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Clean Max Enviro Energy
๐
Founded: 2011
๐ Mumbai, Maharashtra
๐ฅ 1,800+ employees
๐ cleanmax.com
๐ Face Value: โน1
๐ฆ Market Cap: โน12,325 Cr
Price Band
โน1,000 โ โน1,053
Issue Size
โน3,080 Cr
Lot Size
14 shares
Min. Investment
โน14,742
GMP
โน-186 (-17.6%)
Est. Return
-17.6%
Listing Date
02 Mar 2026
Registrar
KFin Technologies
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Low Interest
GMP: +-17.6% above issue price
โญ Overall Signal
Low Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
1.00x subscribed
Issue Details
Fresh Issueโน1,196 Cr
Offer for Sale (OFS)โน1,884 Cr
Total Issue Sizeโน3,080 Cr
Face Valueโน1
Market Cap (at issue)โน12,325 Cr
Listing ExchangeBSE, NSE
๐
Open Date23 Feb 2026
๐ Close Date25 Feb 2026
โ๏ธ Cut-off Price Date25 Feb 2026
๐๏ธ Allotment Date26 Feb 2026
๐ธ Refund Initiation27 Feb 2026
๐ Demat Credit27 Feb 2026
๐ Listing Date02 Mar 2026
Objects of the Issue
- ๐ฐ Repayment and/or pre-payment of outstanding borrowings โ โน1,122.67 Cr
- ๐ฐ General corporate purposes โ โน23.79 Cr
About the Company
Clean Max Enviro Energy Solutions is India's largest C&I (commercial & industrial) renewable energy company. It builds, owns, and operates captive solar, wind, and hybrid power plants for corporate clients on a long-term PPA (Power Purchase Agreement) basis. Clients include Infosys, Tata, Amazon, and 200+ other corporate buyers seeking clean power at competitive tariffs.
Strengths
- โ India's #1 C&I clean energy provider โ 2.5 GW portfolio
- โ Long-term PPAs (15โ25 years) with investment-grade corporates
- โ 200+ Fortune 500 clients: Infosys, Tata, Amazon, etc.
- โ Asset-light model: builds and manages plants for clients
Risk Factors
- โ ๏ธ Capital-intensive business; high debt to fund plant construction
- โ ๏ธ PPAs carry long-term pricing risk if energy costs change
- โ ๏ธ Regulatory risk: changes in renewable energy policy
- โ ๏ธ Grid connectivity delays and land acquisition challenges
Subscription Status
1.00x Overall
QIB: 1.2x
NII: 0.7x
RII: 0.8x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 0.38x | 0.22x | 0.28x | 0.32x |
| Day 2 | 0.80x | 0.44x | 0.58x | 0.68x |
| Day 3 | 1.22x | 0.68x | 0.84x | 1.00x |
Share Reservation
QIB
75%
NII
15%
RII
10%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
GIC SingaporeADIASBI MFMirae Asset MFFidelityBlackRock India
Promoter Holding
74.89%
Pre-IPO
โ -25.8%
49.08%
Post-IPO
Company Gallery
Clean
Clean Max solar power plant
Clean
Corporate campus rooftop solar installation
Clean
Wind energy project site
Founders & Leadership
KJ
Kuldeep Jain
Founder & CEO
๐ IIT Delhi, B.Tech; IIM Ahmedabad, MBA
Founded Clean Max in 2011; pioneered the C&I clean energy PPA model in India
SP
Sanjay Panchal
Co-Founder & COO
๐ B.E., Electrical Engineering; MBA, Energy Management
Oversees project execution, grid connectivity, and O&M across Clean Max's 2.5 GW portfolio
IPO Timeline
โ
Open Date
23 Feb 2026
โ
Close Date
25 Feb 2026
โ
Allotment Date
26 Feb 2026
โ
Listing Date
02 Mar 2026
Key Financials
Revenueโน1,610 Cr
PATโน19 Cr
EPSโน1.84
P/E Ratio634x
ROE1.27%
Market Capโน12,325 Cr
Company Financials (Restated Consolidated)
| Period Ended | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 16946.00 | 13279.00 | 9077.00 | 7000.00 |
| Total Income | 969.00 | 1610.00 | 1425.00 | 961.00 |
| Profit After Tax | 19.00 | 19.00 | -38.00 | -59.00 |
| EBITDA | 638.00 | 1015.00 | 742.00 | 406.00 |
| Net Worth | 2598.00 | 2545.00 | 1818.00 | 1210.00 |
| Reserves & Surplus | 2498.00 | 2445.00 | 1718.00 | 1110.00 |
| Total Borrowing | 10121.00 | 7974.00 | 5515.00 | 3843.00 |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | 9M FY26 | FY25 |
|---|---|---|
| ROE (%) | 0.73 | 0.75 |
| EBITDA Margin (%) | 65.84 | 63.04 |
| Debt / Equity | 3.90 | 3.13 |
| Net Worth (Rs. Cr) | 2598.00 | 2545.00 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน1.84 | โ |
| P/E (x) | 634x | โ |
| ROE (%) | 1.27% | โ |
| Promoter Holding | 74.89% | 49.08% |
| Market Cap | โน12,325 Cr | |
IPO Registrar
IPO FAQs
Clean Max Enviro Energy IPO is a mainboard IPO with an issue size of โน3,080 Cr at a price band of โน1,000 โ โน1,053. Minimum lot size is 14 shares (minimum investment ~โน14,742). Opens on 23 Feb 2026 and closes on 25 Feb 2026. Proposed listing on BSE, NSE. Registrar: KFin Technologies.