Company Details
Name: Clean Max Enviro Energy Solutions Limited
Address: 4th Floor, The International 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate Mumbai - 400 020 Maharashtra, India
Number: +91 22 6252 000
Email: Secretarial@cleanmax.com
Website: https://www.cleanmax.com
RTAs
MUFG Intime India
Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Clean Max IPO is a Mainboard IPO having an issue size of Rs. ₹3,100.00 Crs. Clean Max IPO is priced at ₹1000 - ₹1053 per share. The issue opens on 23 Feb 26 and closes on 25 Feb 26.
Clean Max IPO opens on 23 Feb 26 and closes on 25 Feb 26.
The estimated Grey Market Premium of Clean Max IPO is ₹-12 per share (-1.14%).
The minimum lot size of Clean Max IPO is 14 shares & the minimum application amount is Rs. 14742.
The allotment date of Clean Max IPO is 26 Feb 26.
The listing date of Clean Max IPO is 02 Mar 26.
Clean Max IPO is subscribed 0.94 times.
Clean Max IPO is priced at ₹1000 - ₹1053 per share.
Click the allotment link on Clean Max IPO page of IPO360.
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
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- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Clean Max IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
