Clean Max Enviro IPO opens today: Check GMP, price band, key dates, review

Clean Max Enviro has set the price band for the issue in the range of ₹1,000 to ₹1,053 per share, with a lot size of 14 shares

Clean Max Enviro IPO: The initial public offering (IPO) of Clean Max Enviro Energy, a renewable energy provider, opens for public subscription today, February 23, 2026. The mainline offering comprises 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 are the promoter selling shareholders, while Augment India I Holdings and DSDG Holding APS are the investor selling shareholders. 

 

Ahead of its IPO, Clean Max raised ₹921 crore from 41 anchor investors on February 20. The company has allotted 8.74 million shares to anchor investors at the upper end at the price of ₹1,000 to ₹1,053 per share. 

 

 

Zulia Investments, SBI Life Insurance, Nomura India Investment Fund Mother Fund, Eastspring Investments, Abu Dhabi Investment Authority, Susquehanna Pacific, Societe Generale, Citigroup Global, Moon Capital Trading, HDFC Mutual Fund, Trust Mutual Fund, and Franklin India participated in the anchor round. 

Clean Max Enviro IPO GMP

On Monday, the unlisted shares of Clean Max were trading almost flat at ₹1,056, commanding a marginal grey market premium of ₹3 or 0.3 per cent against the upper band price, according to the sources tracking unofficial markets.   CHECK Stock Market LIVE Updates

Clean Max Enviro IPO review

According to analysts at Clean Max Enviro, at the upper-end price, the issue is valued at 16x EV/Ebitda, which is expensive.  However, the company benefits from a significantly underpenetrated industry as renewable energy penetration for C&I stood at 7.4 per cent in FY23 and is projected to grow to 20 per cent by FY30, requiring 15-18 GW of annual capacity addition and translating to a 22-24 per cent CAGR in installed capacity. 

 

Additionally, the phasing out of ISTS charges & emerging high energy-consuming sectors like Data Centres & AI, which require guaranteed RTC power supply, will boost the C&I demand, which creates demand visibility & confidence in business scaling up. We recommend 'Subscribe for long-term' to the issue.   ALSO READ | Clean Max Enviro IPO: Long-term growth eyed, but valuation raises eyebrows

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

Clean Max Enviro IPO key dates

The subscription window for the issue will close on Wednesday, February 25, 2026. The share allotment process is expected to be concluded by Thursday, February 26. The company is expected to list its shares on the exchanges, NSE and BSE, on Monday, March 2.

Clean Max Enviro IPO lot size

Clean Max Enviro has set the price band for the issue in the range of ₹1,000 to ₹1,053 per share. The lot size for an application is 14 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,742 to bid for at least one lot and in multiples thereof.

Clean Max Enviro IPO registrar, lead manager

MUFG Intime India is serving as 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 red herring prospectus (RHP), the company plans to utilise ₹1,122.67 crore from the net fresh issue proceeds for repayment or prepayment of certain borrowings availed by itself and its subsidiaries. The remaining funds will be used for general corporate purposes.  

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