Bookbuilding IPO | ₹3,080 Cr | Listed at BSE, NSE | Mon, Feb 23, 2026 - Wed, Feb 25, 2026
Clean Max Enviro Energy Solutions IPO is a book build issue of ₹3,079.88 crores. The issue is a combination of fresh issue of 1.14 crore shares aggregating to ₹1,196.16 crores and offer for sale of 1.79 crore shares aggregating to ₹1,883.72 crores.
Clean Max Enviro Energy Solutions IPO bidding started from Feb 23, 2026 and ended on Feb 25, 2026. The allotment for Clean Max Enviro Energy Solutions IPO was finalized on Feb 26, 2026. The shares got listed on the NSE and the BSE on Mar 2, 2026.
Clean Max Enviro Energy Solutions IPO is set final issue price at ₹1,053 per share. The lot size for an application is 14 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,742 (14 shares) (based on upper price). The lot size investment for sNII is 14 lots (196 shares), amounting to ₹2,06,388, and for bNII, it is 68 lots (952 shares), amounting to ₹10,02,456.
The issue includes a reservation of up to 3,14,795 shares for employees offered at a discount of ₹100.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Clean Max Enviro Energy Solutions IPO RHP for detailed Information.
IPO Open
Mon, Feb 23, 2026
IPO Close
Wed, Feb 25, 2026
Issue Price
₹1053 per share
Market Cap (Pre-IPO)
₹12,325.29 Cr
| IPO Date | 23 to 25 Feb, 2026 |
| Listed on | Mon, Mar 2, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹1000 to ₹1053 |
| Issue Price | ₹1053 per share |
| Lot Size | 14 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹100.00 |
| Total Issue Size | 2,92,50,277 shares (agg. up to ₹3,080 Cr) |
| Fresh Issue | 1,13,60,190 shares (agg. up to ₹1,196 Cr) |
| Offer for Sale | 1,78,90,087 shares of ₹1 (agg. up to ₹1,884 Cr) |
| Share Holding Pre Issue | 10,56,53,268 shares |
| Share Holding Post Issue | 11,70,13,458 shares |
| BSE Script Code / NSE Symbol | 544717 / CLEANMAX |
| ISIN | INE647U01026 |
Clean Max Enviro Energy Solutions IPO comprises a total issue size of 2,93,15,993 shares. The net offer to the public is 2,90,01,198 shares, after excluding 3,14,795 shares under a preferential allotment. Of the Net offer 1,45,00,598 (50.00%) are allocated to QIB, 43,50,180 (15.00%) allocated to NII 1,01,50,420 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 1,45,00,598 | 50.00% | 49.46% | NA |
| − Anchor Investor Shares Offered | 87,46,437 | 29.84% | NA | |
| − QIB (Ex. Anchor) Shares Offered | 57,54,161 | 19.63% | NA | |
| NII (HNI) Shares Offered | 43,50,180 | 15.00% | 14.84% | NA |
| − bNII > ₹10L | 29,00,120 | 9.89% | 14,796 | |
| − sNII < ₹10L | 14,50,060 | 4.95% | 7,398 | |
| Retail Shares Offered | 1,01,50,420 | 35.00% | 34.62% | 7,25,030 |
| Preferential Reservations | ||||
| Employee Shares Offered | 3,14,795 | 1.07% | NA | |
| Total Shares Offered | 2,93,15,993 | 100.00% | 100.00% | |
Investors can bid for a minimum of 14 shares and in multiples thereof.
| Application | 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 |
Clean Max Enviro Energy Solutions IPO raises ₹921.00 crore from anchor investors. Clean Max Enviro Energy Solutions IPO Anchor bid date is February 20, 2026.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Feb 20, 2026 |
| Shares Offered | 87,46,437 |
| Anchor Portion (₹ Cr.) | 921.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Mar 27, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, May 26, 2026 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 2 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
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, we have 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.
Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. We cater to a wide range of customers, including Technology customers and conventional C&I customers<.
The company's expertise covers Energy contracting, Engineering, procurement, and construction (EPC), and Operation and maintenance (O&M) of renewable energy plants (solar, wind, and hybrid).
Business Offerings
Competitive Strengths
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| NET Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries | 1,122.67 |
| 2 | General corporate purposes | 23.79 |
| Total | 1,146.46 |
| KPI | Sep 30, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 0.43% | 1.27% |
| Debt/Equity | 2.53 | 1.97 |
| RoNW | 0.43% | 1.09% |
| Price to Book Value | 4.11 | 4.20 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 1.84 | 3.25 |
| P/E (x) | 634.34 | 324.28 |
| Promoter Holding | 74.89% | 49.08% |
| Market Cap | ₹12,325.29 Cr. |
The Clean Max Enviro Energy Solutions IPO is subscribed 0.99 times on February 25, 2026 6:54:45 PM (Day 3). The public issue subscribed 0.07 times in the retail category, 2.99 times in the QIB category, and 0.57 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 2.99 | 58,16,014 | 1,73,74,756 |
| NII | 0.57 | 43,68,735 | 24,76,152 |
| bNII (> ₹10L) | 0.82 | 29,12,490 | 23,76,304 |
| sNII (< ₹10L) | 0.07 | 14,56,245 | 99,848 |
| Retail | 0.07 | 1,01,93,715 | 6,92,720 |
| Employee | 0.11 | 3,14,795 | 34,804 |
| Total | 0.99 | 2,06,93,259 | 2,05,78,432 |
Total Applications: 37,210
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission) | 66.96 |
| 2 | Commission/processing fee for SCSBs and Bankers to the Offer and fee payable to the Sponsor Banks for Bids made by RIBs using UPI | 0.39 |
| 3 | Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 1.38 |
| 4 | Fees payable to the Registrar to the Offer | 0.14 |
| 5 | Fees payable to others | 18.35 |
| 6 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 12.80 |
| 7 | Printing and stationery | 0.75 |
| 8 | Advertising and marketing expenses for the Offer | 9.02 |
| 9 | Fee payable to legal counsels | 14.65 |
| 10 | Miscellaneous | 10.20 |
| Total | 134.63 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹1,053.00 | ₹1,053.00 |
| Open | ₹952.20 | ₹960.00 |
| Low | ₹761.80 | ₹768.00 |
| High | ₹958.40 | ₹960.00 |
| Last Trade | ₹867.90 | ₹867.50 |
Lead Manager Reports
Clean Max Enviro Energy Solutions IPO is a main-board IPO of 2,92,50,277 equity shares of the face value of ₹1 aggregating up to ₹3,080 Crores. The issue is priced at ₹1053 per share. The minimum order quantity is 14.
The IPO opens on Mon, Feb 23, 2026, and closes on Wed, Feb 25, 2026.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Clean Max Enviro Energy Solutions IPO using UPI as a payment gateway. Zerodha customers can apply in Clean Max Enviro Energy Solutions IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Clean Max Enviro Energy Solutions IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Clean Max Enviro Energy Solutions IPO opens on Mon, Feb 23, 2026 and closes on Wed, Feb 25, 2026.
Clean Max Enviro Energy Solutions IPO lot size is 14, and the minimum amount required for application is ₹14,742.
You can apply in Clean Max Enviro Energy Solutions IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Clean Max Enviro Energy Solutions IPO will be done on Thursday, February 26, 2026, and the allotted shares will be credited to your demat account by Fri, Feb 27, 2026. Check the Clean Max Enviro Energy Solutions IPO allotment status.
The Clean Max Enviro Energy Solutions IPO listing date is on Mon, Mar 2, 2026.
