Clean Max Enviro IPO Details
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Face Value | â‚ą1 Per Equity Share |
| IPO Price Band | â‚ą1000 to â‚ą1053 Per Share |
| Issue Size | Approx â‚ą3,100 Crores |
| Fresh Issue | Approx â‚ą1,200 Crores |
| Offer for Sale: | Approx 1,80,43,684 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Clean Max Enviro Energy IPO Review & Key Points
- Review: Neutral
Clean Max Enviro Energy IPO Market Lot
The Clean Max IPO minimum market lot is 14 shares, with an application amount of â‚ą14,742. The retail investors can apply up-to 13 lots with 182 shares of â‚ą1,91,646 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 14 | â‚ą14,742 |
| Retail Maximum | 13 | 182 | â‚ą1,91,646 |
| S-HNI Minimum | 14 | 196 | â‚ą2,06,388 |
| S-HNI Maximum | 67 | 938 | â‚ą9,87,714 |
| B-HNI Minimum | 68 | 952 | â‚ą10,02,456 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Clean Max Enviro Energy IPO Anchor Investors
| Anchor Bidding Date | February 20, 2026 |
| Anchor Investors List | |
| Shares Offered | 87,46,437 Shares |
| Anchor Size | 921 Cr. |
| lock-in period end date 50% shares (30 Days) | March 28, 2026 |
| lock-in period end date 50% shares (90 Days) | May 27, 2026 |
Clean Max Enviro Energy IPO Dates
The Clean Max Enviro IPO date is February 23, and the close date is February 25. The Clean Max IPO allotment will be finalized on February 2,6 and the IPO listing on March 2.
| IPO Open Date: | February 23, 2026 |
| IPO Close Date: | February 25, 2026 |
| Basis of Allotment: | February 26, 2026 |
| Refunds: | February 27, 2026 |
| Credit to Demat Account: | February 27, 2026 |
| IPO Listing Date: | March 2, 2026 |
| IPO Bidding Cut-off Time: | February 25, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd, and Kempinc LLP.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 10,14,41,820 | 74.89% |
| Promoter Holding Post Issue | 11,28,37,831 | 49.08% |
Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
| Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries | â‚ą1,125.00 |
| General Corporate Purpose | â‚ą- |
About Clean Max Enviro Energy IPO
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.
Clean Max Enviro Energy IPO Company Financial Report
Amount â‚ą in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | â‚ą960.98 | â‚ą555.06 | â‚ą59.47 | â‚ą7,000.14 |
| 2024 | â‚ą1,425.31 | â‚ą683.74 | â‚ą37.64 | â‚ą9,076.55 |
| 2025 | â‚ą1,610.34 | â‚ą595.27 | â‚ą19.43 | â‚ą13,279.25 |
| Sep 2025 | â‚ą969.35 | â‚ą331.49 | â‚ą19.00 | â‚ą16,945.65 |
Clean Max Enviro Energy IPO Valuation – FY2025
Check Clean Max Enviro Energy IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | -% |
| ROCE: | -% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | â‚ą2.88 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 1.09% |
| Net Asset Value (NAV): | â‚ą250.93 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| ACME Solar Holdings Ltd | 4.55 | 49.46 | 5.59% | 74.54 | 1,405.13 Cr. |
| NTPC Green Energy Ltd | 0.67 | 132.94 | 2.58% | 21.88 | 2,209.64 Cr. |
| Adani Green Energy Limited | 8.37 | 119.14 | 13.48% | 58.63 | 11,212.00 Cr. |
| ReNew Energy Global PLC$ | 10.92 | 44.84 | 3.39% | 310.40 | 9,751.30 Cr. |
IPO Lead Managers aka Merchant Bankers
- Axis Capital Limited
- J.P. Morgan India Private Limited
- BNP Paribas
- HSBC Securities and Capital Markets (India) Private Limited
- IIFL Capital Services Limited
- Nomura Financial Advisory and Securities (India) Private Limited
- BOB Capital Markets Limited
- SBI Capital Markets Limited
Company Address
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
Phone: +91 22 6252 000
Email: [email protected]
Website: http://www.cleanmax.com/
IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Clean Max Enviro Energy IPO FAQs
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Note: The Clean Max Enviro Energy IPO price band and date are officially announced. The (Clean Max Enviro Energy IPO grey market premium) will be added to the IPO GMP page as it will start).
3 Responses
People concerned about the 126% U.S. tariff on Indian solar exports should note that, as per the RHP, CleanMax’s revenues are derived from long-term domestic PPAs with Indian corporate customers. The company operates as a C&I renewable energy developer and power supplier, not as a solar module exporter to the U.S. Therefore, it has no direct revenue exposure to U.S. solar export markets. While overall sector sentiment may fluctuate, the tariff does not materially change CleanMax’s contracted cash flow visibility or operational fundamentals.
About 95% of customers are rated A- or above, which reduces payment
The C&I renewable energy market is still underpenetrated (~7.4%) but expected to reach ~20% by 2030, creating a large growth opportunity for CleanMax as corporates increasingly shift toward clean power