Allotment

The Clean Max Enviro Energy Solutions IPO is a book-built issue aggregating to ₹3,100.00 crore. The offering comprises a fresh issue of 1.14 crore shares worth ₹1,200.00 crore and an offer for sale (OFS) of 1.80 crore shares amounting to ₹1,900.00 crore.
The IPO will open for subscription on February 23, 2026, and close on February 25, 2026. The basis of allotment is expected to be finalized on February 26, 2026. The shares are proposed to be listed on the BSE and the NSE, with a tentative listing date of March 2, 2026.
The price band for the issue has been set at ₹1,000 to ₹1,053 per share. The minimum bid lot is 14 shares.
Retail Investors: Minimum investment of ₹14,742 (14 shares at the upper price band).
sNII (Small Non-Institutional Investors): Minimum of 14 lots (196 shares), amounting to ₹2,06,388.
bNII (Big Non-Institutional Investors): Minimum of 68 lots (952 shares), amounting to ₹10,02,456.
Axis Capital Ltd. is the book-running lead manager to the issue, while MUFG Intime India Pvt. Ltd. serves as the registrar.
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IPO Market price
| IPO Date | 2 Mar |
| IPO Listing Date | 2 Mar |
| IPO Face Value | ₹1.00 per share |
| IPO Price Range | ₹1053.00 |
| IPO Issue Size | 2,94,39,695 shares |
| IPO Sale Type | Fresh Capital & OFS |
| Employee Discount | ₹100.00 |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE, NSE Platform |
| Share Holding Pre Issue | 10,14,41,820 shares |
| IPO Open Date | 23 Feb |
| IPO Close Date | 25 Feb |
| IPO Allotment (Tentative) | 26 Feb |
| Refunds | 26 Feb |
| Credit to Demat Account | 27 Feb |
| IPO Listing Date | 2 Mar |
| Category | Offer |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 35% of the Net Offer |
| Retail Shares Offered | Not less than 15% of the Net Offer |
Investors must place bids for at least 14 shares, and any additional shares must be requested in multiples of 14.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 14 | ₹14,742 |
| Individual investors (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 |
Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, the company has 2.54 GW of operational, owned, and managed capacity, along with an additional 2.53 GW of contracted capacity under execution.
Key Offerings
The company’s core offerings include:
It serves a diverse customer base comprising technology companies and conventional C&I customers.
Expertise
The company has capabilities across the renewable energy value chain, including:
Business Segments
1. Renewable Energy Power Sales Segment
Sale of renewable energy to customers under long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs).
2. Renewable Energy Services Segment
Provision of turnkey development services, including land acquisition, evacuation infrastructure, EPC services, power evacuation, O&M services throughout the project lifecycle, and carbon services offerings.
Competitive Strengths
| Assets | 16,945.65 | 13,279.25 | 9,076.55 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 |
| Profit After Tax | 19.00 | 19.43 | -37.64 |
| EBITDA | 637.85 | 1,015.07 | 741.57 |
| Net Worth | 2,598.34 | 2,545.44 | 1,817.96 |
| Reserves and Surplus | - | - | - |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 |
| ROE | 0.43% |
| ROCE | - |
| Debt/Equity | 2.53 |
| RoNW | 0.43% |
| PAT Margin | - |
| EBITDA Margin | - |
| Price to book value | 4.11 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | - |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | - |
| 4 | Offer for Sale (OFS) | - |
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