Clean Max Enviro Energy Solutions Limited IPO
Clean Max Enviro Energy Solutions Limited IPO
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Clean Max Enviro Energy Solutions Limited's achieved publicly listed status following its IPO debut on 02-03-2026 at the NSE, BSE platform. The offering successfully mobilized 2,94,39,696 Shares, with 1,13,96,011 Shares allocated to corporate growth initiatives and ₹1900.00 Cr providing liquidity to existing shareholders.
Investment participation occurred within the established price band of ₹1,000 to ₹1,053, starting from minimum lots of 14 shares. The subscription window from 23-02-2026 through 25-02-2026 enabled investor participation across market segments.
Share allocation was completed on 26-02-2026, determining ownership distribution among successful applicants. The listing represents a milestone achievement, transitioning the company to regulated public market status with associated responsibilities and opportunities.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Clean Max IPO About Company
Clean Max Enviro is India’s largest commercial and industrial renewable energy provider, with 2.54 GW of operational, owned, and managed capacity as of July 31, 2025, and an additional 2.53 GW of contracted capacity under execution. The company supplies renewable power, provides energy services, and offers carbon credit solutions, serving both technology and conventional commercial and industrial customers. Its expertise spans energy contracting, engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) of solar, wind, and hybrid renewable energy plants. Clean Max Enviro operates through two key business segments: renewable energy power sales, delivering power via long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs), and renewable energy services, providing turnkey development including land acquisition, infrastructure, EPC, power evacuation, O&M, and carbon services for the lifetime of projects.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Clean Max IPO Strength Factors
- Timely & Cost-Efficient Execution: Strong in-house EPC, O&M, and ESG capabilities ensure projects are delivered on time, within budget, and with reliable performance.
- Solutions-Driven Sales Model: Dedicated team manages the full customer lifecycle across multiple regions, supporting diversified revenue and long-term client engagement.
- Diverse & Flexible Offerings: Provides multiple clean energy solutions tailored to customers’ Net Zero and sustainability goals.
Clean Max IPO Risk Factors
- Project Development Risk: Delays in land acquisition, grid access, financing, approvals, or equipment supply may impact timelines and cash flows.
- PPA/EAPA Termination Risk: Failure to meet construction or supply obligations may lead to contract termination and reduced revenue visibility.
- Land Title & Acquisition Risk: Disputes or unclear land records may delay projects and create legal or operational challenges.
Clean Max IPO Lead Manager(s)
- Axis Capital Limited
- J.P. Morgan India Private Limited
- Bnp Paribas
- Hsbc Securities & Capital Markets Private Limited
- IIFL Securities Limited
- Nomura Financial Advisory And Securities (India) Private Limited
- Bob Capital Markets Limited
- SBI Capital Markets Limited
Clean Max IPO Promoter(s)
- Kuldeep Jain
- Pratap Jain
- Nidhi Jain
- BGTF One Holdings (DIFC) Ltd
- Kempinc LLP
Clean Max IPO FAQs
Clean Max Enviro Energy Solutions Limited IPO subscribed 0.99 times. The public issue subscribed 0.07 times in the retail category,2.99 times in QIB, and 0.82 times in the HNI (10+) category byMarch 2, 2026 4:15:00 AM (Day 2).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Clean Max IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Clean Max IPO FAQs
Track all the latest updates and news of IPO.
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