Clean Max Enviro Energy IPO is one of the most anticipated public issues in the renewable energy space. The IPO is scheduled to open on February 23, 2026 and the IPO will close on February 25, 2026. Investors looking for long-term exposure to India’s fast-growing clean energy market are closely tracking this issue.
This is a Book Built Issue, and the company aims to raise around ₹3,100 crores. This includes a fresh issue of ₹1,500 crores and an offer for sale of up to equity shares with a face value of ₹1 each. The IPO price band is ₹1000 to ₹1053 per share. The issue will be listed on both the BSE and NSE, with allotment expected in 2025.
Clean Max Enviro Energy has shown steady revenue growth, reporting ₹1,610.34 crores in FY 2025 compared to ₹1,425.31 crores in FY 2024. The company posted a profit of ₹19.43 crores in 2025, a turnaround from a ₹37.64 crores loss in 2024. Based on the financial trend, long-term investors may find comfort in the business model and sector outlook.
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Clean Max Enviro Energy IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Face Value | ₹1 per equity share |
| IPO Price Band | ₹1000 to ₹1053 Per Share |
| Issue Size | Approx ₹3,100 Crores |
| Fresh Issue | Approx ₹1,200 crores |
| Offer for Sale | Approx 1,80,43,684 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Clean Max Enviro IPO
Open: 23-25 Feb
Issue Size: ₹3100 Cr.
Objective: To repay borrowings and support general corporate purposes.
Exchange: BSE NSE
Clean Max Enviro Energy IPO Review
Clean Max Enviro Energy operates in one of the most promising sectors of the Indian economy. With a strong renewable energy portfolio, growing customer base, and improving financial performance, the company may attract long-term investors. However, the final decision will depend on the confirmed price band and market conditions at the time of listing.
Clean Max Enviro Energy IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 14 | ₹14,742 |
| Retail Maximum | 13 | 182 | ₹1,91,646 |
| S-HNI Minimum | 14 | 196 | ₹2,06,388 |
| S-HNI Maximum | 67 | 938 | ₹9,87,714 |
| B-HNI Minimum | 68 | 952 | ₹10,02,456 |
IPO Reservation
| Investor Category | Shares 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
| Particulars | Details |
|---|---|
| Anchor Bidding Date | 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | 87,46,437 Shares |
| Anchor Size | 921 Cr. |
| Lock-in Period End Date 50% (30 Days) | March 28, 2026 |
| Lock-in Period End Date 50% (90 Days) | May 27, 2026 |
Clean Max Enviro Energy IPO Dates
| Event | Date |
|---|---|
| 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
| Particulars | 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
The company plans to utilise the proceeds from the fresh issue primarily to repay or prepay outstanding borrowings of the company and its subsidiaries amounting to ₹1,125 crores. The remaining amount will be allocated towards general corporate purposes.
About Clean Max Enviro Energy
Clean Max Enviro Energy Solutions Ltd. is one of India’s leading renewable energy players with 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. The company serves a diversified base of technology clients and conventional commercial and industrial customers.
Its business is divided into two segments: Renewable Energy Power Sales and Renewable Energy Services. Clean Max’s ability to provide efficient, cost-effective project development and management has helped it scale consistently. Revenue grew by 13%, while PAT rose by 152% between FY 2024 and FY 2025.
- Also Read: Vidya Wires IPO
Clean Max Enviro Energy IPO Company Financial Report (Amount ₹ in Crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹960.98 | ₹555.06 | ₹59.47 | ₹7,000.14 |
| 2024 | ₹1,425.31 | ₹683.74 | ₹37.64 | ₹9,076.55 |
| 2025 | ₹1,610.34 | ₹595.27 | ₹19.43 | ₹13,279.25 |
Clean Max Enviro Energy IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | –% |
| ROCE | –% |
| EBITDA Margin | –% |
| PAT Margin | –% |
| Debt to Equity Ratio | – |
| EPS (Basic) | ₹2.88 |
| P/E Ratio | N/A |
| RoNW | 1.09% |
| NAV | ₹250.93 |
Peer Group 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 |
IPO Lead Managers
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: Secretarial@cleanmax.com
Website: http://www.cleanmax.com/
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 IPO FAQs
What is Clean Max Enviro Energy IPO?
It is a Mainboard IPO through which the company aims to raise ₹5,200 crores, priced at ₹ to ₹ per equity share. The shares will list on BSE and NSE.
When will the IPO open for subscription?
The IPO will open in 2025 and close in 2025.
What is the investor portion?
QIBs will get 50%, NIIs will get 15%, and retail investors will get 35%.
How to apply for the IPO?
You can apply through ASBA using your bank account, UPI via your stockbroker, or offline through registered brokers.
What is the IPO issue size?
The total issue size is ₹5,200 crores.
What is the lot size?
The minimum lot size is shares.
What is the allotment date?
The allotment will take place in 2025.
What is the listing date?
The listing is scheduled for 2025.
Expert Comment
Clean Max Enviro Energy operates in a sector with strong demand visibility and long-term potential. With its growing renewable energy portfolio and improving cost efficiency, the company is well positioned to benefit from India’s clean energy transition.
Investors who prefer sustainable long-term plays may consider tracking this IPO closely, especially once the final valuations and price band are released.
