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IPO ·
BSE, NSE
Clean Max Enviro Energy Solutions Ltd
Listed
Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider.
Issue details
Price band
₹1000 – ₹1053
Face value
₹1
Lot size
14 shares
Minimum investment
₹14,742
Issue size
₹3079.88 Cr
Fresh issue
₹1196.16 Cr
Offer for sale
₹1883.72 Cr
Issue type
Book Built
Exchange
BSE, NSE
Key dates
Opens
23 Feb 2026
Closes
25 Feb 2026
UPI mandate cut-off
5:00 PM on 25 Feb 2026
Allotment
26 Feb 2026
Refunds
26 Feb 2026
Shares in demat
27 Feb 2026
Listing
2 Mar 2026
Subscription and listing
Subscription
1.00x
Listing price
₹960
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Axis Capital, JP Morgan India, BNP Paribas HSBC Securities & Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory & Securities (India), BOB Capital Markets, SBI Capital Markets
Subscription by category
Total
1.00x
Total applications
34,119
Anchor investors
Amount raised
₹921.00 Cr
Bid date
20 Feb 2026
50% lock-in ends
27 Mar 2026
Rest lock-in ends
26 May 2026
Listing day
Issue price
₹1053
Open
₹960.00
High
₹960.00
Low
₹768.00
Day close
₹867.50
Listing gain at open
-8.83%
Issue structure
Shares reserved per category and share of the total issue
QIB Shares Offered
1,45,00,598
49.46%
Anchor Investor Shares Offered
87,46,437
29.84%
QIB (Ex. Anchor) Shares Offered
57,54,161
19.63%
NII Shares Offered
43,50,180
14.84%
bNII > ₹10L
29,00,120
9.89%
sNII < ₹10L
14,50,060
4.95%
Retail Shares Offered
1,01,50,420
34.62%
Employee Shares Offered
3,14,795
1.07%
Total Shares Offered
2,93,15,993
100.00%
Finaccle’s quick read
Avoid
FY25 income up 13%, ROE 0.43%, D/E 2.53, post-issue P/E 324.28x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider. As of July 31, 2025, the company have 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. We cater to a wide range of customers, including Technology customers and conventional C&I customers.
Promoters
Promoter holding
Financial performance
Period
PAT
ROE
0.43%
ROCE
—
Debt / equity
2.53
PAT margin
—
P/E post issue
324.28
Market cap
₹12,325.29 Cr
Use of IPO money
Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries
₹1122.67 Cr
General Corporate Purposes
₹23.79 Cr
Issue Expenses
₹134.63 Cr
Strengths
Risks to watch
!
High leverage: debt to equity 2.53
!
Rich valuation: post-issue P/E of 324.28x
!
61% of issue is an offer for sale; company gets less fresh money
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.