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CM

Clean Max Enviro

Listed MAINBOARD BSE, NSE · Power Generation

Price Band

₹1000.0–1053.0

Issue Size

₹3079.88 Cr

Lot Size

14 shares

Min Investment

₹14,742

GMP

₹-35.0 (-3.32%)

Issue Price

₹1053.0

calendar_month Important Dates

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IPO Open Date
Mon, 23 Feb 2026
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IPO Close Date
Wed, 25 Feb 2026
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Allotment Date
Thu, 26 Feb 2026
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Refund Initiation
Thu, 26 Feb 2026
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Credit of Shares
Fri, 27 Feb 2026
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Listing Date
Mon, 02 Mar 2026
Listing Price
₹1018.0 -3.32%

bar_chart Subscription Status

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Subscription data unavailable

trending_up Grey Market Premium (GMP)

GMP

₹-35.0

GMP %

-3.32%

Est. Listing

₹1018.0

schedule Updated: 14 Jul 2026 15:52

business About the Company

Clean Max Enviro 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, with an additional 2.53 GW of contracted capacity under execution. The company’s core offerings include supplying renewable power, delivering comprehensive energy services, and providing carbon credit solutions. It serves a diverse customer base, including both technology sector clients and traditional C&I customers. Clean Max Enviro’s expertise spans energy contracting, engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) of renewable energy plants, including solar, wind, and hybrid projects. Business Segments: Renewable Energy Power Sales: Supply renewable energy to customers through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs). Renewable Energy Services: Offer end-to-end turnkey solutions, covering land acquisition, evacuation infrastructure, EPC services, power evacuation, and lifetime O&M services, along with carbon services offerings. Competitive Strengths Comprehensive Suite of Customer-Centric Capabilities Timely and Cost-Effective Project Development, Execution and Management Capabilities Efficient capital allocation and risk management

payments Company Financials (₹ Cr)

As of 2025-09-30

Period Ended 30 Sep 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets 16,945.65 13,279.25 9,076.55 7,000.14
Total Income 969.35 1,610.34 1,425.31 960.98
Profit After Tax 19.00 19.43 -37.64 -59.47
EBITDA 637.85 1,015.07 741.57 405.92
NET Worth 2,598.34 2,545.44 1,817.96 1,209.93
Total Borrowing 10,121.46 7,973.70 5,514.56 3,843.42

Key Ratios

EPS

₹1.84

NAV

₹250.93

ROE

1.27%

RoNW

1.09%

P/B Value

4.20

P/E Ratio

634.34

Market Cap

₹12325.29 Cr

Debt/Equity

1.97

Promoters

Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd. and Kempinc LLP

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries 1,122.67 2 General Corporate Purposes 23.79 3 Issue Expenses 134.63 Total 1,281.10

info Issue Details

Issue Type MAINBOARD Book Built
Issue Size ₹3079.88 Cr
Price Band ₹1000.0 – ₹1053.0
Issue Price ₹1053.0
Lot Size 14 shares
Min Investment ₹14,742
Exchange BSE, NSE
Sector Power Generation
Open Date 23 Feb 2026
Close Date 25 Feb 2026
Allotment 26 Feb 2026
Listing Date 02 Mar 2026

pie_chart Investor Allocation

QIB (Institutional) 50%
NII / HNI 15%
Retail (RII) 35%

Registrar

domain MUFG Intime India Pvt.Ltd.

Lead Managers / Book Running

account_balance JP Morgan India Pvt.Ltd.
account_balance SBI Capital Markets Ltd.
account_balance BOB Capital Markets Ltd.
account_balance HSBC Securities & Capital Markets (India) Pvt.Ltd.
account_balance IIFL Capital Services Ltd.
account_balance Nomura Financial Advisory & Securities (India) Pvt.Ltd.
account_balance Axis Capital Ltd.
account_balance BNP Paribas

timeline IPO Timeline

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Open

23 Feb 2026

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Close

25 Feb 2026

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Allotment

26 Feb 2026

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Listing

02 Mar 2026

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