IPO Details
MainboardListed
Open:Mon, 23 Feb 2026
Close:Wed, 25 Feb 2026
Lot Size:14 Shares
Price Band:₹ 1000 - ₹ 1053
Listing:NSE, BSE
Fresh Issue:1200.00 Cr
OFS:1900.00 Cr
Total IPO Size:3100.00 Cr
QIB : 50%
Retail : 35%
Total HNI : 15%
IPO Timeline
| Event | Date |
|---|---|
| Open Date | 23-02-2026 , Monday |
| Close Date | 25-02-2026 , Wednesday |
| Tentative Allotment | 26-02-2026 , Thursday |
| Tentative Listing Date | 02-03-2026 , Monday |
| Retail Appl. Cut Off Time | 25-02-2026 , Wednesday 05:00 PM |
| Non Retail Appl. Cut Off Time | 25-02-2026 , Wednesday 04:00 PM |
| Anchor Allotment | 20-02-2026 , Friday |
| Initiation Of Refund | 26-02-2026 , Thursday |
| Credit Of Share To Demat | 27-02-2026 , Friday |
Subscription Data
IPO Structure
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 1,45,77,396 | 1,535.00 Cr |
Retail | 35.00 % | 1,02,04,179 | 1,074.50 Cr |
Total HNI | 15.00 % | 43,73,220 | 460.50 Cr |
SHNI | 5.00 % | 14,57,740 | 153.50 Cr |
BHNI | 10.00 % | 29,15,480 | 307.00 Cr |
Employee | 0.00 % | 3,14,795 | 30.00 Cr |
Lot Size Details
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 14 (1) | ₹ 14,742 |
Retail MAX | - | 182 (13) | ₹ 1,91,646 |
SHNI MIN | - | 196 (14) | ₹ 2,06,388 |
SHNI MAX | - | 938 (67) | ₹ 9,87,714 |
BHNI MIN | - | 952 (68) | ₹ 10,02,456 |
Employee MIN | ₹ 100 | 14 (1) | ₹ 13,342 |
Employee MAX | ₹ 100 | 518 (37) | ₹ 4,93,654 |
Financials
Profit & Loss (Values In Crore)
| Particulars | 30 Sep, 2025 | 30 Sep, 2024 | 31 Mar, 2025 | 31 Mar, 2024 | 31 Mar, 2023 |
|---|---|---|---|---|---|
Revenue from operations | 932.95 | 676.47 | 1,495.70 | 1,389.84 | 929.58 |
Other income | 36.39 | 29.38 | 114.64 | 35.47 | 31.40 |
Total income | 969.35 | 705.85 | 1,610.34 | 1,425.31 | 960.98 |
Expenses | 331.49 | 217.11 | 595.27 | 683.74 | 555.06 |
Finance costs | 416.08 | 305.58 | 662.89 | 504.38 | 217.22 |
Depreciation, impairment and amortisation expenses | 172.26 | 136.15 | 299.99 | 221.53 | 117.62 |
Profit before share of profit of joint ventures and associate, exceptional items and tax | 49.53 | 47.01 | 52.20 | 15.66 | 71.08 |
Share of profit of joint ventures and associate (net of taxes) | 3.57 | 3.07 | 7.55 | 1.31 | 1.95 |
Exceptional items | N/A | N/A | N/A | 10.77 | 89.19 |
Profit before Tax | 53.10 | 50.07 | 59.75 | 6.20 | -16.16 |
Tax Expense | 34.09 | 43.55 | 40.32 | 43.84 | 43.32 |
Net Profit | 19.00 | 6.52 | 19.43 | -37.64 | -59.47 |
Basic EPS | 1.09 | 0.36 | 2.88 | -3.94 | -9.01 |
Diluted EPS | 1.05 | 0.35 | 2.79 | -3.94 | -9.01 |
Balance Sheet (Values In Crore)
| Particulars | 30 Sep, 2025 | 30 Sep, 2024 | 31 Mar, 2025 | 31 Mar, 2024 | 31 Mar, 2023 |
|---|---|---|---|---|---|
Property, plant and equipment | 9,350.21 | 7,063.75 | 7,915.71 | 6,609.88 | 2,901.26 |
Capital work in-progress | 3,575.15 | 788.14 | 1,912.54 | 677.47 | 2,682.15 |
Goodwill | 20.71 | N/A | 19.96 | N/A | N/A |
Other intangible assets | 161.01 | 33.61 | 124.19 | 39.40 | 27.90 |
Intangible assets under developmen | N/A | N/A | 0.50 | 2.18 | 0.49 |
Investments accounted for using the equity method | 24.61 | 72.67 | 20.74 | 68.87 | 43.99 |
Financial assets | 499.84 | 458.87 | 501.80 | 343.65 | 191.93 |
Income tax assets (net) | 53.57 | 31.71 | 49.84 | 37.69 | 21.05 |
Deferred tax assets (net) | 381.26 | 180.69 | 254.53 | 225.23 | 127.95 |
Other non-current assets | 736.25 | 285.41 | 610.29 | 65.57 | 43.98 |
Total non-current assets | 14,802.60 | 8,914.85 | 11,410.08 | 8,069.94 | 6,040.70 |
Inventories | 32.05 | 38.19 | 52.08 | 39.96 | 76.75 |
Investments | N/A | N/A | N/A | 3.39 | 3.31 |
Trade receivables | 219.49 | 174.94 | 188.07 | 251.75 | 169.41 |
Cash and cash equivalents | 216.32 | 282.46 | 328.59 | 49.62 | 113.17 |
Bank balances other than (iii) above | 927.92 | 405.37 | 860.80 | 332.74 | 417.33 |
Loans | 24.56 | 32.34 | 3.00 | 0.78 | 0.99 |
Other financial assets | 203.94 | 202.46 | 154.82 | 143.02 | 64.10 |
Other current assets | 518.76 | 159.20 | 281.81 | 185.35 | 114.39 |
Total current assets | 2,143.05 | 1,294.97 | 1,869.17 | 1,006.61 | 959.44 |
Total Assets | 16,945.65 | 10,209.82 | 13,279.25 | 9,076.55 | 7,000.14 |
Equity share capital | 10.14 | 4.86 | 5.07 | 4.40 | 3.63 |
Other equity | 2,656.52 | 2,317.49 | 2,558.41 | 1,829.07 | 1,207.12 |
Non-controlling interests | 732.52 | 353.76 | 641.29 | 400.51 | 258.01 |
Total Equity | 3,399.19 | 2,676.11 | 3,204.77 | 2,233.98 | 1,468.76 |
Borrowings | 9,667.08 | 5,978.71 | 7,126.84 | 5,195.42 | 3,618.52 |
Lease liabilities | 168.08 | 61.51 | 98.37 | 50.39 | 28.23 |
Other financial liabilities | 37.74 | 5.99 | 12.69 | 1.32 | 30.91 |
Provisions | 7.86 | 4.56 | 5.38 | 4.52 | 3.69 |
Deferred tax liabilities (net) | 385.42 | 212.37 | 263.66 | 207.90 | 127.44 |
Other non-current liabilities | 134.73 | 95.55 | 116.97 | 97.58 | 93.34 |
Total non-current liabilities | 10,400.91 | 6,358.69 | 7,623.91 | 5,557.13 | 3,902.42 |
Borrowings | 454.38 | 586.09 | 846.86 | 319.15 | 224.89 |
Lease liabilities | 18.27 | 8.18 | 15.13 | 5.47 | 3.59 |
Trade payables | 2,216.74 | 356.09 | 1,295.43 | 788.16 | 1,119.37 |
Other financial liabilities | 81.64 | 71.72 | 164.52 | 57.80 | 130.78 |
Other current liabilities | 314.90 | 128.52 | 116.36 | 88.21 | 101.20 |
Current tax liabilities (net) | 59.62 | 24.42 | 12.28 | 26.65 | 49.43 |
Total current liabilities | 3,145.55 | 1,175.02 | 2,450.57 | 1,285.41 | 1,629.26 |
Total Liabilities | 13,546.46 | 7,533.71 | 10,074.48 | 6,842.57 | 5,531.38 |
Total Equity and Liabilities | 16,945.65 | 10,209.82 | 13,279.25 | 9,076.55 | 7,000.14 |
Cash Flow Statement (Values In Crore)
| Particulars | 30 Sep, 2025 | 30 Sep, 2024 | 31 Mar, 2025 | 31 Mar, 2024 | 31 Mar, 2023 |
|---|---|---|---|---|---|
Cash Flow From Operating Activities | 1,375.682 | 160.077 | 1,404.196 | 86.276 | 927.649 |
Cash Flow From Investing Activities | -3,238.201 | -1,076.9 | -3,617.05 | -1,938.603 | -3,010.765 |
Cash Flow From Financing Activities | 1,750.256 | 1,149.67 | 2,481.243 | 1,788.778 | 2,144.328 |
Net Cash Flow | -112.263 | 232.847 | 268.389 | -63.549 | 61.212 |
Objectives
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 1,200.00 Cr |
Offer for Sale | - | 1,900.00 Cr |
IPO Blogs & News
| # | Title | Published Date |
|---|---|---|
| 1 | Clean Max Enviro Energy Solutions IPO Day 1: 36% Subscribed; QIB Portion Fully Booked, GMP Slips to Rs. 1.75 | 23-02-2026 , Monday |
| 2 | IPORupee.com Feature "My Demat": Apply & Track Clean Max Enviro Energy Solutions Ltd IPO Easily on IPORupee.com Feature "My Demat" | 22-02-2026 , Sunday |
| 3 | Clean Max Enviro Energy Solutions IPO: From GMP to Issue Size — Key Things to Know Before Subscribing | 21-02-2026 , Saturday |
Contact Details
IPO Contact Details
Registered Office
4th Floor, The International, 16 Maharshi Karve Road,
New Marine Lines Cross Road No.1, Churchgate,
Mumbai - 400 020, Maharashtra, India.
Corporate Office
4th Floor, The International, 16 Maharshi Karve Road,
New Marine Lines Cross Road No.1, Churchgate,
Mumbai - 400 020, Maharashtra, India.
Contact Person
Ullash Parida - Company Secretary and Compliance Officer
Telephone
Website
Registrar to Issue Details
Registrar Name
MUFG Intime India Private Limited
Contact Person
Shanti Gopalkrishnan
Telephone
Website
Lead Managers
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Axis Capital Limited | Harish Patel / Gaurav Goyal | +91 22 4325 2183 | cleanmax.ipo@axiscap.in | www.axiscapital.co.in |
J.P. Morgan India Private Limited | Niwas Kumar / Rishank Chheda | +91 22 6157 3000 | cleanmax_IPO@jpmorgan.com | www.jpmipl.com |
BNP Paribas | Piyush Ramchandani | +91 22 3370 4000 | DL.CleanMaxIPO@bnpparibas.com | www.bnpparibas.co.in |
HSBC Securities and Capital Markets (India) Private Limited | Harsh Thakkar / Harshit Tayal | +91 22 6864 1289 | cleanmaxipo@hsbc.co.in | www.business.hsbc.co.in |
IIFL Capital Services Limited | Aditya Raturi / Pawan Kumar Jain | +91 22 4646 4728 | cleanmax.ipo@iiflcap.com | www.iiflcapital.com |
Nomura Financial Advisory and Securities (India) Private Limited | Vishal Kanjani / Shreyas Goel | +91 22 4037 4037 | cleanmaxipo@nomura.com | www.nomuraholdings.com/company/group/asia/india/index.html |
BOB Capital Markets Limited | Nivedika Chavan | +91 22 6138 9353 | cleanmax.ipo@bobcaps.in | www.bobcaps.in |
SBI Capital Markets Limited | Sylvia Mendonca / Krithika Shetty | +91 22 4006 9807 | cleanmax.ipo@sbicaps.com | www.sbicaps.com |