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InvestmentsIPOClean Max Enviro Energy Solutions IPO

Clean Max Enviro Energy Solutions IPO

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Open Date

23 Feb 2026

Close Date

25 Feb 2026

Min Investment

₹ 14,742

Lot Size

14

Issue Size

₹ 3100.00 Cr

Price Range

₹ 1,000 - ₹ 1,053

Subscribed

0.94 x
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
23 Feb 2026
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IPO Offer Ends
25 Feb 2026
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Allotment Finalisation
26 Feb 2026
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Refund Initialisation
27 Feb 2026
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Non-Institutional Buyers (sHNI)
27 Feb 2026
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Listing of Shares
2 Mar 2026
IPO Subscription Details as on 26 May 2026, 09:33 PM
Qualified Instituational Buyers (QiB)
2.83 x
Retail
0.06 x
Employees
0.1 x
Total
0.94 x
Non-Institutional Buyer (bHNI)
0.77 x
Non-Institutional Buyer (sHNI)
0.06 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
CleanMax is India's largest commercial and industrial renewable energy provider with 2.80 GW of operational capacity and 3.17 GW of contracted capacity as of October 2025. The company specializes in delivering Net Zero and decarbonization solutions, including renewable power supply and energy services to technology and C&I customers across data centres, AI, technology industries, and conventional enterprises. The company operates through two business segments: Renewable Energy Power Sales (including onsite solar, offsite STU-connected and CTU-connected projects) and Renewable Energy Services (including capex services and carbon services).
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Founded In

2010

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CEO

Pramod Deore

Financials of Clean Max Enviro Energy Solutions IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue929.581,389.841,495.70
Other Income31.4035.47114.64
Total Income
960.981,425.311,610.34
Total Expenses
555.06683.74595.27
Profit Before Tax-16.166.2059.75
Total Profit
-59.47-37.6419.43

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to utilize funds for repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company and/or certain of its subsidiaries to reduce outstanding indebtedness, maintain favorable debt-equity ratio and reduce debt servicing costs.1,123
The company proposes to deploy funds towards general corporate purposes including payment of project costs, funding growth opportunities, strategic initiatives, partnerships, joint ventures, acquisitions, business development initiatives and other operational expenses in ordinary course of business.-
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  • Comprehensive Suite of Customer-Centric Capabilities Leading to C&I Market Leadership and Strong Customer Relationships: The company has robust customer-centric capabilities with 53 professionals across offices in India, UAE and Thailand managing 555 customers and 1,198 PPAs. The company offers five distinct offerings - Onsite, Offsite STU, Offsite CTU, Capex Services, and Carbon Services with the largest geographic coverage for Onsite Solar and STU-Connected farms amongst C&I renewable energy players in India as of March 31, 2025.
  • C&I Market Leader with Diverse, Long-term and Recurring Customer Relationships: The company is a market leader in the C&I renewable energy sector with the largest customer base amongst C&I renewable energy players in India. The company has built a portfolio of PPAs with an average tenure of 22.85 years and average lock-in periods of 16.86 years as of September 30, 2025, with 94.72% of customers having credit rating of 'A-' or above.
  • Timely and Cost-Effective Project Development, Execution and Management Capabilities: The company has in-house project development, execution and management capabilities with a 38-member land acquisition, regulatory and permitting team. The company delivered all projects commissioned for six months ended September 30, 2025 and between Fiscal 2023 and 2025 within budgeted cost, using 62.35% of lender sanctioned interest cost during construction at portfolio level over past three years.
  • Efficient Capital Allocation and Risk Management: The company has Board level oversight for large-scale projects and achieved equity payback period of 3.37 years for all Offsite projects with at least 12 months of operations as of March 31, 2025. The company was rated CARE A+ Positive as of September 30, 2025 with Total outstanding borrowings of ₹102,611.28 million from 25 domestic banks, foreign banks, non-banking financial corporations and multilateral financiers.
  • Strong People and Culture Foundation: The company focuses on hiring and developing talent with Business Leadership having average tenure of 8.00 years and top 20% of employees having 4.10 years average tenure as of September 30, 2025. The company offers equity-based incentives with Business Leadership having average annual ESOP vesting-to-annual salary ratio of 222.43% in Fiscal 2025.

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