- Issue price
- ₹1,053per share
- Issue size
- ₹3,083.83 Cr2,93,15,993 shares
- Face value
- ₹1per equity share
- Lot size
- 14 sharesMin. ₹14,742 at the upper price
- Anchor biddingFri, 2026
- OpensMon, 2026
- ClosesWed, 2026
- AllotmentThu, 2026Refunds same day
- ListingMon, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 1,14,25,906 shares (₹1,200 Cr)
- Offer for sale
- 1,78,90,087 shares (₹1,883.83 Cr)
- Total issue
- 2,93,15,993 shares (₹3,083.83 Cr)
- Face value
- ₹1
- Listing at
- NSE, BSE
- Promoter holding
- 64.99% → 49.15%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail43.1%
- Anchor37.1%
- Big NII12.3%
- Small NII6.2%
- Employees1.3%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,01,50,420 | 43.08% | 35% |
| Non-institutional investors (NII) | 43,50,180 | 18.46% | 15% |
| Small NII (₹2–10 lakh) | 14,50,060 | 6.15% | — |
| Big NII (above ₹10 lakh) | 29,00,120 | 12.31% | — |
| Qualified institutional buyers (QIB) | 1,45,00,598 | 61.54% | 50% |
| Anchor investors | 87,46,437 | 37.12% | — |
| Employees | 3,14,795 | 1.34% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹1,053 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Employees | 1 | 14 | ₹14,742 |
| Retail individual investors | 1 | 14 | ₹14,742 |
Source: ProspectusUpdated
Special quotas
- Employees
- ₹100 discount per share
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹2.88
- EPS (diluted)
- ₹2.79
- P/E (FY 2024-25 basic EPS at Cap Price)
- 365.63×
- RoNW
- 1.09%
- NAV per share (As at Sep 30, 2025)
- ₹256.14
- NAV per share (After the Offer at Offer Price)
- ₹349.88
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 30 Sep 20246 months | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|---|
| Revenue from operations | 932.95 | 1,495.70 | 676.47 | 1,389.84 | 929.58 |
| Total income | 969.35 | 1,610.34 | 705.85 | 1,425.31 | 960.98 |
| EBITDA | 637.86 | 1,015.07 | 488.74 | 741.57 | 405.92 |
| Profit after tax | 19.00 | 19.43 | 6.52 | -37.64 | -59.47 |
| Net worth | 2,598.34 | 2,545.44 | 2,298.33 | 1,817.96 | 1,209.93 |
| Reserves and surplus | 2,656.52 | 2,558.41 | 2,317.49 | 1,829.07 | 1,207.12 |
| Total assets | 16,945.65 | 13,279.25 | 10,209.82 | 9,076.55 | 7,000.14 |
| Total borrowing | 10,121.46 | 7,973.70 | 6,564.80 | 5,514.56 | 3,843.42 |
FY 2024-25 vs FY 2023-24: revenue +7.6%, profit after tax +151.6%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company supplies renewable power and offers energy, EPC, operations and maintenance, and carbon-credit services to commercial and industrial customers. It works only on a business-to-business basis and runs two segments: long-term power sales under PPAs and EAPAs, and renewable energy services. Its plants are solar, wind and hybrid, located at customer premises or in company-developed farms.
- Incorporated
- 2010
- Industry
- Renewable Energy
- CIN
- U93090MH2010PLC208425
- Website
- cleanmax.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| BGTF One Holdings (DIFC) Limited | Promoter | 31.42% | 21.15% | 85,10,959 |
| Kempinc LLP | Promoter | 12.86% | 11.03% | 6,87,357 |
| Kuldeep Jain | Promoter | 10.98% | 8.18% | 20,41,341 |
| Nidhi Jain | Promoter | 0.47% | 0.43% | — |
| Pratap Jain | Promoter | 0.05% | 0.04% | — |
| Rikhab Investments B.V. | Promoter group | 9.21% | 8.32% | — |
| Augment India I Holdings, LLC | Selling shareholder | 15.26% | 9.45% | 51,02,639 |
| Dsdg Holding Aps | Selling shareholder | 3.46% | 1.81% | 15,47,791 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of certain borrowings of the company and/or its subsidiaries | 1,122.67 |
| General corporate purposes | 23.79 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Clean Max Enviro Energy Solutions LimitedIssuer | ₹2.88 | 365.63× | 1.09% | ₹250.93 |
| NTPC Green Energy Ltd | — | 134.13× | — | — |
| ReNew Energy Global Plc | — | 47.08× | — | — |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Long-term contracted revenue, with weighted average PPA tenure of about 22.85 years as of Sep 30, 2025.
- Large C&I renewable operating base of about 2,800 MW as of Oct 31, 2025, per the company.
- Revenue and EBITDA grew strongly from FY 2022-23 to FY 2024-25.
- Most customers are rated A- or above, which the company says reduces counterparty risk.
- Repeat customers account for a high share of new contracted volumes.
Risks
- The company made losses in FY 2023-24 and FY 2022-23 and relies on cash profits and debt refinancing.
- Top 10 customers contributed about 35% of revenue in the six months ended Sep 30, 2025.
- PPAs and EAPAs can be terminated by customers on specified events, which could hurt revenue.
- Total borrowings are very large relative to equity, and debt servicing costs are high.
- The company has a number of pending litigation and tax matters, including significant amounts against the company and its subsidiaries.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹1,053) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Clean Max Enviro Energy Solutions IPO open and close?
According to the Prospectus, the issue opens on Monday, 23 February 2026 and closes on Wednesday, 25 February 2026.
What is the Clean Max Enviro Energy Solutions IPO price band?
The final issue price is ₹1,053 per share.
What is the lot size of the Clean Max Enviro Energy Solutions IPO?
One lot is 14 shares, which is ₹14,742 at ₹1,053 per share.
Where will Clean Max Enviro Energy Solutions shares list?
On NSE and BSE. The tentative listing date is Monday, 2 March 2026.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How do I check the Clean Max Enviro Energy Solutions IPO allotment status?
The basis of allotment is expected to be finalised on Thursday, 26 February 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (MUFG Intime India Private Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹1,122.67 Cr for repayment or prepayment of certain borrowings of the company and/or its subsidiaries, ₹23.79 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.