Clean Max Enviro Energy Solutions IPO Opens on February 23; Issue Size ₹3,100 Crore

Clean Max Enviro Energy Solutions Limited is launching a book-building IPO aggregating to ₹3,100 crore, with listing proposed on the BSE and NSE. The public issue comprises a fresh issue of 1,13,96,011 shares worth ₹1,200 crore and an offer for sale (OFS) of 1,80,43,684 shares worth ₹1,900 crore. The total issue size stands at 2,94,39,696 shares.

The IPO opens for subscription on February 23, 2026, and closes on February 25, 2026. The basis of allotment is expected to be finalised on February 26, 2026, with refunds initiated the same day. Shares are scheduled to be credited on February 27, 2026, and the tentative listing date is March 2, 2026.

Clean Max Enviro IPO Price Band, Lot Size, and Investment Details

The price band for the IPO is fixed at ₹1,000 to ₹1,053 per share, with a face value of ₹1 per share. The minimum lot size is 14 shares. At the upper price band, the minimum investment required for retail investors is ₹14,742. Retail investors can apply for a maximum of 13 lots comprising 182 shares amounting to ₹1,91,646.

For small non-institutional investors (sNII), the minimum application is 14 lots or 196 shares amounting to ₹2,06,388, while the maximum is 67 lots or 938 shares amounting to ₹9,87,714. For big non-institutional investors (bNII), the minimum application is 68 lots or 952 shares, amounting to ₹10,02,456.

The company is offering an employee discount of ₹100 per share. The pre-IPO market capitalisation is ₹12,325.29 crore.

Clean Max Enviro IPO Issue Structure and Shareholding

The shareholding will increase from 10,56,53,268 shares pre-issue to 11,70,49,279 shares post-issue. Promoter holding will dilute from 74.89% pre-IPO to 49.08% post-IPO.

Clean Max Enviro IPO Anchor Investment Details

Clean Max Enviro IPO raised ₹921 crore from anchor investors on February 20, 2026, with 87,46,437 shares allocated under the anchor portion. The lock-in period for 50% of anchor shares ends on March 28, 2026 (30 days), and the remaining 50% will be locked in until May 27, 2026 (90 days).

Clean Max Enviro Energy Solutions Company Overview

Clean Max Enviro Energy Solutions Limited is India’s largest commercial and industrial (C&I) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, the company has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.

The company operates across renewable energy power sales and renewable energy services. Under the power sales segment, it supplies renewable energy through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs). The services segment includes turnkey development solutions such as land acquisition, evacuation infrastructure, EPC services, power evacuation, long-term operations and maintenance (O&M), and carbon credit solutions.

Its customer base includes technology companies as well as conventional commercial and industrial clients. The company’s capabilities span energy contracting, engineering, procurement and construction (EPC), and operations and maintenance of solar, wind, and hybrid renewable energy plants.

Financial Performance

Key Performance Indicators and Valuation

As of September 30, 2026, Return on Equity (ROE) stood at 0.43% compared to 1.27% as of March 31, 2025. The debt-to-equity ratio was 2.53 compared to 1.97 earlier. Return on Net Worth (RoNW) was 0.43% versus 1.09%. The price-to-book value stands at 4.11 post issue compared to 4.20 pre issue.

Pre-IPO earnings per share (EPS) are ₹1.84 with a P/E ratio of 634.34x, while post-IPO EPS is ₹3.25 with a P/E ratio of 324.28x.

Objects of the Issue

Out of the net proceeds from the fresh issue, ₹1,122.67 crore will be utilised towards repayment and/or pre-payment, in full or part, of certain outstanding borrowings of the company and/or its subsidiaries. The remaining proceeds will be used for general corporate purposes.

The promoters of the company are Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd, and Kempinc LLP.

Conclusion

CMEESL is positioned as a differentiated C&I renewable energy player with strong long-term PPAs, premium pricing ability, and high-quality corporate clientele, including global technology and industrial majors. The company has demonstrated steady revenue growth and a turnaround in profitability in FY25 and H1 FY26. 

Given its leadership in the C&I renewable segment, strong contracted cash flows, and exposure to AI-driven power demand growth.