| 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 |
Clean Max Enviro Energy Solutions Limited is India’s largest commercial and industrial renewable energy provider, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted yet-to-be-executed capacity as of October 31, 2025, according to the CRISIL Report. The company provides renewable power, energy services and carbon solutions to corporates aiming for decarbonization and Net Zero goals.
Clean Max Enviro Energy Solutions Limited is a renewable energy company focused on commercial and industrial customers. The company specializes in providing Net Zero and decarbonization solutions through renewable power sales, energy contracting, engineering, procurement and construction services, operation and maintenance services, and carbon credit solutions.
The company serves technology customers such as data centres, AI and technology industries, and conventional commercial and industrial customers across sectors such as infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate and global capability centres.
Clean Max has been operating since 2010 and has built capabilities across project development, land acquisition, evacuation infrastructure, EPC, financing, asset management and long-term operations of solar, wind and hybrid renewable energy projects.
| Short Form | Full Form | Meaning for Investors |
|---|---|---|
| C&I | Commercial and Industrial | Corporate and industrial power consumers such as factories, offices, data centres and manufacturing units. |
| GW | Gigawatt | Large unit of power capacity. 1 GW equals 1,000 MW. |
| MW | Megawatt | Power capacity measurement used for solar, wind and hybrid projects. |
| MWp | Megawatt Peak | Peak solar power capacity under standard test conditions. |
| PPA | Power Purchase Agreement | Long-term agreement under which the company sells renewable power to customers. |
| EAPA | Energy Attribute Purchase Agreement | Agreement for selling environmental attributes linked to renewable power generation. |
| EPC | Engineering, Procurement and Construction | Turnkey project execution covering design, supply and construction. |
| O&M | Operation and Maintenance | Services required to keep renewable energy assets operational and efficient. |
| STU | State Transmission Utility | State-level transmission network used for supplying power within the same state. |
| CTU | Central Transmission Utility | National-level transmission network that can support supply across states. |
| ISTS | Inter-State Transmission System | Transmission system used for power movement across states. |
| PLF | Plant Load Factor | Shows how effectively a power plant is generating electricity compared to its capacity. |
| ROIC | Return on Invested Capital | Measures return generated on the capital invested in the business. |
| ROE | Return on Equity | Measures return generated on shareholders’ equity. |
As of October 1, 2025, the company’s total portfolio stood at 10,929 MW. Out of this, 2,799 MW was operational, 3,172 MW was contracted, 3,044 MW was in advanced stage, and 1,914 MW was under development.
| Portfolio Category | As of March 31, 2025 | As of October 1, 2025 | IPORupee Interpretation |
|---|---|---|---|
| Operational | 2,178 MW | 2,799 MW | Capacity already commissioned and generating revenue. |
| Contracted | 2,770 MW | 3,172 MW | Projects contracted but yet to be fully executed. |
| Advanced Stage | 1,140 MW | 3,044 MW | Pipeline where development progress is advanced but execution risk remains. |
| Under Development | 1,674 MW | 1,914 MW | Longer-term pipeline that may convert into future projects. |
| Total Portfolio | 7,762 MW | 10,929 MW | Large portfolio base with sizeable future expansion potential. |
As of October 1, 2025, operational capacity was 2,799 MW. The portfolio is split across onsite solar, STU group captive, STU third-party open access and STU capex models. From a technology perspective, solar is the largest contributor, followed by hybrid and wind.
Clean Max is not only a plain solar developer. Its operating mix includes onsite solar, STU-connected power, capex services, wind and hybrid plants. The increasing hybrid share is important because hybrid projects can improve supply profile compared with single-source solar or wind assets.
The company’s STU Group Captive model is a major part of the operational capacity. This model is useful for corporate customers who want renewable energy access with a customized commercial structure. However, regulatory changes in open access, banking, wheeling charges, cross-subsidy surcharge or group captive rules can affect project economics.
The company operates through two main business segments: Renewable Energy Power Sales and Renewable Energy Services.
| Segment | Revenue | % Revenue Contribution | Gross Margin | % Gross Margin | Invested Capital |
|---|---|---|---|---|---|
| Renewable Energy Power Sales | Rs. 7,192.15 million | 77.09% | Rs. 6,624.19 million | 92.10% | Rs. 107,984.16 million |
| Renewable Energy Services | Rs. 2,050.07 million | 21.97% | Rs. 672.47 million | 32.80% | Rs. 515.00 million |
Under this segment, the company sells electricity generated from renewable energy plants through long-term PPAs and EAPAs. The segment includes onsite solar, offsite STU-connected projects and CTU-connected projects.
Onsite solar plants are installed within the customer’s premises. As of September 30, 2025, the company had 1,330 onsite solar plants with aggregate capacity of 368.06 MWp across 23 states and union territories in India and internationally across Thailand, the United Arab Emirates and Bahrain, according to the CRISIL Report.
Under STU-connected offsite projects, the company supplies renewable power through state transmission networks to customers in the same state. As of September 30, 2025, it had 1,942.26 MW of STU-connected operating capacity, of which 72.20% was under the STU Group Captive model.
CTU-connected projects are being developed to supply power through the national grid. As of September 30, 2025, the company had 1,421.10 MW of contracted CTU-connected capacity and was constructing its first CTU-connected plants in Karnataka and Rajasthan.
Renewable Energy Services include capex services and carbon services. Under capex services, the company helps customers design, develop, construct and maintain renewable energy plants owned by the customer. Under carbon services, the company offers environmental attributes, I-RECs and carbon credit solutions.
Clean Max tracks several operating metrics including generation exported, capacity under construction, plant availability, customer base, number of PPAs, repeat orders and weighted average PPA tenure.
| Operational KPI | Six months ended September 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Generation Exported | 1,689.14 Mn units | 2,615.92 Mn units | 1,932.68 Mn units | 1,048.85 Mn units |
| C&I Operational Capacity | 2,796.10 MW | 2,177.99 MW | 1,755.21 MW | 1,040.14 MW |
| Contracted Yet-to-be-executed Capacity | 2,538.12 MW | 2,769.96 MW | 435.80 MW | 580.70 MW |
| Average Plant Availability | 98.08% | 98.17% | 98.19% | 98.20% |
| Number of C&I Customers | 555 | 531 | 454 | 421 |
| Number of PPAs and Contracts | 1,198 | 1,127 | 931 | 845 |
| Customers with Credit Rating A- and Above | 94.72% | 95.61% | 94.79% | 95.69% |
| Share of Repeat Orders in New Contracted Volumes | 71.72% | 77.28% | 81.53% | 51.75% |
| Weighted Average PPA Tenor | 22.85 years | 22.73 years | 21.54 years | 20.38 years |
| Weighted Average Realised Tariff | Rs. 4.25 per kWh | Rs. 4.28 per kWh | Rs. 4.47 per kWh | Rs. 4.95 per kWh |
Three numbers stand out for retail investors: customer count, repeat orders and PPA tenure. Clean Max had 555 C&I customers as of September 30, 2025, 71.72% repeat orders in new contracted volumes for the six months ended September 30, 2025 and a weighted average PPA tenor of 22.85 years. These indicate customer stickiness and long-term revenue visibility.
However, the weighted average realised tariff has reduced from Rs. 4.95 per kWh in Fiscal 2023 to Rs. 4.25 per kWh for the six months ended September 30, 2025. Investors should monitor whether lower tariffs are offset by scale, lower cost of project debt, improved PLF, technology mix and better capital efficiency.
The company’s revenue from operations increased from Rs. 9,295.82 million in Fiscal 2023 to Rs. 14,957.01 million in Fiscal 2025. For the six months ended September 30, 2025, revenue from operations stood at Rs. 9,329.30 million.
| Financial Metric | Six months ended September 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Revenue from Operations | Rs. 9,329.30 million | Rs. 14,957.01 million | Rs. 13,988.37 million | Rs. 9,295.82 million |
| Renewable Energy Power Sales Revenue | Rs. 7,192.15 million | Rs. 11,072.48 million | Rs. 8,663.33 million | Rs. 4,748.15 million |
| Renewable Energy Services Revenue | Rs. 2,050.07 million | Rs. 3,766.53 million | Rs. 5,180.04 million | Rs. 4,547.67 million |
| EBITDA | Rs. 6,378.58 million | Rs. 10,150.72 million | Rs. 7,415.73 million | Rs. 4,059.19 million |
| Adjusted EBITDA | Rs. 6,700.68 million | Rs. 10,093.31 million | Rs. 7,722.36 million | Rs. 4,245.97 million |
| PAT Attributable to Owners | Rs. 110.30 million | Rs. 278.43 million | Rs. (309.88) million | Rs. (652.69) million |
| Cash PAT | Rs. 1,995.80 million | Rs. 3,250.04 million | Rs. 2,375.03 million | Rs. 1,610.45 million |
| Debt Net of Liquid Assets / Adjusted EBITDA | 9.43 times | 4.80 times | 4.10 times | 2.71 times |
| Cash SG&A / Adjusted EBITDA | 13.25% | 13.38% | 25.87% | 24.20% |
| Cost of Project Debt | 8.93% | 9.19% | 9.47% | 9.60% |
Clean Max serves large commercial and industrial customers. As of September 30, 2025, 94.72% of customers had a credit rating of A- or above or were subsidiaries of multinational corporations with such ratings. This helps the company reduce counterparty risk.
| Particulars | Six months ended September 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Number of Customers | 555 | 531 | 454 | 421 |
| Number of New PPAs / Capex Contracts / LOIs Contracted During Period | 59 | 196 | 86 | 131 |
| Capacity Contracted with Repeat Customers | 268.63 MW | 2,130.42 MW | 464.66 MW | 317.00 MW |
| Total Capacity Contracted During Period | 374.56 MW | 2,756.64 MW | 569.90 MW | 612.60 MW |
| Share of Repeat Orders in New Contracted Volumes | 71.72% | 77.28% | 81.53% | 51.75% |
The company has in-house capabilities across land acquisition, regulatory approvals, permitting, evacuation assessment, EPC, O&M and asset management. As of September 30, 2025, it had a 38-member land acquisition, regulatory and permitting team for offsite farms.
As of September 30, 2025, the company had made applications for 1,311.23 MW of power evacuation capacity for STU-connected farms and 1,480.50 MW for CTU-connected farms pending approval. The company also stated that it had contracted a substantial part of land requirements for contracted projects expected to be commissioned by July 31, 2026.
Clean Max operates in a structurally strong sector because large corporates are increasingly targeting renewable energy procurement, lower carbon emissions and Net Zero commitments. The company’s C&I-focused model is different from pure utility-scale players because it sells renewable power directly to corporate customers through customized long-term contracts.
The company has built a strong operating platform with 2.80 GW of operational capacity as of October 31, 2025 and a large future pipeline. Its repeat customer contribution and long PPA tenure give visibility to revenue, while its asset-light service segment provides strategic support to the main power sales business.
The future growth story depends on execution of contracted and advanced-stage capacity. Contracted yet-to-be-executed capacity of 3.17 GW as of October 31, 2025 is meaningful. If projects are commissioned on time and achieve expected plant availability and tariffs, the company’s revenue and EBITDA base can expand significantly.
The movement towards hybrid and CTU-connected projects can increase the company’s addressable market and improve the quality of renewable power supply offered to large customers. This is important for data centres, AI companies and multinational corporates that need more predictable renewable energy solutions.
The company’s EBITDA base is strong, and adjusted EBITDA increased to Rs. 10,093.31 million in Fiscal 2025. However, reported PAT remains modest compared with EBITDA because of depreciation and finance costs. This is common in infrastructure-style renewable energy businesses but still requires careful investor evaluation.
Retail investors should focus on project-level returns, debt metrics, cash ROIC, cost of debt, realised tariff, PPA quality and commissioning progress. For this type of business, only looking at net profit may not give the full picture.
The information above is prepared for educational and informational purposes only, based on details shared from the Red Herring Prospectus and user-provided extracts. IPORupee does not provide investment advice, stock recommendations, IPO apply or avoid calls, or any assurance of listing gains. IPO investment involves business risk, market risk, regulatory risk, valuation risk and liquidity risk. Please read the full RHP and consult a qualified financial advisor before making any investment decision.
| 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 |
Clean Max Enviro Energy Solutions Ltd allotted 87,46,437 equity shares to anchor investors at ₹1,053 per share on 20 Feb 2026 before the IPO opening. The total anchor allocation stood at 921.00 Cr across 41 anchor investors.
Mutual funds received 18,99,380 shares worth 200.00 Cr, representing 21.72% of the total anchor investor allocation. Within the mutual fund portion, HDFC Mutual Fund had the highest fund-house level allocation with 4,74,838 shares worth 50.00 Cr across 1 scheme. Other leading fund houses by allocation included Franklin Templeton Mutual Fund, PGIM India Mutual Fund, Baroda BNP Paribas Mutual Fund and Union Mutual Fund.
At scheme level, the largest mutual fund allocations included HDFC MUTUAL FUND - HDFC BUSINESS CYCLE FUND, FRANKLIN INDIA LARGE & MID CAP FUND, PGIM INDIA TRUSTEES PRIVATE LIMITED A/C PGIM INDIA FLEXI CAP FUND, PGIM INDIA TRUSTEE PRIVATE LIMITED A/C - PGIM INDIA SMALL CAP FUND and UNION FLEXI CAP FUND.
The largest anchor investor received 7.20% of the anchor portion. The top five anchor investors together received 29,63,016 shares, representing about 33.88% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | ZULIA INVESTMENTS PTE. LTD. | 6,31,540 | 7.20 % | 66.50 Cr |
| 2 | SBI LIFE INSURANCE CO. LTD | 6,31,540 | 7.20 % | 66.50 Cr |
| 3 | NOMURA INDIA INVESTMENT FUND MOTHER FUND | 6,31,540 | 7.20 % | 66.50 Cr |
| 4 | PIONEER INVESTMENT FUND SCHEME II | 5,93,558 | 6.80 % | 62.50 Cr |
| 5 | HDFC MUTUAL FUND - HDFC BUSINESS CYCLE FUND | 4,74,838 | 5.40 % | 50.00 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | HDFC MUTUAL FUND - HDFC BUSINESS CYCLE FUND | HDFC Mutual Fund | 4,74,838 | 5.40 % | 50.00 Cr |
| 2 | FRANKLIN INDIA LARGE & MID CAP FUND | Franklin Templeton Mutual Fund | 4,74,838 | 5.40 % | 50.00 Cr |
| 3 | PGIM INDIA TRUSTEES PRIVATE LIMITED A/C PGIM INDIA FLEXI CAP FUND | PGIM India Mutual Fund | 1,70,954 | 2.00 % | 18.00 Cr |
| 4 | PGIM INDIA TRUSTEE PRIVATE LIMITED A/C - PGIM INDIA SMALL CAP FUND | PGIM India Mutual Fund | 1,64,304 | 1.90 % | 17.30 Cr |
| 5 | UNION FLEXI CAP FUND | Union Mutual Fund | 1,42,464 | 1.60 % | 15.00 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| 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 |
| 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 | - | - | - | 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 |
| 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 | - | 19.96 | - | - |
Other intangible assets | 161.01 | 33.61 | 124.19 | 39.40 | 27.90 |
Intangible assets under developmen | - | - | 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 | - | - | - | 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 |
| 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 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 1,200.00 Cr |
Offer for Sale | - | 1,900.00 Cr |
| # | Title | Published Date |
|---|---|---|
| 1 | Clean Max Enviro Energy Solutions IPO: From GMP to Issue Size — Key Things to Know Before Subscribing | 21-02-2026 , Saturday |
| 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 |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Clean Max Enviro Energy Solutions Ltd. The issue is scheduled to open on Monday, 23 February 2026 and closes on Wednesday, 25 February 2026.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Clean Max Enviro Energy Solutions Ltd IPO, the total issue size is Rs 3,100 crore, consisting of a fresh issue of Rs 1,200 crore and an Offer for Sale (OFS) of Rs 1,900 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 1,000 per share and the upper price band is Rs 1,053 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Clean Max Enviro Energy Solutions Ltd IPO, the minimum lot size is 14 shares. At the upper price band of Rs 1,053 per share, the minimum application amount is Rs 14,742. Applications must be made in multiples of 14 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Clean Max Enviro Energy Solutions Ltd IPO, the Fresh Issue size is Rs 1,200 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Clean Max Enviro Energy Solutions Ltd IPO, the Offer for Sale (OFS) size is Rs 1,900 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Clean Max Enviro Energy Solutions Ltd IPO, the IPO opens on Monday, 23 February 2026.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Clean Max Enviro Energy Solutions Ltd IPO closes on Wednesday, 25 February 2026.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Clean Max Enviro Energy Solutions Ltd IPO, the tentative allotment date is Thursday, 26 February 2026.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Clean Max Enviro Energy Solutions Ltd IPO is expected to list on Monday, 02 March 2026.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Clean Max Enviro Energy Solutions Ltd IPO, refund initiation is expected on Thursday, 26 February 2026, and credit of shares to demat accounts is expected on Friday, 27 February 2026.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Clean Max Enviro Energy Solutions Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI), Employees. The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Clean Max Enviro Energy Solutions Ltd IPO, 50% shares are reserved under the QIB category, with 1,45,77,396 shares offered, and an allocation amount of ₹1,535.00 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Clean Max Enviro Energy Solutions Ltd IPO, 35% shares are reserved under the Retail category, with 1,02,04,179 shares offered, and an allocation amount of ₹1,074.50 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Clean Max Enviro Energy Solutions Ltd IPO, 15% shares are reserved under the NII/HNI category, with 43,73,220 shares offered, and an allocation amount of ₹460.50 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Clean Max Enviro Energy Solutions Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 14,57,740 shares offered, and an allocation amount of ₹153.50 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Clean Max Enviro Energy Solutions Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 29,15,480 shares offered, and an allocation amount of ₹307.00 crore.
Employee reservation is a special quota reserved for eligible company employees, if applicable.
In Clean Max Enviro Energy Solutions Ltd IPO, 3,14,795 shares are offered under the Employee Reservation category, and an allocation amount of ₹30.00 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Clean Max Enviro Energy Solutions Ltd IPO, the minimum lot size is 14 shares. At the upper price band of Rs 1,053 per share, the minimum application amount is Rs 14,742. Applications must be made in multiples of 14 shares.
Retail minimum application shows the minimum application size for retail investors.
For Clean Max Enviro Energy Solutions Ltd IPO, the Retail minimum application is 14 shares (1 lot) for about Rs 14,742.
Retail maximum application shows the maximum application size generally available under the retail category.
For Clean Max Enviro Energy Solutions Ltd IPO, the Retail maximum application is 182 shares (13 lots) for about Rs 1,91,646.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Clean Max Enviro Energy Solutions Ltd IPO, the SHNI minimum application is 196 shares (14 lots) for about Rs 2,06,388.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Clean Max Enviro Energy Solutions Ltd IPO, the SHNI maximum application is 938 shares (67 lots) for about Rs 9,87,714.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Clean Max Enviro Energy Solutions Ltd IPO, the BHNI minimum application is 952 shares (68 lots) for about Rs 10,02,456.
Employee minimum application shows the minimum application size under the employee category, if this category is available in the IPO.
For Clean Max Enviro Energy Solutions Ltd IPO, the Employee minimum application is 14 shares (1 lot) for about Rs 13,342 with a discount of Rs 100 per share.
Employee maximum application shows the maximum application size under the employee category, if provided in the lot size table.
For Clean Max Enviro Energy Solutions Ltd IPO, the Employee maximum application is 518 shares (37 lots) for about Rs 4,93,654 with a discount of Rs 100 per share.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.