What are the open and close dates of the Clean Max Enviro Energy Solutions IPO ?

Clean Max Enviro Energy Solutions IPO will be open between 2026-02-23 and 2026-02-25.

What is the allotment date for the Clean Max Enviro Energy Solutions IPO ?

Clean Max Enviro Energy Solutions IPO allotment date is 2026-02-27. For Clean Max Enviro Energy Solutions IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of Clean Max Enviro Energy Solutions IPO ?

For Clean Max Enviro Energy Solutions IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Clean Max Enviro Energy Solutions IPO allotment status on the website of the registrar.

Where is the Clean Max Enviro Energy Solutions IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will Clean Max Enviro Energy Solutions IPO shares be credited to your demat account?

The Clean Max Enviro Energy Solutions IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the Clean Max Enviro Energy Solutions IPO ?

The Clean Max Enviro Energy Solutions IPO lot size is 14 and minimum order quantity is 14.

What is the price band for the Clean Max Enviro Energy Solutions IPO ?

Clean Max Enviro Energy Solutions IPO has set the price band for its IPO at 1053 per equity share with a face value of 1.

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IPO

0.81x

subscribed

Clean Max Enviro Energy Solutions IPO

listed

₹14,000Min. investment

Pre-apply
20 Feb
Bid start
23 Feb
Bid end
25 Feb
Allotment
26 Feb
Release of funds
27 Feb
Demat transfer
27 Feb
Listing
2 Mar

Clean Max Enviro Energy Solutions Limited IPO Details

Issue size

₹3,100Cr

IPO type

Mainboard

Price range

₹1,000 – ₹1,053

Lot size

14 shares

Red Herring Prospectus

Read

Price range₹1,000 – ₹1,053

IPO type

Regular

Lot size14 shares

Issue size₹3,100Cr

Red Herring Prospectus

Read

Clean Max Enviro Energy Solutions Limited IPO Overview

Clean Max Enviro Energy Solutions Limited IPO date

Clean Max Enviro Energy Solutions Limited IPO will open for subscription on February 23, 2026, and the closing date for the IPO is February 25, 2026. After this, investors are expected to be updated about the allotment status on February 26, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on February 27, 2026. The shares will be listed on the NSE and the BSE on Monday, March 02, 2026.

Clean Max Enviro Energy IPO price band

The IPO includes a fresh issue only. The IPO price band has been set between ₹1,000 to ₹1,053 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹1,200 crore and offer for sale of ₹1,900 crore. Clean Max Enviro Energy Solutions IPO listing price will be determined on March 02, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Clean Max Enviro Energy IPO lot size

Clean Max Enviro Energy Solutions Limited IPO details have been declared. The minimum lot size for an application is 14 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹3,100 crore.

Checklist

Quality analysis

Revenue growth

Company valuation

Earnings expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Objectives

Repayment of borrowings

93.56%

General corporate purposes

6.44%

Strength and Weakness

Market leadership in C&I renewable segment:

The company has established itself as a market leader in the commercial and industrial (C&I) renewable energy segment that is witnessing very fast growth as corporations aggressively set net-zero targets. With 2.80 GW of operational capacity and an additional 3.17 GW already contracted, the company has more scale and good growth visibility. Its mix of solar, wind, and hybrid solutions also allows it to serve various customer needs, which further enhances its competitiveness.

High-quality customer base

The company has a portfolio of more than 555 corporate clients, including global technology giants and large Indian industrial groups. Most of the customers are investment-grade rated; very low counterparty risk. The long-term power purchase agreements (with an average duration of almost 23 years) ensure steady cash flows, while the over 70% repeat customer rate indicates a great level of customer satisfaction.

High margins driven by bilateral contracting

Many renewable developers depend largely on government tenders. Whereas one of the company's major focuses is on direct bilateral agreements with corporations. This enables it to secure better tariffs while continuously allowing strong profitability. The power sales segment is the main contributor to revenue, and it operates at a very high gross margin (92% to 93%), which is supportive of overall earnings quality.

Wide geographic presence:

Onsite solar installations have been the focus of the company's dispersed renewable portfolio. As of September 30, 2025, the company was running 1,330 onsite solar plants with a total capacity of 368.06 MWp in 23 states and UTs and had an international presence in markets like Thailand. This kind of geographic diversification lowers the risk from state-level regulations, and thus, the company is more capable of serving multi-location corporate clients, which is an extremely important competitive advantage in the C&I segment.

High dependence on project execution

The company is involved in the renewable energy EPC and developer sector, where the timing of project execution is very important, not only for revenue recognition but also for cash flow realisation. Thus, if any of the land acquisition, permitting, grid connectivity, equipment supply, or counterparty agreements get delayed, it may postpone the commissioning schedules and have an adverse impact on the revenue booking. Besides that, renewable projects usually have long gestation periods and consist of a variety of stakeholders, which brings about an increased execution risk.

Capital-intensive business model

The company's growth plan will require substantial capital investment and, as a consequence, lead to the company carrying high leverage levels. Total borrowings stood at approximately ₹7,974 crore in FY25, compared with ₹3,843 crore in FY23. This sharp increase is a reflection of the ongoing expansion. High debts expose the company to interest rate risk, refinancing risk, and the requirement for covenant compliance.

Power generation variability

The company's revenues from renewable energy assets are largely determined by the actual energy produced, which in turn depends on solar irradiation, wind speeds, and weather conditions. Due to the changing behavior of the weather patterns caused by climate change, the energy output can be less than the planned level which can affect the revenue stability of a company.

Technology performance and equipment reliability risks:

Renewables projects are heavily dependent on the performance of solar modules, inverters, wind turbines, and energy storage systems. Any underperformance, wear and tear, or obsolescence of the technology can result in lower generation efficiency and profit. Besides, the fast-paced changes in renewable technology pose a risk. Equipment failure is another aspect that can cause loss of production time, higher maintenance costs, and penalties for non-compliance with power purchasing agreements.

About Clean Max Enviro Energy Solutions Limited

Clean Max Enviro Energy Solutions is one of the largest providers of commercial and industrial (C&I) renewable energy solutions in India, boasting 2.80 GW of operational owned and managed capacity and a further 3.17 GW of contracted capacity under execution as of October 31, 2025. According to the CRISIL report, the company is one of the early movers in the C&I renewable energy sector in India, having played a key role in shaping the evolution of the industry and its operating models.

The company focuses on assisting corporate clients in their transition to net zero and decarbonization journey, mainly through the supply of renewable power, energy services, and carbon credit solutions to clients across data centres, AI and technology industries. The company has 8% market share in FY25 for annual open-access renewable energy capacity additions.

Clean Max Enviro Energy Solutions conducts its business through two primary segments: Renewable energy power sales and renewable energy services. Under the power sales segment, the company provides electricity supply through onsite solar installations at clients' facilities and offsite renewable farms (solar, wind, and hybrid). The company has one of the largest onsite solar power plant portfolios of 1,330 plants aggregating 368.06 MWp spread over 23 states in India and international markets of Thailand, UAE, and Bahrain. For the offsite projects, the company offers solar, wind, and hybrid renewable energy through bilateral PPAs with conventional C&I customers across 10 states in India. The company provides renewable power generated at offsites farms through state transmission utility (STU) or central transmission utility (CTU) networks. As of September 30, 2025, Clean Max Enviro Energy has 1942.26 MW of STU-connected operating capacity.

The company follows a customer-centric contracting model where projects are customised to meet the corporate needs precisely, and power is sold through long-term bilateral agreements. Through this approach, the company built a customer base of 555 as of 30 September 2025, with nearly 71.72% of the contracted capacity in H1FY26 coming from repeat customers. The company's power purchase agreements (PPAs) also offer long-term visibility with an average duration of 22.85 years and a lock-in of 16.86 years.

The company generates a large share of its revenue from renewable energy power sales, which accounted for around 74% of the total FY25 revenue. Besides, this segment has higher gross margin levels of 92 to 93% compared to 32% to 33% in the services business. Within the power sales segment, the revenue is quite diversified across different operating models, with STU group captive being the biggest at 48.2% of power sales revenue in FY25, followed by STU third-party open access at 36.6%, and onsite solar at 15.1%.

The renewable energy services segment mainly includes Capex/EPC services, in which projects are developed on a turnkey basis for customers who own the assets, and carbon services, including I-RECs and carbon credit solutions, are currently at a nascent stage. Capex services are the major part of this segment, accounting for 96% of the services revenue in FY25, while carbon services made up only 3.8%. The company is well diversified across new-age technology firms and traditional industrial clients. On September 30, 2025, technology customers represented 43.51% of the operational and contracted capacity, whereas conventional commercial and industrial clients made-up 56.49%. The technology segment consists of global companies like Amazon, Apple, Cisco, Equinix, and Google, essentially data centre and AI-driven energy demand, while the conventional customers are companies like Bajaj Auto Limited, BASF India Limited, Grasim Industries Limited, and Welspun Living.

India, being the third-largest electricity consumer globally, has a rapidly growing power demand from businesses and industries, with the main drivers being infrastructure expansion, manufacturing push, and increasing investments in the data centre area. On the other hand, the share of renewables in the commercial and industrial segment is still only about 7%, which ought to be around 20% by 2030, thus needing 15-18 GW of annual capacity additions (22-24% growth). This gives rise to a great opportunity for CleanMax Enviro Energy Solutions as companies are increasingly turning to green power for the dual purpose of cutting their costs (30-45% savings vs grid tariffs) and meeting their sustainability targets. New exhibition space, like Virtual PPAs and renewable energy certificates, likely to be 10-15 GW by 203,0 will further broaden the reachable market. Having an established customer base, presence in more than 10 states, and a proven track record of execution, the company is very well capable of gaining from this structural change in India's energy sector.

Now, Clean Max Enviro Energy Solutions Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹1,200 crore only and an offer for sale of ₹1,900 crore. The total issue size of the IPO is ₹3,100 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for the Clean Max Enviro Energy Solutions IPO?

You can pre-apply for the Clean Max Enviro Energy Solutions IPO on Upstox. The pre-application for this IPO, which means pre-apply open date, usually begins a day before the IPO opens for subscription.

Follow these steps to pre-apply for the IPO:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘Clean Max Enviro Energy Solutions IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Pre-Apply’
Accept the mandate on your UPI app

How to apply for the Clean Max Enviro Energy Solutions IPO?

If you are interested in this investment opportunity but unsure how to apply for the Clean Max Enviro Energy Solutions IPO, here we are listing out the steps for you.

Here’s a step-by-step guide on how to apply for the Clean Max Enviro Energy Solutions IPO on Upstox:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the Clean Max Enviro Energy Solutions IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Apply’
Accept the mandate on your UPI app

How to check the Clean Max Enviro Energy Solutions IPO allotment status?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally done around five to seven days after an IPO closes. This is also true in the case of the Clean Max Enviro Energy Solutions IPO.

The Clean Max Enviro Energy Solutions IPO’s closing date is 31 October 2022. The Clean Max Enviro Energy Solutions IPO’s allotment date has been set seven days later, on 7 November 2022.

Here’s a step-by-step guide on how to check the Clean Max Enviro Energy Solutions IPO allotment status:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover page, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, you will find the ‘View all’ option
Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
In the ‘IPO’ tab, click on ‘My applications’
In ‘My applications’, under the History section, your allotment status will be mentioned.

IPO Analysis

IPO REVIEW

Clean Max Enviro Energy Solutions IPO | Analysis Video

Clean Max Enviro Energy Solutions IPO

Should you apply?

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Clean Max Enviro Energy Solutions IPO Subscription Status

Date	QIB	NII	Retail	Total
23-Feb-26	1.03 times (X)	0.2 times (X)	0.01 times (X)	0.34 times (X)
24-Feb-26	1.21X	0.33X	0.03X	0.42X
25-Feb-26	2.51X	0.39X	0.04X	0.81X

Latest News on Clean Max Enviro Energy Solutions IPO

Clean Max Enviro Energy Solutions IPO: The initial share sale is seeking to raise ₹3,100 crore via a fresh issuance of shares worth ₹1,200 crore and an offer for sale (OFS) component of ₹1,900 crore.

3 min read

Clean Max Enviro Energy IPO: The initial share sale aims to raise ₹3,100 crore by offering new equity shares worth ₹1,200 crore and an offer for sale (OFS) component valued at ₹1,900 crore.

3 min read

Clean Max Enviro Energy Solutions IPO: The ₹3,100 crore initial share sale comprises a fresh issuance of 1.14 crore shares valued at ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore.

3 min read

Clean Max Enviro Energy Solutions IPO allotment: The ₹3,100 crore initial share sale consisted of new equity shares valued at ₹1,200 crore and an offer for sale (OFS) component of ₹1,900 crore by Kuldeep Jain, DSDG HOLDING APS, Augment India I Holdings, LLC, KEMPINC LLP and BGTF One Holdings (DIFC) Limited.

4 min read

Frequently asked questions

How to invest in the Clean Max Enviro Energy Solutions IPO ?

Investors can apply for the Clean Max Enviro Energy Solutions IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Clean Max Enviro Energy Solutions IPO ?

The issue size of the Clean Max Enviro Energy Solutions IPO is 3100 Cr.

What is 'pre-apply' for Clean Max Enviro Energy Solutions IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Clean Max Enviro Energy Solutions IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.