Clean Max Enviro Energy IPO 2026: Price, GMP & Review

CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD – COMPANY BACKGROUND

Clean Max Enviro Energy Solutions Ltd is one of the largest suppliers of clean energy to commercial and industrial (C&I) customers. The company currently has about 2.54 GW of operational owned, operational, and managed capacity, with an equal capacity currently under execution. Their offerings encompass supplying renewable energy, related energy services, as well as carbon credit solutions to businesses. Their main areas of expertise include energy contracting, EPC, as well as operational and maintenance of RE plants. The company has a track record of timely and cost-effective implementation of large products with minimal time and cost overruns.

Clean Max Enviro Energy Solutions Ltd has been promoted by Kuldeep Jain, Pratap Jain, BGTF One Holdings Ltd, and KEMPINC LLP. The fresh funds raised in the IPO will be used for repayment of loans taken and for general corporate purposes. The Offer for Sale (OFS) is by promoter shareholders (Kuldeep Jain, BGTF One Holdings, KEMPINC LLC) and investor shareholders (Augment India Holdings LLC, DSDG Holdings). The issue is being lead-managed by Axis Capital, JP Morgan India, BNP Paribas, HSBC, IIFL Capital, Nomura, BOB Caps and SBI Caps; while MUFG Intime India Private Ltd will be the registrars to the IPO.

HIGHLIGHTS OF THE IPO ISSUE OF CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD

Here are the key highlights of the public issue of Clean Max Enviro Energy Solutions Ltd.

1. The IPO of will be open from February 23rd, 2026 to February 25th, 2026. It has a face value of ₹1 per share and IPO price band is set in range of ₹1,000 to ₹1,053 per share.
2. The IPO of Clean Max Enviro Energy Solutions Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early investors.
3. The Fresh issue portion comprises the issue of 1,13,96,011 shares (113.96 lakh shares), which at the upper price band of ₹1,053 per share translates into ₹1,200 crore.
4. The offer for sale (OFS) portion comprises the sale of 1,80,43,684 shares (180.44 lakh shares), which at the upper price band of ₹1,053 per share translates into ₹1,900 crore.
5. The overall IPO, therefore, will comprise of the fresh issue portion and the offer for sale of 2,94,39,695 shares (294.40 lakh shares), which at the upper price band of ₹1,053 per share translates into ₹3,100 crore.

The IPO of Clean Max Enviro Energy Solutions Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on February 20, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Clean Max Enviro Energy Solutions Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Clean Max Enviro Energy Solutions Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 14 shares)

FINANCIAL HIGHLIGHTS OF CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD

The table captures the key financials of Clean Max Enviro Energy Solutions Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The company was a loss-making entity on a bottom-line basis till the previous year FY24, and hence it has only 1 year of profitable performance. That makes any historical comparison of financials and ratios difficult. However, the company has reported steady EBITDA margins of well above 40% in all 3 years with the EBITDA margins actually crossing the 60% mark in the latest year.

VALUATION METRICS OF THE CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD IPO

At the IPO price of ₹1,053 per share, the indicative P/E comes to about 377X at the latest year EPS of ₹2.79 per share. There are not too many comparable peer-group companies, but the company should get a premium valuation for its primary focus on implementation of renewable energy solutions for the C&I customer base. Also, it track record of project execution should be a major advantage.

There is one area that investors will have to focus on and that is the quantum of debt. The company has long term debt that is nearly 70% of the balance sheet and that is going to put a huge financial cost on the company over the coming years. While EBITDA margins may continue to be impressive, the net margins have a long road to traverse. This IPO is only for investors who are willing to play the long-haul game of 2-3 years of waiting.

A BRIEF ON THE ANCHOR ALLOCATION OF CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD

The anchor issue of Clean Max Enviro Energy Solutions Ltd saw a strong response on 20th February 2026 with 28.61% of the IPO size absorbed by anchors. Out of 3,05,69,766 shares (305.70 lakh shares) on offer in the IPO, anchors picked up 87,46,437 shares (87.46 lakh shares) accounting for 28.61% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹1,053 per share. This includes the face value of ₹1 per share plus a share premium of ₹1,052 per share. The anchor bidding process opened and closed on 20th February 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Clean Max Enviro Energy Solutions Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

ANCHOR ALLOCATION INVESTORS IN CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD

On 06th January 2026, Clean Max Enviro Energy Solutions Ltd allotted 87,46,437 shares to 41 anchor investors. The allocation was done at the upper IPO price band of ₹1,053 per share which resulted in overall anchor allocation of ₹921.00 crore. The anchors have already absorbed 28.61% of the total issue size of ₹3,219 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹533.67 crores, or, 57.94% of the overall anchor allocation of shares, one trading day ahead of the IPO of Clean Max Enviro Energy Solutions Ltd. The anchor bidding opened and closed on February 20, 2026.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20260220-49&attachedId=2ff592d0-a09d-41bf-8923-53b2fa5ca766

Out of the 87,46,437 shares allocated to the anchors in the IPO, there were a total of 18,99,380 shares allocated to mutual funds registered with SEBI. The allocation was made to 14 mutual fund schemes across 6 AMCs. Mutual funds accounted for 21.72% of the total anchor allocation of the IPO.

In addition, out of the 87,46,437 shares allocated to the anchors in the IPO, there were a total of 14,86,268 shares allocated to life insurance companies regulated by IRDA. The allocation was made to 4 life insurance companies in total. Insurance companies accounted for 16.99% of the total anchor allocation of the IPO.

FPIs, Sovereign Funds, P-Notes, and AIFs also actively participated in the anchor allocation of Clean Max Enviro Energy Solutions Ltd.

NEXT STEPS IN THE CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD IPO

Post the closure of the IPO subscription on 25th February 2026, the basis of allotment will be finalized on 26th February 2026 and the refunds will be initiated on 27th February 2026. In addition, the demat credits are expected to also happen on 27th February 2026 and the stock will list on 02nd March 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th February 2026 under ISIN (INE647U01026).

CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD - IPO SUBSCRIPTION STATUS ON DAY-1

As of 5.25 pm on 23rd February 2026, out of the 218.23 lakh shares on offer in the IPO (excluding anchor portion), Clean Max Enviro Energy Solutions Ltd saw bids for 75.08 lakh shares. This implies an overall subscription of 0.34X or 34% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Clean Max Enviro Energy Solutions Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 28.61% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to February 25, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-1 of the IPO stood at ₹1,712 Crore (including the anchor allocation portion too).

CHECKING THE ALLOTMENT STATUS OF CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD IPO ON BSE WEBSITE

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity Option
2. Under Issue Name – Select Clean Max Enviro Energy Solutions Ltd from the drop-down box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR
4. Enter your PAN (10-digit alphanumeric) number
5. Once this is done, you need to click on the Captcha to verify you are not a robot
6. Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Clean Max Enviro Energy Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.

CHECKING ALLOTMENT STATUS OF CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD IPO ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity & SME IPO Details Option
2. Under SELECT SYMBOL – Select CLEANMAX from the dropdown box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND
4. Enter your PAN (10-digit alphanumeric) number
5. Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Clean Max Enviro Energy Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF CLEAN MAX ENVIRO ENERGY SOLUTIONS LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

There are 4 options available to you to access the allotment status, and you can use any of these options to query.

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
5. Finally, click on the SUBMIT button.

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.