Clean Max Enviro IPO to launch its Mainboard IPO in February 2026, attracting strong attention from investors due to its leadership in India’s commercial and industrial renewable energy segment. As per the CRISIL report, the company is considered India’s largest C&I renewable energy provider as of March 31, 2025.
The company operates across renewable power sales, EPC services, long-term operation & maintenance (O&M), and carbon credit solutions, making it a diversified clean energy player. Clean Max Enviro has developed a strong execution pipeline and continues to expand its renewable energy capacity across India.
One of the most important highlights of this IPO is that the issue size was revised downward from the DRHP stage to the final RHP stage, which is a major update for investors tracking the company’s fundraising plans. Below is a complete breakdown of Clean Max Enviro IPO details including schedule, pricing, issue structure, allocation, lot size, business overview, and objects of the issue.
RHP Link – Clean Max Enviro Official RHP
Clean Max Enviro IPO Dates
The Clean Max Enviro IPO will open for subscription on 23 February 2026 and will close on 25 February 2026.
| Event | Date |
|---|---|
| IPO Open Date | Monday, 23 February 2026 |
| IPO Close Date | Wednesday, 25 February 2026 |
| Allotment Date | Thursday, 26 February 2026 |
| Refund Initiation | Thursday, 26 February 2026 |
| Credit of Shares | Friday, 27 February 2026 |
| Listing Date | Monday, 2 March 2026 |
Clean Max Enviro IPO Price Band & Key IPO Details
Here are the key pricing and structural details of the Clean Max Enviro IPO:
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IPO Type: Mainboard IPO
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Issue Type: Bookbuilding IPO
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Face Value: ₹1 per share
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Price Band: ₹1000 to ₹1053 per share
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Lot Size: 14 shares
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Employee Discount: ₹100 per share
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Listing Exchange: BSE, NSE
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Sale Type: Fresh Issue + Offer for Sale (OFS)
This IPO is positioned in the premium segment due to the high price band and strong renewable energy market potential.
Clean Max Enviro IPO Issue Size (Fresh Issue + OFS)
The IPO is a mix of Fresh Issue and Offer for Sale, meaning part of the money will go to the company and part will go to existing shareholders selling their stake.
Issue Size Details RHP(Final)
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Total Issue Size: 2,94,39,695 shares (up to ₹3,100 Cr)
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Fresh Issue: 1,13,96,011 shares (up to ₹1,200 Cr)
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Offer for Sale (OFS): 1,80,43,684 shares (up to ₹1,900 Cr)
DRHP vs RHP: Issue Size Reduced
A major development in this IPO is the reduction in issue size from the DRHP stage to the final RHP stage. This change is important because it shows the company’s revised fundraising strategy before going public.
DRHP vs RHP Issue Size Table
| Particulars | DRHP Size | RHP Size | Reduction |
|---|---|---|---|
| Fresh Issue | Up to ₹1,500 Cr | Up to ₹1,200 Cr | ₹300 Cr Reduced |
| Offer for Sale (OFS) | Up to ₹3,700 Cr | Up to ₹1,900 Cr | ₹1,800 Cr Reduced |
| Total Offer Size | Up to ₹5,200 Cr | Up to ₹3,100 Cr | ₹2,100 Cr Reduced |
This reduction may impact demand-supply dynamics positively, as lower issue size often creates stronger scarcity and may improve subscription interest. However, investors should still track valuation, profitability, and debt levels before applying.
Promoters of Clean Max Enviro Energy Solutions Limited
The promoters of the company are Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Limited, and KEMPINC LLP.
Details of the Offer for Sale (OFS) – Selling Shareholders
| Name of Selling Shareholder | Type | Equity Shares Offered / Amount (₹ Crore) |
|---|---|---|
| Kuldeep Jain | Promoter Selling Shareholder | Up to ₹216.80 Cr |
| BGTF One Holdings (DIFC) Limited | Promoter Selling Shareholder | Up to ₹903.90 Cr |
| KEMPINC LLP | Promoter Selling Shareholder | Up to ₹73.00 Cr |
| Augment India I Holdings, LLC | Investor Selling Shareholder | Up to ₹541.92 Cr |
| DSDG HOLDING APS | Investor Selling Shareholder | Up to ₹164.38 Cr |
Shareholding Details
The company’s shareholding structure will change after the IPO due to the fresh issue component.
| Shareholding | Shares |
|---|---|
| Pre-Issue Shareholding | 10,14,41,820 shares |
| Post-Issue Shareholding | 11,28,37,831 shares |
The increase in post-issue shares is mainly because new equity shares are being issued under the fresh issue.
Clean Max Enviro IPO Allocation
The IPO allocation is divided among QIB, HNI/NII, Retail investors, and employees.
Category-wise Allocation
| Category | Shares Offered | % Allocation |
|---|---|---|
| QIB | 1,45,62,451 | 49.47% |
| HNI / NII | 43,68,735 | 14.84% |
| Retail | 1,01,93,715 | 34.63% |
| Employee | 3,14,795 | 1.07% |
| Total | 2,94,39,696 | 100% |
This allocation is important for retail investors, as retail quota remains strong at over 34%.
Clean Max Enviro IPO Lot Size & Investment Amount
Investors can apply for a minimum of 14 shares (1 lot) and in multiples thereof.
| Application Type | 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 |
Retail investors should note that the minimum application amount is ₹14,742, which is higher than many other IPOs due to the premium price band.
Financial Highlights:-
Clean Max Enviro Enviro Energy Solutions Limited has shown steady growth in its financial performance over recent periods. The table below highlights the company’s key financial indicators including assets, income, profitability, and total borrowings (debt).
| Particulars (₹ Crore) | As at 30 Sep 2025 | As at 30 Sep 2024 | As at 31 Mar 2025 | As at 31 Mar 2024 | As at 31 Mar 2023 |
|---|---|---|---|---|---|
| Total Assets | 16,945.65 | 10,209.82 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 705.85 | 1,610.34 | 1,425.31 | 960.98 |
| Profit Before Exceptional Items & Tax | 53.10 | 50.07 | 59.75 | 16.96 | 73.04 |
| Exceptional Items | 0.00 | 0.00 | 0.00 | 10.77 | 89.19 |
| Profit/(Loss) Before Tax | 53.10 | 50.07 | 59.75 | 6.20 | -16.16 |
| Profit/(Loss) After Tax | 19.00 | 6.52 | 19.43 | -37.64 | -59.47 |
| Total Borrowings (Debt) | 10,121.46 | 6,564.80 | 7,973.70 | 5,514.57 | 3,843.41 |
About Clean Max Enviro Energy Solutions Ltd
Clean Max Enviro is a renewable energy company focused on providing sustainable power solutions mainly to commercial and industrial clients. The company supplies renewable power through long-term contracts and also offers energy services and carbon credit solutions.
As per the company’s disclosed details, as of July 31, 2025, Clean Max Enviro had 2.54 GW of operational, owned, and managed capacity, along with an additional 2.53 GW of contracted capacity under execution. This shows that the company not only has strong operational assets but also has a large project pipeline which can support future growth.
The company serves a wide customer base, including technology companies as well as conventional industrial clients. Its expertise includes engineering, procurement and construction (EPC), as well as the operation and maintenance (O&M) of solar, wind, and hybrid renewable energy plants.
Business Offerings
Clean Max Enviro operates through two major segments:
Renewable Energy Power Sales Segment:
The company sells renewable energy through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs), ensuring predictable revenue over long durations.
Renewable Energy Services Segment:
The company provides turnkey project development services, including land support, evacuation infrastructure, EPC execution, power evacuation, long-term O&M services, and carbon services.
Competitive Strengths
Some of the key strengths of the company include:
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Comprehensive renewable energy solutions focused on customer needs
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Strong project execution capabilities with timely delivery
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Cost-efficient development and management approach
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Efficient capital allocation and risk management strategy
Objects of the Issue
The net proceeds from the fresh issue will mainly be used for debt repayment and corporate purposes. The company has stated that the fresh issue proceeds will be utilised in the following manner:
A significant portion of the funds, estimated at around ₹1,200 crore, will be used for the repayment and/or pre-payment of outstanding borrowings of the company and certain subsidiaries. This step can improve the company’s balance sheet and reduce its interest burden going forward.
The remaining funds will be used for general corporate purposes, which may include business expansion, working capital needs, and operational growth initiatives.
IPO Registrar
The registrar for the Clean Max Enviro IPO is:
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MUFG Intime India Pvt. Ltd.
IPO Book Running Lead Managers (BRLMs)
The IPO is being managed by a strong group of investment banks:
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Axis Capital Ltd.
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JP Morgan India Pvt. Ltd.
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BNP Paribas
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HSBC Securities & Capital Markets (India) Pvt. Ltd.
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IIFL Capital Services Ltd.
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Nomura Financial Advisory & Securities (India) Pvt. Ltd.
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BOB Capital Markets Ltd.
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SBI Capital Markets Ltd.
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