Clean Max Enviro Energy Solutions IPO Opens Feb 23: Price Band, Lot Size, Issue Size, Financials and Key Dates
- 17th February 2026
- 01:25 PM
- 3 min read
Summary
Brookfield-backed Clean Max Enviro Energy Solutions will open for subscription on February 23 and close on February 25. The ₹3,100 crore public issue comprises a fresh issue of ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore. The price band is set at ₹1,000-₹1,053 per share.Mumbai | February 17
Clean Max Enviro Energy Solutions Limited will launch its initial public offering (IPO) on February 23, 2026. The issue will close on February 25, while the anchor book will open for a day on February 20. At the upper end, the company is valued at over ₹12,300 crore.
Clean Max IPO Price Band, Lot Size, Allotment and Listing Dates
The company has fixed a price band of ₹1,000 to ₹1,053 per equity share. Investors can bid in a lot size of 14 shares and in multiples thereafter.
The IPO will open on February 23 and close on February 25, 2026. The allotment is expected to be finalised on February 26, refunds will be initiated the same day, shares will be credited to demat accounts on February 27, and listing is scheduled for March 2, 2026.
Half of the net offer is reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors and 15% for Non-Institutional Investors (NIIs). The company has also reserved shares worth up to ₹30 crore for employees at a discount of ₹100 per share.
Clean Max IPO Issue Size and Selling Shareholders
The ₹3,100 crore IPO comprises a fresh issue of ₹1,200 crore (around 1.13 crore equity shares) and an offer for sale (OFS) of ₹1,900 crore (about 1.80 crore shares) by existing shareholders. The total issue size aggregates to approximately 2.94 crore equity shares of face value ₹1 each.
Under the OFS component, shareholders including Kuldeep Jain, KEMPINC LLP, BGTF One Holdings (DIFC) Limited, DSDG Holding APS and Augment India I Holdings LLC are offloading part of their stake.
Clean Max IPO Objectives and Use of Proceeds
The company plans to utilise ₹1,200 crore from the fresh issue towards repayment or prepayment of borrowings. The remaining proceeds will be used for general corporate purposes.
The company stated in its RHP that listing will enhance its brand visibility and create a public market for its shares.
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Clean Max Enviro Energy Solutions Financials
For FY25, the company reported total income of ₹1,610.34 crore compared to ₹1,425.31 crore in FY24.
The company posted a profit after tax of ₹19.43 crore in FY25 after reporting losses of ₹37.64 crore in FY24 and ₹59.47 crore in FY23.
EBITDA stood at ₹1,015.07 crore in FY25, reflecting operational growth. However, total borrowings remained elevated at ₹7,973.70 crore as of FY25, increasing to ₹10,121.46 crore as of September 2025. Debt reduction remains a key objective of the issue.
About Clean Max Enviro Energy Solutions
Clean Max Enviro Energy Solutions is India’s largest commercial and industrial (C&I) renewable energy provider by operational capacity, according to a CRISIL report. As of October 2025, the company had 2.80 GW of operational, owned and managed renewable energy capacity and 3.17 GW of contracted capacity yet to be executed.
The company provides renewable power, energy services and carbon credit solutions to commercial and industrial clients across sectors including data centres, artificial intelligence, technology, cement, steel, infrastructure, pharmaceuticals, FMCG and real estate. It operates in the fast-growing renewable energy segment, supported by decarbonisation targets and corporate net-zero commitments.
Axis Capital Ltd is the book running lead manager to the issue, and MUFG Intime India Pvt Ltd is the registrar.
For more IPO updates and subscription details, follow PL Capital.
