Clean Max Enviro Energy IPO opens Feb 23; sets price band at ₹1,000-1,053

Clean Max Enviro aims to raise ₹3,100 crore through a combination of fresh issue of 11.4 million shares worth up to ₹1,200 crore and an OFS of 18 million shares worth up to ₹1,900 crore

Clean Max Enviro IPO: Clean Max Enviro Energy Solutions, a renewable energy provider, has set the price band for its initial public offering in the range of ₹1,000 to ₹1,053 per share. The company aims to raise ₹3,100 crore through a combination of fresh issue of 11.4 million shares worth up to ₹1,200 crore and an offer for sale (OFS) of 18 million shares worth up to ₹1,900 crore. 

 

Under the OFS, Kuldeep Jain, BGTF One Holdings (DIFC), and KEMPINC LLP are the promoter selling shareholders, while Augment India I Holdings and DSDG Holding APS are the investor selling shareholders. 

 

According to a CRISIL report, Clean Max Enviro is India's largest commercial and industrial renewable energy provider. The company has 2.54 GW of operational, owned and managed capacity and an additional 2.53 GW of contracted capacity under execution, as of July 31, 2025.

Here are the key details of Clean Max Enviro Energy Solutions IPO:

Clean Max Enviro IPO key dates

According to the RHP, Clean Max Enviro IPO will open for public bidding on Monday, February 23 and close on Wednesday, February 25, 2026. The anchor investment period will be one day prior to the issue opening date, i.e. Friday, February 20, 2026. The basis of allotment of shares is expected to be finalised on Thursday, February 26. Shares of Clean Max Enviro will make their debut on the National Stock Exchange (NSE) and BSE, tentatively on Monday, March 2. 

Clean Max Enviro IPO lot size

Investors can bid for a minimum of one lot comprising 14 shares. Accordingly, a retail investor would require a minimum investment amount of 14,742 to bid for at least one lot at the upper-end price and in multiples thereof. The company has reserved 50 per cent of the net offer for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail individual investors.

Clean Max Enviro IPO registrar, lead managers

MUFG Intime India is the registrar for the issue. Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets are the book-running lead managers. 

Clean Max Enviro IPO objective

According to the RHP, the company plans to utilise ₹1,125 crore from the net fresh issue proceeds for repayment or prepayment of certain borrowings availed by the company. The remaining funds will be used for general corporate purposes.

Clean Max Enviro financial overview

In the six-month period ended September 30, 2025, the company reported revenue from operations of ₹932.95 crore and profit after tax (PAT) of ₹19 crore. In FY25, it reported revenue from operations of ₹1,495.7 crore, up 7.6 per cent from ₹1,389.83 crore in the previous fiscal. Its earnings before interest, tax, depreciation and amortisation (Ebitda) rose 37 per cent to ₹1,015 crore compared to ₹741.57 crore in FY24. PAT came in at ₹19.42 crore, a turnaround from a loss of ₹37.64 crore.