Clean Max Enviro Energy Solutions IPO was a book-built issue with a total size of ₹3,079.88 crore, comprising a fresh issue of 1.14 crore shares worth ₹1,196.16 crore and an offer for sale (OFS) of 1.79 crore shares valued at ₹1,883.72 crore.
The IPO was open for subscription from 23 February to 25 February 2026, while the share allotment was finalised on 26 February 2026. The company's shares were listed on both the NSE and BSE on 2 March 2026.
The issue price was fixed at ₹1,053 per share, with a lot size of 14 shares. Retail investors were required to invest a minimum of ₹14,742 for one lot. For sNII investors, the minimum application was 14 lots (196 shares) worth ₹2,06,388, while bNII investors had to apply for at least 68 lots (952 shares), requiring an investment of ₹10,02,456.
The IPO also reserved 3,14,795 shares for eligible employees, who were offered a discount of ₹100 per share on the issue price.
Axis Capital Limited acted as the book-running lead manager, while MUFG Intime India Pvt. Ltd. served as the registrar to the issue.
Clean Max Enviro Energy Solutions IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use a major portion of the IPO money to repay or prepay some of its existing loans, including those of its subsidiaries. Estimated amount is ₹1,125 crore.
- The remaining funds will be used for general corporate activities, such as strengthening operations, supporting growth, and meeting business requirements.
About Clean Max Enviro Energy Solutions Limited
Clean Max Enviro is India’s largest renewable energy provider for commercial and industrial users as of March 31, 2025, according to a CRISIL report. By July 31, 2025, the company had 2.54 GW of operational capacity that it owns or manages, along with another 2.53 GW of projects under development.
The company offers renewable power supply, energy-related services, and carbon credit solutions to a wide range of clients, including technology firms and traditional industrial customers. Its expertise spans energy contracting, engineering, procurement and construction (EPC), and long-term operations and maintenance of solar, wind, and hybrid power plants.
The business operates through two main segments: renewable power sales through long-term agreements such as PPAs and EAPAs, and renewable energy services, which include turnkey project development, land and infrastructure support, EPC work, power evacuation, ongoing maintenance, and carbon services. Clean Max Enviro’s key strengths lie in its customer-focused solutions, its ability to deliver projects on time and at competitive costs, and its strong approach to capital allocation and risk management.
Industry Outlook
- India’s renewable energy sector is growing quickly, supported by the country’s COP26 climate commitments and rising demand from companies looking to use cleaner power.
- The market is becoming more competitive and consolidated, with major players like Adani Green, ReNew, NTPC Green, and Tata Power Renewable operating along with specialised commercial and industrial (C&I) energy providers.
- Government policies strongly support this growth. Programs such as IREDA financing, PLI schemes for solar manufacturing, and Renewable Purchase Obligations (RPOs) are encouraging both businesses and utilities to adopt more clean energy.
- Solar and wind energy have become much cheaper over time, making them cost-effective alternatives to traditional power sources, especially for C&I customers.
- Corporate decarbonization is becoming a major growth factor. Global companies operating in India are aiming for net-zero emissions, which is driving demand for on-site and open-access renewable power solutions.
- New areas such as data centres, electric vehicles, and green hydrogen projects are expected to boost demand further, keeping the renewable energy sector on a strong growth path as India moves toward cleaner energy.
How To Apply for the Clean Max Enviro Energy Solutions IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Clean Max Enviro Energy Solutions IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Clean Max Enviro Energy Solutions IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Clean Max Enviro Energy Solutions Limited
Registered office: 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: Secretarial@cleanmax.com
Clean Max Enviro Energy Solutions IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII (HNI) | Not less than 15% of the Net Offer |
Clean Max Enviro Energy Solutions IPO Promoter Holding
The promoters of the company are Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd and Kempinc LLP.
| Share Holding Pre-Issue | 74.89% |
| Share Holding Post Issue | NA |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Clean Max Enviro Energy Solutions IPO
| KPI | Value |
| ROE | 1% |
| ROCE | 6% |
| Debt/Equity | 2.49 |
| RoNW | 1.09% |
| PAT Margin | 1.00% |
Clean Max Enviro Energy Solutions IPO Registrar and Lead Managers
Clean Max Enviro Energy Solutions IPO Lead Managers
- Axial Capital Pvt. Ltd.
- JP Morgan India Pvt. Ltd.
- BNP Paribas
- HSBC Securities & Capital Markets (India) Pvt. Ltd.
- IIFL Capital Services Ltd.
- Nomura Financial Advisory & Securities (India) Pvt. Ltd.
- BOB Capital Markets Ltd.
- SBI Capital Markets Ltd.
Registrar for Clean Max Enviro Energy Solutions IPO
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: cleanmax.ipo@in.mpms.mufg.com
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Financial Performance of Clean Max Enviro Energy Solutions Limited
| Particulars | Year ended as of Mar 31 2025 | Year ended as of Mar 31 2024 | Year ended as of Mar 31 2023 |
| Assets (₹ in Cr) | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income (₹ in Cr) | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax (PAT) (₹ in Cr) | 19.43 | -37.64 | -59.47 |
| EBITDA (₹ in Cr) | 1,015.07 | 741.57 | 405.92 |
| Net Worth (₹ in Cr) | 3,054.00 | 2,178.04 | 1,439.20 |
| Reserves & Surplus (₹ in Cr) | 2,465.25 | 1,781.72 | 1,177.32 |
| Total Borrowing (₹ in Cr) | 7,973.70 | 5,514.56 | 3,843.42 |
Clean Max Enviro Energy Solutions Limited Peer Comparison
| Company | EPS | PE Ratio | RoNW (%) | NAV | Income |
| ACME Solar Holdings Ltd | 4.55 | 42.38 | 5.59% | 74.54 | 1,405.13 Cr |
| NTPC Green Energy Ltd | 0.67 | 150.10 | 2.58% | 21.88 | 2,209.64 Cr |
| Adani Green Energy Ltd | 8.37 | 113.39 | 15.55% | 58.63 | 11,212.00 Cr |
| ReNew Energy Global PLC | 10.92 | 46.63 | 3.39% | 310.40 | 9,751.30 Cr |
Strengths and Opportunities of Clean Max Enviro Energy Solutions Limited
- The company has a strong and well-recognised presence in the renewable energy market.
- It has expertise in delivering complete solar energy solutions from start to finish.
- Its customer base spans multiple industries, giving it a diversified client portfolio.
- The company operates in several regions, including India and the Middle East.
- It helps businesses lower their carbon emissions through clean energy solutions.
- Its business model focuses on offering tailored solar solutions that fit customer needs.
- The company is on a steady growth path within the renewable energy industry.
- There is significant growth potential in the commercial and industrial clean energy space.
- Rising awareness around sustainability and green initiatives supports future expansion.
- The company benefits from strategic alliances with global partners.
Risks and Threats of Clean Max Enviro Energy Solutions Limited
- The business relies heavily on government policies and incentives, which may change over time.
- The company’s focus is mainly on solar energy, resulting in limited diversification.
- It faces strong competition from large and well-established renewable energy companies.
- Expanding into new regions can be challenging and may slow down growth.
- Market demand for solar energy can fluctuate, affecting business performance.
- New projects require high upfront investment, which increases financial risk.
- Rapid changes in solar technology may require continuous upgrades and pose operational challenges.
- Operating in international markets may bring regulatory and compliance difficulties.
- Competitive pricing in the renewable energy sector creates pressure on profit margins.
- Solar power generation depends on weather conditions, which can impact energy output.
