Clean Max Enviro IPO – Key Details

• Company: Clean Max Enviro Energy Solutions Limited – India’s largest C&I renewable energy provider (solar, wind, hybrid) by operational and under‑execution capacity.business-standard

• Business segments:
  • Renewable Energy Power Sales – supplies green power to C&I customers under long‑term PPAs.
  • Renewable Energy Services – EPC, O&M, asset management, carbon services.​
• IPO type: Book‑built mainboard issue.
• Total issue size: ₹3,100 crore (approx 2.94 crore shares, FV ₹1).
  • Fresh issue: ₹1,200 crore (~1.14 crore shares).
  • OFS: ₹1,900 crore (~1.80 crore shares) by promoters and PE investors (including BGTF One, KEMPINC, Augment India I, DSDG Holding).ipoji
• Price band: ₹1,000–₹1,053 per share (FV ₹1).
• Lot size: 14 shares; minimum retail application = 14 shares (~₹14,742 at upper band).x
  • sNII: 14 lots (196 shares; ~₹2,06,388).
  • bNII: 68 lots (952 shares; ~₹10,02,456).​
• IPO dates:
  • Anchor: 20 February 2026.
  • Issue open: 23 February 2026.
  • Issue close: 25 February 2026.
  • Allotment: 26 February 2026.
  • Refunds/credit: 27 February 2026.
  • Listing (BSE, NSE): 2 March 2026 (tentative).
• Reservation: QIB 50%, Retail 35%, NII 15%; up to ₹30 crore employee quota at ₹100 discount (i.e., ₹900–₹953).x

Company Financials :-

Use of IPO proceeds:-

• • Around ₹1,122–1,125 crore for pre‑payment / repayment of borrowings to deleverage the balance sheet.

  • Balance ₹75–80 crore for general corporate purposes, including growth capex and working capital.

Strengths of Clean Max Enviro IPO

• Leading C&I renewables platform: Among India’s largest commercial and industrial renewable energy providers, with a 5+ GW portfolio combining operational and under‑execution assets, giving scale advantages.business-standard

• Long‑term PPA visibility: Revenues backed by long‑term power purchase agreements with corporate clients, offering stable, annuity‑like cashflows and lower demand risk than merchant power models.​
• Integrated capabilities: End‑to‑end strengths in project development, EPC, O&M, asset management and carbon services enable better margins and lifetime customer relationships.​
• Portfolio diversification: Exposure across solar, wind and hybrid solutions and across multiple geographies reduces resource and policy concentration risk for the platform.​
• Promoter and institutional backing: Founded and led by renewables specialists, with strong institutional investors on the cap table, enhancing governance credibility and access to capital.business-standard

Key risks and concerns

• Capital‑intensive and leveraged model: Renewable projects require high upfront capex; even after IPO‑led debt repayment, the business will remain sensitive to interest rates and refinancing availability.

• Regulatory and policy dependence: Returns depend on state open‑access rules, grid charges, banking of power, DISCOM policies and renewable incentives; adverse changes can hurt project IRRs.​
• Client and sector concentration: Focus on C&I customers means exposure to corporate credit risk, off‑take renegotiations and slower capex if industrial growth dips.​
• Execution & counterparty risk: Scaling 2.5+ GW under execution requires timely land, approvals, grid connectivity and EPC performance; delays or DISCOM payment issues can stretch working capital.business-standard
• Valuation & listing risk: With GMP under 1%, valuations may already be factoring in growth optimism; any disappointment on growth, margins or policy may cap listing gains.​

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Here are concise, ready‑to-use FAQs for the Clean Max Enviro Energy Solutions IPO that you can plug into your blog.

FAQs

1. What are the IPO dates for Clean Max Enviro Energy Solutions?
The Clean Max Enviro Energy Solutions IPO opens on 23 February 2026 and closes on 25 February 2026. The basis of allotment is expected on 26 February 2026, refunds and credit to demat on 27 February 2026, and the shares are scheduled to list on 2 March 2026 on BSE and NSE.

2. What is the Clean Max Enviro IPO issue size and structure?
The total IPO size is ₹3,100 crore, comprising a fresh issue of about ₹1,200 crore and an offer for sale (OFS) of about ₹1,900 crore by existing shareholders. This mix allows the company to raise new capital and provides a partial exit to current investors.

3. What is the price band and lot size for the IPO?
The price band is set at ₹1,000–₹1,053 per share with a face value of ₹1. The minimum lot size is 14 shares, so a retail investor must invest at least ₹14,742 at the upper end of the price band.

4. How much can retail investors apply for?
Retail investors can apply for a minimum of 1 lot (14 shares) and typically up to 13 lots (182 shares), translating to a maximum retail application amount of around ₹1.9 lakh at the upper price, subject to the usual retail limit rules.

5. What portion of the IPO is reserved for different investor categories?
The allocation structure broadly reserves 50% for QIBs, 15% for NIIs (HNIs), and 35% for retail investors. There is also an employee portion with a discount to the issue price.