Clean Max Enviro Energy Solutions Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹1000 - ₹1053
- Lot size
- 14 shares
- Issue amount
- ₹3,100 cr
- Total subscription
- 0.99×
- Opens
- 23 Feb 2026
- Closes
- 25 Feb 2026
- Allotment
- 26 Feb 2026
- Listing
- 2 Mar 2026
Offer at a glance
Issue overview
- Issue size
- 2,94,39,696 shares
- Face value
- ₹1 Per Share
- Minimum investment
- ₹14,000
- Fresh issue
- ₹1,200 cr
- Offer for sale
- ₹1,900 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,742
- Issue type
- Bookbuilding IPO
- Shares before issue
- 10,14,41,820
- Shares after issue
- 11,28,37,831
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 14 | ₹14,742 |
| sHNI | 14 | 196 | ₹2,06,388 |
| bHNI | 68 | 952 | ₹10,02,456 |
Share reservation
Subscription & GMP
Subscription by category
Reported 25 Feb 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 7,28,123 | 35,344 |
| EMPLOYEES | 0 | 1,114 |
| HNIs(10L +) | 14,860 | 108 |
| HNIs (2-10L) | 7,430 | 399 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 612.43 | 1,829.56 |
| FIIs | 0 | 926.6 |
| FIs | 0 | 626 |
| Mutual Funds | 0 | 29.93 |
| Others | 0 | 247.04 |
| RETAIL | 1,073.4 | 72.01 |
| HNIs 2+ | 153.34 | 10.51 |
| HNIs 10+ | 306.69 | 250.22 |
| EMPLOYEES | 33.15 | 3.7 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 1.09 | 2.88 | -3.94 | -9.01 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 | 0 |
| RONW | 0.43 | 1.09 | -1.7 | -5.39 |
| PRE IPO(PE) | 0 | 634.34 | 0 | 0 |
| POST IPO(PE) | 324.28 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| NTPC Green Energy Ltd | 132.94 | 89.07 | 10.00 | 21.88 | 2.58 | 0.67 |
| ACME Solar Holdings Ltd | 49.46 | 224.05 | 2.00 | 74.54 | 5.59 | 4.55 |
| Clean Max Enviro Energy Solutions Limited | 634.34 | 1053.00 | 1.00 | 250.93 | 1.09 | 2.88 |
| Adani Green Energy Limited | 119.14 | 997.20 | 10.00 | 58.63 | 13.48 | 8.37 |
| ReNew Energy Global PLC$ | 44.84 | 484.68 | 0.0001 | 310.40 | 3.39 | 10.92 |
Company information
Company profile
Clean Max Enviro is India’s largest commercial and industrial renewable energy provider, with 2.54 GW of operational, owned, and managed capacity as of July 31, 2025, and an additional 2.53 GW of contracted capacity under execution. The company supplies renewable power, provides energy services, and offers carbon credit solutions, serving both technology and conventional commercial and industrial customers. Its expertise spans energy contracting, engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) of solar, wind, and hybrid renewable energy plants. Clean Max Enviro operates through two key business segments: renewable energy power sales, delivering power via long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs), and renewable energy services, providing turnkey development including land acquisition, infrastructure, EPC, power evacuation, O&M, and carbon services for the lifetime of projects.
Strengths
- Timely & Cost-Efficient Execution: Strong in-house EPC, O&M, and ESG capabilities ensure projects are delivered on time, within budget, and with reliable performance.
- Solutions-Driven Sales Model: Dedicated team manages the full customer lifecycle across multiple regions, supporting diversified revenue and long-term client engagement.
- Diverse & Flexible Offerings: Provides multiple clean energy solutions tailored to customers’ Net Zero and sustainability goals.
Risk factors
- Project Development Risk: Delays in land acquisition, grid access, financing, approvals, or equipment supply may impact timelines and cash flows.
- PPA/EAPA Termination Risk: Failure to meet construction or supply obligations may lead to contract termination and reduced revenue visibility.
- Land Title & Acquisition Risk: Disputes or unclear land records may delay projects and create legal or operational challenges.
Promoters
Kuldeep Jain
Pratap Jain
Nidhi Jain
BGTF One Holdings (DIFC) Ltd
Kempinc LLP
Registrar & documents
Lead manager
Axis Capital Limited, J.P. Morgan India Private Limited, Bnp Paribas, Hsbc Securities & Capital Markets Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory And Securities (India) Private Limited, Bob Capital Markets Limited, SBI Capital Markets Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
4th Floor, The International 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate Mumbai, Maharashtra, 400020
+91 22 6252 000
[email protected]Company website ↗Understanding CLEANMAX IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.