Clean Max Enviro Energy Solutions IPO Overview
Clean Max Enviro Energy Solutions is India’s largest commercial and industrial (C&I) renewable energy provider, offering solar, wind and hybrid power solutions, energy services and carbon credit solutions to corporates across sectors including technology, infrastructure, manufacturing and real estate. As of October 31, 2025, the company had 2.80 GW operational capacity and an additional 3.17 GW under execution/contract.
The company’s Mainboard IPO is priced at ₹1,000 – ₹1,053 per share, with the total issue size ~₹3,100 crore (fresh + offer-for-sale). The public bid opens on 23 February 2026 and closes on 25 February 2026, with expected listing on NSE & BSE around 2 March 2026.
A strong anchor round of ~₹921 crore was subscribed by marquee institutional investors (including Temasek, SBI Life, Nomura India, etc.) before the IPO launch, signaling robust institutional interest.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built Issue (Mainboard) |
| IPO Open Date | 23 February 2026 (Mon) |
| IPO Close Date | 25 February 2026 (Wed) |
| Allotment Date | 26 February 2026 (Expected) |
| Credit to Demat | 27 February 2026 (Expected) |
| Refund Initiation | 26–27 Feb 2026 (Expected) |
| Listing Date | 2 March 2026 (Tentative) |
| Price Band | ₹1,000 to ₹1,053 per share |
| Face Value | ₹1 per share |
| Lot Size | 14 shares |
| Min Investment (Retail) | ₹14,742 at upper band |
| Total Issue Size | ~₹3,100 crore |
| Fresh Issue | ~₹1,200 crore |
| Offer For Sale (OFS) | ~₹1,900 crore |
| Total Shares Offered | ~2.94 crore shares (combined) |
| Listing | NSE & BSE |
Note: The IPO comprises both fresh issuance and offer for sale, allowing existing shareholders to partly exit.
Issue Break-up
| Category | Allocation |
| QIB (Qualified Institutional Buyers) | Up to ~50% |
| Retail Individual Investors (RII) | At least ~35% |
| Non-Institutional Investors (NII) | At least ~15% |
| Employee Reservation Portion | Up to ₹30 crore quota (if opted) |
Retail investors get a minimum of 35% allocation, while QIBs can take up to 50% of the offer.
Selling Shareholders (OFS)
The offer for sale (~₹1,900 crore) includes shares being sold by existing investors and promoters — including Kuldeep Pratap Jain, BGTF One Holdings (DIFC), KEMPINC LLP, Augment India I Holdings LLC and DSDG Holding APS.
Objects of the Issue (Fund Utilization)
Major uses of IPO proceeds:
- Repayment or pre-payment of borrowings (reducing outstanding debt burden and interest cost).
- General corporate purposes — including working capital, growth initiatives and potential project financing.
Approximately ₹1,125 crore of the fresh issue is earmarked for debt reduction, with the balance for corporate purposes.
Lead Managers & Registrar
- Book Running Lead Managers: Axis Capital Ltd, JP Morgan India, BNP Paribas, HSBC Securities & Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory & Securities (India), BOB Capital Markets, SBI Capital Markets.
- Registrar: MUFG Intime India Pvt. Ltd.
Promoters & Major Investors
Promoters and selling stakeholders include:
- Kuldeep Pratap Jain
- BGTF One Holdings (DIFC) Ltd
- KEMPINC LLP
- Augment India I Holdings LLC
- DSDG Holding APS
These entities are selling a portion of shares through the OFS component of the IPO.
COMPANY DETAILS
Background & Business Model:
Clean Max Enviro Energy Solutions, founded in 2010, is a specialized commercial and industrial renewable energy provider delivering solar, wind and hybrid power solutions under long-term power purchase agreements (PPAs) with corporates. It also provides energy services, engineering procurement & construction (EPC) and operation & maintenance (O&M) services, along with carbon credit solutions to its customers.
Operational Footprint:
- 2.80 GW operational capacity (owned & managed).
- ~3.17 GW contracted capacity under execution.
- Projects across multiple Indian states and select international markets.
- Client base includes technology companies, infrastructure firms, manufacturers and commercial enterprises.
Financial Snapshot
| Fiscal Year | Revenue (₹ Cr) | Profit (₹ Cr) |
| FY24 | ~1,425 | Loss ~37.64* |
| FY25 | ~1,610 | Profit ~27.84* |
| H1 FY26 | ~969* (6M) | Net Profit ~19* |
*Figures from recent RHP data and media reports. FY24 was loss-making, but the company returned to profitability in FY25.
Company Strengths
- Market Leadership: Largest C&I renewable energy solutions provider in India.
- Diversified Capacity: Strong operational base (~2.80 GW) with further contracted projects.
- Long-term PPAs: Provides revenue visibility and stability with multi-year contracts.
- Institutional Support: Significant anchor interest (₹921 cr) from global funds like Temasek, SBI Life, Nomura India, etc.
- Growth Potential: Alignment with India’s renewable energy transition and corporate decarbonisation goals.
- Diversified Services: EPC, O&M, energy advisory and carbon solutions beyond power supply.
Key Risks & Challenges
- Profit Volatility: Profitability swung from losses in FY24 to profit in FY25; future earnings stability is critical.
- Customer Concentration: A significant portion of revenue comes from a limited set of large corporate customers.
- Contract Termination Risk: Dependence on long-term PPAs which may be renegotiated or terminated under certain conditions.
- Execution & Cost Overrun Risk: Complex project development and EPC contracts carry execution and cost risks.
- Land & Regulatory Risks: Land acquisition, transmission connectivity and regulatory changes can impact project timelines.
- Debt Levels: Large outstanding borrowings make cost of financing and covenant compliance critical.
Disclaimer
This document is for educational and informational purposes only and does not constitute investment advice or recommendation. Investors should read the official Red Herring Prospectus (RHP) and consult certified financial advisors before investing. Past performance and estimates are not indicative of future results and investing in IPOs carries risks.
