Clean Max Enviro Energy Solutions Limited (“CleanMax”) is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 31, 2025, according to the CRISIL Report. The company operates as a renewable Independent Power Producer (IPP), focused on delivering clean energy solutions to corporate and industrial customers.
As of July 31, 2025, CleanMax has 2.54 GW of operational, owned and managed renewable energy capacity, along with an additional 2.53 GW of contracted capacity under execution, reflecting a strong project pipeline and growth visibility.
CleanMax develops, owns, and operates solar, wind, and hybrid renewable assets, supplying power to C&I customers under long-term contracts. It provides cost-efficient clean energy with tariff stability, helping customers meet sustainability and ESG goals.
CleanMax serves a diversified mix of technology companies, large C&I customers, manufacturing and industrial businesses, and multi-location corporates with sustainability goals. This broad customer base reduces sector concentration risk and supports stable, recurring contracted revenues.
CleanMax operates through two key segments:
- Renewable Energy Power Sales: Sells renewable power under long-term PPAs and EAPAs, including captive and group captive projects across solar, wind, and hybrid plants. This segment drives its recurring contracted revenue.
- Renewable Energy Services: Provides turnkey solutions including land acquisition, evacuation infrastructure, EPC, O&M, and carbon credit services across the project lifecycle.
Clean Max Enviro Energy Solutions IPO – Details
| IPO Opening Date | 23 February 2026 |
| IPO Closing Date | 25 February 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,94,39,695 Shares Worth ₹3100 Crore Fresh Issue: 1,13,96,011 Shares Worth ₹1200 Crore Offer For Sale: 1,80,43,684 Shares Worth ₹1900 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹1000 – ₹1053 per share |
| Market Lot | 14 Shares |
| Min Order | 14 Shares [ 1 Lot ] |
| Employee Discount | ₹100 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Clean Max Enviro Energy Solutions IPO – Date Schedule
| IPO Open Date | 23 February 2026 |
| IPO Close Date | 25 February 2026 |
| Basis of Allotment | 26 February 2026 |
| Initiation of Refund | 27 February 2026 |
| Credit of Shares to Demat Account | 27 February 2026 |
| IPO Listing Date | 02 March 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 25, 2026 |
Clean Max Enviro Energy Solutions IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,742 |
| 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 |
Competitive Strength
- Comprehensive Suite of Customer-Centric Capabilities.
- Timely and Cost-Effective Project Development, Execution and Management Capabilities.
- Efficient capital allocation and risk management.
Company Promoters
- Kuldeep Jain
- Pratap Jain
- Nidhi Jain
- BGTF One Holdings (DIFC) Ltd
- Kempinc LLP
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹960.98 Cr | ₹555.06 Cr | – ₹59.47 Cr | ₹3,843.42 Cr |
| 31 March 2024 | ₹1,425.31 Cr | ₹683.74 Cr | – ₹37.64 Cr | ₹5,514.56 Cr |
| 31 March 2025 | ₹1,610.34 Cr | ₹595.27 Cr | ₹19.43 Cr | ₹7,973.70 Cr |
| 30 September 2025 | ₹969.35 Cr | ₹331.49 Cr | ₹19.00 Cr | ₹10,121.46 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2025) |
|---|---|
| ROE | 0.43% |
| Debt/Equity | 2.53 |
| RoNW | 0.43% |
| Price to Book Value | 4.11 |
| Pre IPO | Post IPO | |
| EPS (₹) | 1.84 | 3.25 |
| P/E (x) | 634.34 | 324.28 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment and/or pre-payment, in part or in full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries. | ₹1,122.67 |
| General corporate purposes. |
Clean Max Enviro Energy Solutions IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | ACME Solar Holdings Ltd | 49.46 |
| 2 | 10 | NTPC Green Energy Ltd | 132.94 |
| 3 | 10 | Adani Green Energy Limited | 119.14 |
✅Strengths
- India’s largest C&I renewable energy provider (as per CRISIL Report).
- 2.54 GW operational capacity + 2.53 GW pipeline under execution.
- Long-term PPAs ensuring predictable revenue.
- Diversified C&I customer base.
- Integrated model – contracting, EPC, O&M, and carbon solutions.
⚠️Risks
- High dependence on renewable energy policies and open access regulations.
- Revenue concentration in C&I segment.
- Execution risk in projects under development.
- Counterparty payment/default risk.
- Capital-intensive business with debt exposure.
Clean Max Enviro Energy Solutions IPO Promoter Holding
| Pre Issue Share Holding | 74.89% |
| Post Issue Share Holding | 49.08% |
Clean Max Enviro Energy Solutions IPO Prospectus
Company Contact Information
| 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 Website: https://www.cleanmax.com/ |
Clean Max Enviro Energy Solutions IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: +91-22-4918 6270 Email: cleanmax.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Clean Max Enviro Energy Solutions IPO Lead Manager(s)
| 1. BNP Paribas 2. Axis Capital Limited 3. SBI Capital Markets Limited 4. BOB Capital Markets Limited 5. IIFL Capital Services Limited 6. J.P. Morgan India Private Limited 7. HSBC Securities and Capital Markets (India) Private Limited 8. Nomura Financial Advisory and Securities (India) Private Limited |
Clean Max Enviro Energy Solutions IPO FAQs
| What is Clean Max Enviro Energy Solutions IPO? Clean Max Enviro Energy Solutions IPO is a main-board IPO. The issue is priced at ₹1000 to ₹1053 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Clean Max Enviro Energy Solutions IPO open? The IPO is to open on 23 February 2026 for QIB, NII, and Retail Investors. |
| What is Clean Max Enviro Energy Solutions IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Clean Max Enviro Energy Solutions IPO Size? Clean Max Enviro Energy Solutions IPO size is ₹3100 Crore. |
| What is the Clean Max Enviro Energy Solutions IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 14 Shares with ₹14,742, while the maximum bid is 182 Shares with ₹1,91,646. |
| What is the Clean Max Enviro Energy Solutions IPO Allotment Date? Clean Max Enviro Energy Solutions IPO allotment date is 26 February 2026. |
| What is the Clean Max Enviro Energy Solutions IPO Listing Date? Clean Max Enviro Energy Solutions IPO listing date is 02 March 2026. The IPO is to be listed on the BSE and the NSE. |
