Clean Max Enviro Energy Solutions was incorporated on September 29, 2010. The company provides net-zero and decarbonisation solutions, including renewable power, carbon credits, and energy services to technology and C&I customers across sectors. Its expertise covers EPC, O&M, and turnkey solutions for on-site and off-site solar, wind, and hybrid renewable plants
| Bidding Dates |
|---|
| 23 Feb 2026 - 25 Feb 2026 |
| Subscription |
|---|
| 0.94x Undersubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,000 | 1 | 13 | 14 | 29.4 M | ₹1000 - ₹1053 | 49.37 % | ₹29439.7 M - ₹31000.0 M | RHP DOC |
Clean Max Enviro Energy IPO SUBSCRIPTION STATUS
25 Feb '26Clean Max Enviro Energy IPO overall subscription rate was 0.94 times the total available shares
Clean Max Enviro Energy IPO retail subscription rate was 0.06 times in the retail segment
Clean Max Enviro Energy IPO non-institutional investor subscription rate was 0.54 times in the non-institutional investor category
Clean Max Enviro Energy IPO Qualified Institutional Bidder subscription rate was 2.83 times the available shares for Qualified Institutional Bidder
Clean Max Enviro Energy IPO Employees subscription rate was 0.1 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
25 Feb 2026 (Day 3) | 0.06x | 0.54x | 2.83x | 0.1x |
24 Feb 2026 (Day 2) | 0.04x | 0.41x | 1.21x | 0.05x |
23 Feb 2026 (Day 1) | 0.02x | 0.2x | 1.03x | 0.02x |
Clean Max Enviro Energy FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 933.0 | 19.0 | 1,375.7 | -1,884.6 | 68.4% |
| H1FY25 | 676.5 | 6.5 | 160.1 | -698.1 | 72.2% |
| FY25 | 1,495.7 | 19.4 | 1,404.2 | -1,502.5 | 67.9% |
| FY24 | 1,389.8 | -37.6 | 86.3 | -1,779.2 | 53.4% |
| FY23 | 929.6 | -59.5 | 927.6 | -1,910.8 | 43.7% |
Clean Max Enviro Energy IPO SUBSCRIPTION STATUS DETAILS
Clean Max Enviro Energy had 29.4 M shares on offer
Clean Max Enviro Energy IPO offer price was in the range ₹1000 - ₹1053
Clean Max Enviro Energy IPO minimum Investment was ₹14000
Clean Max Enviro Energy IPO issue size was ₹ 29439.7 M - ₹ 31000.0 M
Clean Max Enviro Energy had a minimum lot size of 14 Shares per application
Clean Max Enviro Energy NUMBER OF SHARES ON OFFER
Clean Max Enviro Energy IPO IMPORTANT DATES
| Issue Open Date | 23 Feb 2026 |
| Issue close Date | 25 Feb 2026 |
| Allotment Date | 26 Feb 2026 |
| Refund Date | 26 Feb 2026 |
| Demat Account Credit Date | 27 Feb 2026 |
| Listing Date | 02 Mar 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Clean Max Enviro Energy Allotment Status | Exchange/ Registrar |
Clean Max Enviro Energy IPO subscription opened on 23 Feb 2026, and closed on 25 Feb 2026
IPO allotment for Clean Max Enviro Energy was finalized on Thursday, 26 Feb 2026
IPO listing for Clean Max Enviro Energy was on NSE and BSE on Monday, 02 Mar 2026
Clean Max Enviro Energy IPO LISTING GAINS
| Issue Price (adjusted) | 1053.0 |
| Listing Open Price | 960.0 |
| Listing Close Price | 867.5 |
| Listing Gain% | -8.8% |
| Current Gain% | 25.7% |
Clean Max Enviro Energy Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Clean Max Enviro Energy Solutions Ltd. | 1323.8 | 15495 | 99 | 0.2 | 6.6 | 2 | 0.4 | 2075.2 | 28.9 | 94.1 | 238.1 | 13.4 | 462.3 |
| Adani Green Energy Ltd. | 1372.4 | 226058.5 | 126.7 | 29.7 | 16.7 | 8.6 | 1.1 | 13819 | 11.2 | 1652 | 14.4 | 10.8 | 4.3 |
| Siemens Energy India Ltd. | 3648.8 | 129941.2 | 87.3 | 1.9 | 13.8 | 25.1 | 11.5 | 7932 | 66.6 | 1100.1 | 83.4 | 41.8 | 46.7 |
| NHPC Ltd. | 76.9 | 77266.4 | 20.4 | 0.8 | 6.3 | 9.1 | 3.1 | 12686.1 | 8.2 | 3765.7 | 25.2 | 3.8 | 24.1 |
| NTPC Green Energy Ltd. | 91.5 | 77100.9 | 127 | 13.9 | 23.5 | 2.8 | 0.9 | 3035.1 | 23.1 | 522.6 | 9.9 | 0.7 | 9.2 |
| SJVN Ltd. | 68 | 26706.9 | 41.8 | -5.6 | 5.3 | 4.5 | 1.2 | 4722.8 | 39.9 | 642.1 | -21.7 | 1.6 | -7.4 |
Clean Max Enviro Energy INFORMATION ON IPO ISSUE
About Clean Max Enviro Energy
Clean Max Enviro Energy Solutions was incorporated on September 29, 2010. The company provides net-zero and decarbonisation solutions, including renewable power, carbon credits, and energy services to technology and C&I customers across sectors. Its expertise covers EPC, O&M, and turnkey solutions for on-site and off-site solar, wind, and hybrid renewable plants
Object of the Issue
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company and/or certain of their subsidiaries
- General corporate purposes
Clean Max Enviro Energy - PROMOTERS
| Name |
|---|
| Kuldeep Jain |
| Pratap Jain |
| Nidhi Jain |
| BGTF One Holdings (DIFC) Limited |
| KEMPINC LLP |
Clean Max Enviro Energy - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Pratap Jain | Non-Executive Director |
| Kuldeep Jain | Chairperson & Managing Director |
| Murzash Manekshana | Non-Executive Nominee Director |
| Nawal Saini | Non-Executive Nominee Director |
| Ajay Kaul | Independent Director |
| Arijit Basu | Independent Director |
| Santosh Janakiram | Independent Director |
| Shilpa Divekar Nirula | Independent Director |
Clean Max Enviro Energy Book Running Lead Manager
Axis Capital Limited
cleanmax.ipo@axiscap.in
J.P. Morgan India Private Limited
cleanmax_IPO@jpmorgan.com
BNP Paribas
DL.CleanMaxIPO@bnpparibas.com
HSBC Securities and Capital Markets (India) Private Limited
cleanmaxipo@hsbc.co.in
IIFL Capital Services Limited
cleanmax.ipo@iiflcap.com
Nomura Financial Advisory and Securities (India) Private Limited
cleanmaxipo@nomura.com
BOB Capital Markets Limited
Cleanmax.ipo@bobcaps.in
SBI Capital Markets Limited
cleanmax.ipo@sbicaps.com
Clean Max Enviro Energy Registrar to the Offer
MUFG Intime India Private Limited
cleanmax.ipo@in.mpms.mufg.com
Clean Max Enviro Energy Strengths
Timely & cost-effective
The company’s in-house project development and execution capabilities enable timely, cost-efficient project delivery with optimal plant performance. This strengthens customer retention, risk management, and execution of off-site STU/CTU-connected farms and on-site solar projects
Customer-centric capabilities
The company’s strong customer-centric capabilities drive its C&I market leadership, supported by diverse, long-term, and recurring customer relationships
People & culture
The company focuses on hiring and developing talent, fostering a culture of belonging, and emphasizing team-based rewards. Equity incentives are offered to align retention with overall performance and collective achievements
Clean Max Enviro Energy Risks
Renewable project development risk
The company faces risks in developing renewable energy projects that may cause delays, cost overruns, or reduced capacity, potentially impacting cash flows, financial condition, and prospects
Equipment procurement risk
The company’s timely project delivery depends on securing key equipment like solar modules and wind turbine generators. Delays in procurement may lead to project delays, cost overruns, and penalties
Environmental risks
Variability in environmental and physical conditions, such as changing wind patterns, climate change, or nearby structures, can reduce energy generation at the company’s wind projects. This may lead to lower revenues, project underperformance, and adverse impacts on business, cash flows, and financial condition
IPO FAQs
This IPO consists of an offer for sale of up to Rs 1,900.0 crore, of 18,043,684 shares. It also consists of a fresh issue of Rs 1,200.0 crore.
The promoters of the company are Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Limited and KEMPINC LLP.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 1000.0 - 1053.0.
The IPO application opens on Feb 23, 2026 and closes on Feb 25, 2026.
The minimum lot size for the IPO is 14. The maximum lot size for the IPO is 182.
For all category investors, the minimum application amount for this IPO is Rs. 14,000.0, the maximum value for this IPO is Rs 191,646.0.
This IPO will be allotted on Feb 26, 2026.
The refund will be credited to your account on Feb 26, 2026.
The allotted shares will be credited to your demat on Feb 27, 2026.
Clean Max Enviro Energy Solutions Ltd.’s shares listed on the stock exchanges on Mar 02, 2026.