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Clean Max Enviro Energy Solutions IPO
0.81xsubscribed

Clean Max Enviro Energy Solutions IPO

listed
₹14,000Min. investment

Clean Max Enviro Energy Solutions Limited IPO Details

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 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

As on 23-Feb-26, 5:30 PM

Clean Max Enviro Energy Solutions IPO Timeline

  1. Pre-apply
    20 Feb 2026
  2. Bid start
    23 Feb 2026
  3. Bid end
    25 Feb 2026
  4. Allotment
    26 Feb 2026
  5. Release of funds
    27 Feb 2026
  6. Demat transfer
    27 Feb 2026
  7. Listing
    2 Mar 2026

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.

Clean Max Enviro Energy Solutions Limited IPO Analysis

IPO REVIEW

Clean Max Enviro Energy Solutions IPO | Analysis Video

Should you apply?

Watch our analysts break down the Clean Max Enviro Energy Solutions Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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

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.

Objectives of Clean Max Enviro Energy Solutions Limited IPO

Repayment of borrowings
93.56%
The company will use ₹1,122.67 crore to repay outstanding borrowings.
General corporate purposes
6.44%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Clean Max Enviro Energy Solutions IPO Contact Details

Company NameClean Max Enviro Energy Solutions Limited

How to apply for Clean Max Enviro Energy Solutions IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Clean Max Enviro Energy Solutions Limited IPO FAQs

Investors can apply for the Clean Max Enviro Energy Solutions IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Clean Max Enviro Energy Solutions IPO is 3100 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Clean Max Enviro Energy Solutions IPO will be open between 2026-02-23 and 2026-02-25.
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.
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.
The shares are proposed to be listed on the BSE and NSE.
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.
The Clean Max Enviro Energy Solutions IPO lot size is 14 and minimum order quantity is 14.
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.