What is the GMP of Clean Max Enviro Energy Solutions Ltd. IPO today?

The Grey Market Premium (GMP) for Clean Max Enviro Energy Solutions Ltd. IPO is currently ₹-37. With an upper price band of ₹1053, the estimated listing price is ₹1016 per share, reflecting an expected listing gain of ~0%. Grey market premiums can fluctuate based on market sentiment and subscription demand.

What is the price band and lot size for Clean Max Enviro Energy Solutions Ltd. IPO?

The price band for Clean Max Enviro Energy Solutions Ltd. IPO is ₹1000 to ₹1053 per equity share. The minimum lot size is 14 shares, which requires a minimum retail application investment of ₹14,742.

What are the important dates for Clean Max Enviro Energy Solutions Ltd. IPO?

Clean Max Enviro Energy Solutions Ltd. IPO opens for subscription on 2026-02-23T00:00:00 and closes on 2026-02-25T00:00:00. The basis of allotment is scheduled for 2026-02-26T00:00:00, and shares are expected to list on 2026-03-02T00:00:00 on BSE, NSE.

How can I check the allotment status for Clean Max Enviro Energy Solutions Ltd. IPO?

You can check Clean Max Enviro Energy Solutions Ltd. IPO allotment status on the registrar's official portal (MUFG Intime India Pvt Ltd) or through the official BSE and NSE IPO allotment status pages using your PAN number or Application number.

How to apply for Clean Max Enviro Energy Solutions Ltd. IPO?

Investors can apply for Clean Max Enviro Energy Solutions Ltd. IPO online through ASBA (Application Supported by Blocked Amount) via their internet banking account, or via UPI using authorized stockbroking platforms like Zerodha, Groww, Angel One, and Upstox.

When does the Clean Max Enviro Energy Solutions Ltd. IPO open and close?

The IPO opens on 23 Feb 2026, and closes on 25 Feb 2026.

What is Clean Max Enviro Energy Solutions Ltd. IPO price band?

The issue price band is ₹1000.00 to ₹1053.00 per equity share.

What is the Clean Max Enviro Energy Solutions Ltd. IPO lot size?

The minimum lot size is 14 shares per application.

What is the Clean Max Enviro Energy Solutions Ltd. IPO allotment date?

The allotment is scheduled on 26 Feb 2026.

Clean Max Enviro Energy Solutions Ltd. IPO Details

All IPOs

Issue Size

3079.88 Cr

Price Band

₹1000.00 - ₹1053.00

Lot Size

14 Shares

Min Investment

₹14,742

GMP

₹-37

Subscription

₹2,166.91 Cr

23 Feb 2026

IPO Opens

COMPLETED

25 Feb 2026

IPO Closes

COMPLETED

26 Feb 2026

Basis of Allotment

COMPLETED

27 Feb 2026

Refunds

COMPLETED

27 Feb 2026

Demat Credit

COMPLETED

02 Mar 2026

Listing

COMPLETED

IPO Timeline

IPO OpensDONE

23 Feb 2026

IPO ClosesDONE

25 Feb 2026

Basis of AllotmentDONE

26 Feb 2026

RefundsDONE

27 Feb 2026

Demat CreditDONE

27 Feb 2026

ListingDONE

02 Mar 2026

About Clean Max Enviro Energy Solutions Ltd. IPO

Clean Max IPO open date is February 23, 2026 and the IPO will close on February 25, 2026. Clean Max Enviro Energy IPO is a Book Built Issue. The company to raise around ₹3,100 crores via IPO that comprises fresh issue of ₹1,200 crores and offer for sale up to 1,80,43,684 equity shares with face value of ₹1 each.

Clean Max Enviro Energy IPO price band is ₹1000 to ₹1053 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Clean Max Enviro Energy IPO to list on BSE, NSE on March 2, 2026. The allotment of Clean Max Enviro Energy IPO date is February 26, 2026.

The company reported revenue of ₹1,610.34 crores in 2025 against ₹1,425.31 crores in 2024. The company reported profit of ₹19.43 crores in 2025 against loss of ₹37.64 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details

Clean Max Enviro Energy Solutions Ltd. IPO Details and Specifications
IPO Date	23 Feb 2026 to 25 Feb 2026
Face Value	₹1 Per Share
Price Band	₹1000.00 - ₹1053.00
Lot Size	14 Shares
Total Issue Size	Approx 3079.88 Cr 2,92,50,277 Equity Shares
Fresh Issue	Approx 1196.16 Cr 1,13,60,190 Equity Shares
Offer for Sale	Approx 1883.72 Cr 1,78,90,087 Equity Shares
Retail Portion	35%
Sale Type	Offer for sale
Issue Type	Book-Building IPO
Listing Date	02 Mar 2026
Listing At	BSE & NSE
Total Subscription Amount	₹2,166.91 Cr

Issue Reservation

Investor Category	Shares Offered	% Net Issue
QIB	1,45,00,598	50.00%
- Anchor	87,46,437	0.00%
- QIB (Ex. Anchor)	57,54,161	0.00%
NII	43,50,180	15.00%
- bNII > ₹10L	29,00,120	0.00%
- sNII < ₹10L	14,50,060	0.00%
Retail	1,01,50,420	35.00%
Employees	3,14,795	0.00%
Share Holders	TBA	0.00%
Total	2,93,15,993	100.00%

IPO Lot Size

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	1	14	₹14,742
Individual investors (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

About Company

Clean Max Enviro is one of the leading companies in terms of renewable energy providers. Furthermore, the company also has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.

The company mainly offers the Renewable Energy Power Sales Segment and, Renewable Energy Services Segment. They cater to a wide range of customers, including Technology customers and conventional C&I customers.

Furthermore, Efficient and affordable project development, execution, and management is the company’s strength. Clean Max Enviro Energy Solutions Ltd.’s revenue grew by 13%, and its profit after tax (PAT) jumped by 152% between FY 2024 and FY 2025.

Contact Details

Clean Max Enviro Energy Solutions Ltd.

4th Floor,

The International 16 Maharshi Karve Road,

New Marine Lines Cross Road No.1, Churchgate

Mumbai, Maharashtra, 400020

+91 22 6252 000

Secretarial@cleanmax.com

Visit Website

Registrar

MUFG Intime India Pvt Ltd

+91-22-49186270

cleanmax.ipo@in.mpms.mufg.com

Lead Managers

Axis Capital Ltd

Bnp Paribas

Bob Capital Markets Ltd

Hsbc Securities & Capital Markets Pvt Ltd

IIFL Capital Services Ltd

J.P. Morgan India Pvt Ltd

Nomura Financial Advisory And Securities (India) Pvt Ltd

SBI Capital Markets Ltd

Day-wise GMP Trend

Date & Time	GMP (₹)	Est. Listing Price	Est. Gain (%)	Est. Profit / Lot (₹)
02-Mar-2026 12:00 PM	₹-37	₹1016	-3.51%	₹-518
28-Feb-2026 12:00 PM	₹-20	₹1033	-1.90%	₹-280
27-Feb-2026 12:00 PM	₹-11	₹1042	-1.04%	₹-154
26-Feb-2026 12:00 PM	₹-11	₹1042	-1.04%	₹-154
25-Feb-2026 12:00 PM	+₹0	₹1053	+0.00%	₹0
24-Feb-2026 12:00 PM	+₹1	₹1054	+0.09%	₹14
23-Feb-2026 12:00 PM	+₹3	₹1056	+0.28%	₹42
21-Feb-2026 12:00 PM	+₹3	₹1056	+0.28%	₹42
20-Feb-2026 12:00 PM	+₹3	₹1056	+0.28%	₹42
19-Feb-2026 12:00 PM	+₹7	₹1060	+0.66%	₹98
18-Feb-2026 12:00 PM	+₹9	₹1062	+0.85%	₹126
17-Feb-2026 12:00 PM	+₹19	₹1072	+1.80%	₹266
16-Feb-2026 08:00 AM	+₹0	₹1053	+0.00%	₹0
14-Feb-2026 08:00 AM	+₹0	₹1053	+0.00%	₹0
13-Feb-2026 12:00 PM	+₹18	₹1071	+1.71%	₹252

Subscription Status

Category	Subscription (x)	Shares Offered	Shares bid for	Total Amount (₹ Cr)
QIB (Ex. Anchor)	3.02x	57,54,161	1,73,74,756	₹1,829.56 Cr
NII	0.57x	43,50,180	24,76,152	₹260.74 Cr
bNII > ₹10L	0.82x	29,00,120	23,76,304	₹250.22 Cr
sNII < ₹10L	0.07x	14,50,060	99,848	₹10.51 Cr
Retail	0.07x	1,01,50,420	6,92,720	₹72.94 Cr
Employees	0.11x	3,14,795	34,804	₹3.66 Cr
Total	1.00x	2,05,69,556	2,05,78,432	₹2,166.91 Cr

Objects of the Issue

01 Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries : 1122.67 Cr
02 General Corporate Purposes : 23.79 Cr
03 Issue Expenses : 134.63 Cr

Company Financials

Period Ended	30 SEPT 2026	31 MAR 2025	31 MAR 2024
Total Income	969.35	1610.34	1425.31
Profit After Tax	19.00	19.43	-37.64
EBITDA	637.85	1015.07	741.57
NET Worth	2598.34	2545.44	1817.96
Reserves and Surplus	2598.34	—	—
Total Borrowing	10121.46	7973.70	5514.56

Amount in ₹ Crore

IPO Valuation - KPI

KPI	31 Mar 2025
Debt/Equity Ratio	1.97
Return on Net Worth (RoNW)	1.09%
Net Asset Value (NAV)	₹250.93
Earning Per Share (EPS)	₹2.88

Peer Comparison

Company Name	EPS (₹)	P/E (x)	NAV (₹)	RoNW (%)	Income (₹ Cr)
ReNew Energy Global PLC$	10.92	44.84	310.40	3.39	9,751.30
Adani Green Energy Limited	8.37	119.14	58.63	13.48	11,212.00
NTPC Green Energy Ltd	0.67	132.94	21.88	2.58	2,209.64
ACME Solar Holdings Ltd	4.55	49.46	74.54	5.59	1,405.13

IPO Anchor Investors

Anchor Investors Letter (PDF)

Promoters and Holding Pattern

Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd, Kempinc LLP are the company's promoters of Clean Max Enviro Energy Solutions Ltd..

Particular	Pre IPO	Post IPO
Promoter and Promoter Group	74.89%	49.08%
Others*	25.11%	50.92%

Strengths

Clean Max Enviro Energy Solutions claims to have built a large and diversified C&I renewable energy platform supported by 555 customers and 1,198 PPAs and contracts as of September 30, 2025. It operates with a dedicated 53-member business development team across India, the UAE, and Thailand, managing customer engagement from contract structuring to project execution and operations. The company also claims to offer five distinct solutions: onsite, offsite STU, offsite CTU, capex services, and carbon services, along with a group captive model under which customers invest at least 26 percent equity in SPVs.
Clean Max Enviro Energy Solutions claims to have developed in-house project development, EPC, and O&M capabilities that support execution of its STU-connected, proposed CTU-connected, and onsite solar projects. As of September 30, 2025, it had a 38-member land acquisition, regulatory, and permitting team and had applied for 1,311.23 MW of STU evacuation capacity and 1480.50 MW of CTU evacuation capacity pending approval. The company states that all projects commissioned during the period ended September 30, 2025, FY23 and FY25, were delivered within budgeted costs, and that it was the first in India to procure Envision’s 3.3 MW turbine in 2022 and later placed the first domestic order for a 5 MW turbine in 2025 for a CTU-connected project in Karnataka.
Clean Max Enviro Energy Solutions claims to follow structured capital allocation and risk management practices supported by board-level oversight for large projects and KMP-level committees for smaller projects. It reported a project-level cash ROE (based on opening equity) of 34.93 percent in FY25 and states that its financing is aligned with long-term PPAs, with an average loan tenure of 19 years compared to an average PPA tenure of 22.85 years.
The company has witnessed a consistent increase in its revenue from operations. It increased from Rs 929.58 crore in FY23 to Rs 1,389.84 crore in FY24 and Rs 1,495.70 crore in FY25.

Risks

The top 10 customers accounted for Rs 326.07 crore (34.95 percent) of the company’s revenue for the period ended September 30, 2025; Rs 540.86 crore (36.16 percent) in FY25, Rs 630.90 crore (45.39 percent) in FY24; and Rs 412.00 crore (44.32 percent) in FY23. The proportion of operational capacity attributed to these customers is expected to increase as new projects are commissioned. Any failure to maintain, renew, or enter into new engagements with these key customers could adversely affect the company’s business, operations, and financial condition.
Karnataka accounted for Rs 345.71 crore (48.07 percent) of the company’s revenue from renewable energy power sales for the period ended September 30, 2025; Rs 529.43 crore (47.82 percent) in FY25; Rs 412.09 crore (47.57 percent) in FY24, and Rs 309.56 crore (65.20 percent) in FY23. Any adverse developments, including regulatory changes, an increase in open access charges, local disruptions, or unfavourable policy shifts in Karnataka, may hurt the company’s business, cash flows, financial condition, and results of operations.
The company, its promoters, directors, subsidiaries, and key managerial personnel are involved in certain ongoing legal proceedings, including criminal and tax-related cases. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
Clean Max Enviro Energy Solutions relies on a limited number of suppliers for key equipment such as solar modules and wind turbine generators. Cost paid to the top 10 suppliers accounted for Rs 1,537.49 crore (43.81 percent) of capital expenditure and operational expenditure for the period ended September 30, 2025; Rs 1,235.16 crore (39.77 percent) in FY25, Rs 947.24 crore (39.83 percent) in FY24, and Rs 2,044.82 crore (59.29 percent) in FY23. Delay in procurement, execution issues, price volatility, or regulatory sourcing requirements may lead to cost overruns, project delays, and penalties under PPAs and could adversely affect the company’s business and financial condition.
Renewable energy power sales accounted for Rs 719.21 crore (77.09 percent) of the company’s revenue for the period ended September 30, 2025; Rs 1,107.25 crore (74.03 percent) in FY25; Rs 866.33 crore (62.33 percent) in FY24; and Rs 474.81 crore (51.08 percent) in FY23. Any disruption in plant performance, customer demand, pricing, or PPA continuity could hurt the company’s business, financial condition, cash flows, and results of operations.
Clean Max Enviro Energy Solutions’ operating results are subject to seasonality and weather-related fluctuations. A significant portion of its wind energy generation occurs during the monsoon season from May to September, and any unfavourable wind conditions during this period could reduce production levels and impact revenues. The performance of its solar and wind assets also depends on the accuracy of resource assessments and may be affected by climate variability, pollution levels, or physical damage to equipment from severe weather events, which could adversely affect its business and financial condition.
As of September 30, 2025, the company had contingent liabilities of Rs 196.74 crore, up from Rs 175.61 crore in FY25. If any of these contingent liabilities materialise, the company’s financial condition could be adversely affected.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 10,121.46 crore. Failure to service or repay these loans could harm the company’s operations and financial position.

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About Clean Max Enviro Energy Solutions Ltd. IPO

IPO Details

Clean Max Enviro Energy Solutions Ltd. IPO Details and Specifications
IPO Date	23 Feb 2026 to 25 Feb 2026
Face Value	₹1 Per Share
Price Band	₹1000.00 - ₹1053.00
Lot Size	14 Shares
Total Issue Size	Approx 3079.88 Cr 2,92,50,277 Equity Shares
Fresh Issue	Approx 1196.16 Cr 1,13,60,190 Equity Shares
Offer for Sale	Approx 1883.72 Cr 1,78,90,087 Equity Shares
Retail Portion	35%
Sale Type	Offer for sale
Issue Type	Book-Building IPO
Listing Date	02 Mar 2026
Listing At	BSE & NSE
Total Subscription Amount	₹2,166.91 Cr

Investor Category

Shares Offered

% Net Issue

QIB

1,45,00,598

50.00%

- Anchor

87,46,437

0.00%

- QIB (Ex. Anchor)

57,54,161

0.00%

NII

43,50,180

15.00%

- bNII > ₹10L

29,00,120

0.00%

- sNII < ₹10L

14,50,060

0.00%

Retail

1,01,50,420

35.00%

Employees

3,14,795

0.00%

Share Holders

TBA

0.00%

Total

2,93,15,993

100.00%

Application

Lots

Amount

Individual investors (Retail) (Min)

₹14,742

Individual investors (Retail) (Max)

182

₹1,91,646

S-HNI (Min)

196

₹2,06,388

S-HNI (Max)

938

₹9,87,714

B-HNI (Min)

952

₹10,02,456

About Company

Contact Details

Clean Max Enviro Energy Solutions Ltd.

4th Floor,

The International 16 Maharshi Karve Road,

New Marine Lines Cross Road No.1, Churchgate

Mumbai, Maharashtra, 400020

+91 22 6252 000

Secretarial@cleanmax.com

Visit Website

Date & Time

GMP (₹)

Est. Listing Price

Est. Gain (%)

Est. Profit / Lot (₹)

02-Mar-2026 12:00 PM

₹-37

₹1016

-3.51%

₹-518

28-Feb-2026 12:00 PM

₹-20

₹1033

-1.90%

₹-280

27-Feb-2026 12:00 PM

₹-11

₹1042

-1.04%

₹-154

26-Feb-2026 12:00 PM

₹-11

₹1042

-1.04%

₹-154

25-Feb-2026 12:00 PM

+₹0

₹1053

+0.00%

₹0

24-Feb-2026 12:00 PM

+₹1

₹1054

+0.09%

₹14

23-Feb-2026 12:00 PM

+₹3

₹1056

+0.28%

₹42

21-Feb-2026 12:00 PM

+₹3

₹1056

+0.28%

₹42

20-Feb-2026 12:00 PM

+₹3

₹1056

+0.28%

₹42

19-Feb-2026 12:00 PM

+₹7

₹1060

+0.66%

₹98

18-Feb-2026 12:00 PM

+₹9

₹1062

+0.85%

₹126

17-Feb-2026 12:00 PM

+₹19

₹1072

+1.80%

₹266

16-Feb-2026 08:00 AM

+₹0

₹1053

+0.00%

₹0

14-Feb-2026 08:00 AM

+₹0

₹1053

+0.00%

₹0

13-Feb-2026 12:00 PM

+₹18

₹1071

+1.71%

₹252

Clean Max Enviro Energy Solutions Ltd. IPO Details

About Clean Max Enviro Energy Solutions Ltd. IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Clean Max Enviro Energy Solutions Ltd. IPO open and close?

What is Clean Max Enviro Energy Solutions Ltd. IPO price band?

What is the Clean Max Enviro Energy Solutions Ltd. IPO lot size?

What is the Clean Max Enviro Energy Solutions Ltd. IPO allotment date?

What is the Clean Max Enviro Energy Solutions Ltd. IPO listing date?

What is the minimum investment required in Clean Max Enviro Energy Solutions Ltd. IPO?

Join the discussion

Clean Max Enviro Energy Solutions Ltd. IPO Details

About Clean Max Enviro Energy Solutions Ltd. IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Clean Max Enviro Energy Solutions Ltd. IPO open and close?

What is Clean Max Enviro Energy Solutions Ltd. IPO price band?

What is the Clean Max Enviro Energy Solutions Ltd. IPO lot size?

What is the Clean Max Enviro Energy Solutions Ltd. IPO allotment date?

What is the Clean Max Enviro Energy Solutions Ltd. IPO listing date?

What is the minimum investment required in Clean Max Enviro Energy Solutions Ltd. IPO?

Join the discussion