Clean Max Enviro Energy Solutions is entering the public markets through Mainboard IPO with an issue size of ₹3,100.00 crore. The issue consists of a fresh issue of ₹1,200.00 crore and an offer for sale of ₹1,900.00 crore. The shares are proposed to be listed on NSE & BSE.
The IPO subscription window opens on February 23, 2026 and will remain open until February 25, 2026. The company plans to list its shares on March 2, 2026. Since this is a Mainboard IPO, participation is expected from a wide range of investors.
Clean Max Enviro Energy Solutions Limited IPO Timeline
IPO Quick Facts
This section covers the main IPO details of Clean Max Enviro Energy Solutions that investors generally review before applying.
IPO Details at a Glance
| Company Name | Clean Max Enviro Energy Solutions |
|---|---|
| IPO Segment | Mainboard |
| Sale Type | Fresh Issue + Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Price | ₹1,000 – ₹1,053 Per Share |
| Lot Size | 14 Shares |
| Face Value | ₹1 Per Share |
| Exchange | NSE & BSE |
Clean Max Enviro Energy Solutions IPO Important Dates
The following table highlights the key dates for the Clean Max Enviro Energy Solutions IPO, covering the subscription period and the expected listing timeline.
| IPO Opening Date | 23 Feb 2026 |
|---|---|
| IPO Closing Date | 25 Feb 2026 |
| Allotment Finalization | 26 Feb 2026 |
| Initiation of Refunds | 26 Feb 2026 |
| Credit of Shares | 27 Feb 2026 |
| IPO Listing Date | 02 Mar 2026 |
Clean Max Enviro Energy Solutions IPO Size & Structure
| Total IPO Size | ₹3,100.00 Crore |
|---|---|
| Offer For Sale | ₹1,900.00 Crore |
| Fresh Issue | ₹1,200.00 Crore |
Clean Max Enviro Energy Solutions IPO Lot Size & Minimum Investment
The table below shows the lot size and investment amount for the Clean Max Enviro Energy Solutions IPO, calculated using the cut-off price. The price band for this IPO ranges from ₹1,000 to ₹1,053 per share.
Investors can apply for the IPO with a minimum of 14 shares. Applications must be made in multiples of 14 shares.
- Retail investors can apply from 1 lot to 13 lots.
- Small HNI (SHNI) investors must apply for at least 14 lots.
- Big HNI (BHNI) investors need to apply for a minimum of 68 lots.
This information helps investors understand the minimum investment required before applying for the IPO.
Note: Retail investors generally apply at the cut-off price, which is ₹1,053 per share.
| Category | Lots | Shares | Price | Amount |
|---|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹1,053 | ₹14,742 |
| Retail (Max) | 13 | 182 | ₹1,053 | ₹191,646 |
| S-HNI (Min) | 14 | 196 | ₹1,053 | ₹206,388 |
| S-HNI (Max) | 67 | 938 | ₹1,053 | ₹987,714 |
| B-HNI | 68 | 952 | ₹1,053 | ₹1,002,456 |
Clean Max Enviro Energy Solutions IPO GMP (Grey Market Premium)
The latest Clean Max Enviro Energy Solutions IPO GMP (Grey Market Premium), along with Kostak rates and Subject to Sauda rates, helps in understanding market sentiment. The current Clean Max Enviro Energy Solutions IPO GMP is ₹-20 (-1.90%), compared to the IPO issue price of ₹1,053. Based on the current GMP, the expected listing price is around ₹1,033. The Lowest GMP was ₹-20 on 28 Feb 2026, while the highest GMP reached ₹19 on 17 Feb 2026.
Clean Max Enviro Energy Solutions IPO was listed on the stock exchange on 02 Mar 2026. The IPO was subscribed 0.94 times. The first reported GMP was ₹0 (0%), while the latest recorded GMP stood at ₹-20 (-1.9%).Listing Details:
- Issue Price: ₹1,053 per share.
- Listing Price: ₹952.20 (approx. 9.57% discount)
- Listing Date: 02 Mar 2026
Clean Max Enviro Energy Solutions IPO GMP Today - Trend Analysis
| Date | Issue Price (₹) | GMP Price (₹) | Estimated Gain (%) | Estimated Price (₹) | Estimated Profit (₹) |
|---|---|---|---|---|---|
| 28 Feb 2026 | ₹1,053 | ▼ ₹-20 | ▼ -1.9% | ₹1,033 | ₹-280 |
| 27 Feb 2026 | ₹1,053 | ₹-11 | -1.04% | ₹1,042 | ₹-154 |
| 26 Feb 2026 | ₹1,053 | ▼ ₹-11 | ▼ -1.04% | ₹1,042 | ₹-154 |
| 25 Feb 2026 | ₹1,053 | ▼ ₹0 | ▼ 0% | ₹1,053 | ₹0 |
| 24 Feb 2026 | ₹1,053 | ▼ ₹1 | ▼ 0.09% | ₹1,054 | ₹14 |
| 23 Feb 2026 | ₹1,053 | ₹3 | 0.28% | ₹1,056 | ₹42 |
| 21 Feb 2026 | ₹1,053 | ₹3 | 0.28% | ₹1,056 | ₹42 |
| 20 Feb 2026 | ₹1,053 | ▼ ₹3 | ▼ 0.28% | ₹1,056 | ₹42 |
| 19 Feb 2026 | ₹1,053 | ▼ ₹7 | ▼ 0.66% | ₹1,060 | ₹98 |
| 18 Feb 2026 | ₹1,053 | ▼ ₹9 | ▼ 0.85% | ₹1,062 | ₹126 |
| 17 Feb 2026 | ₹1,053 | ▲ ₹19 | ▲ 1.8% | ₹1,072 | ₹266 |
| 16 Feb 2026 | ₹1,053 | ₹0 | 0% | ₹1,053 | ₹0 |
| 14 Feb 2026 | ₹1,053 | ▼ ₹0 | ▼ 0% | ₹1,053 | ₹0 |
| 13 Feb 2026 | ₹1,053 | ▲ ₹18 | ▲ 1.71% | ₹1,071 | ₹252 |
| 12 Feb 2026 | ₹1,053 | ₹0 | 0% | ₹1,053 | ₹0 |
Clean Max Enviro Energy Solutions IPO GMP gives retail and institutional investors an idea about short-term market expectations. Although grey market premium does not guarantee listing performance, it is still commonly referred to while analysing IPOs. Investors are advised to look at Clean Max Enviro Energy Solutions fundamentals along with IPO GMP data before making any investment decision.
GMP Disclaimer: GMP (Grey Market Premium) prices are unofficial and only reflect market sentiment. We neither participate in grey-market trading nor encourage it. Investors are strongly advised to review the company’s fundamentals, risks, and official documents before considering an investment in the Clean Max Enviro Energy Solutions IPO.
Clean Max Enviro Energy Solutions IPO Subscription Status
Clean Max Enviro Energy Solutions IPO was subscribed 0.94 times overall on the final day of bidding (as of 25 Feb 2026).The subscription opened on 23 Feb 2026. The Retail portion was subscribed 0.06 times, while QIB and NII categories were subscribed 2.83 times and 0.54 times respectively. The Employee category was subscribed 0.1 times, reflecting broad investor interest across segments.
Subscription by Category (QIB, NII, Retail, Employee)
Daily Subscription Trend (Day-wise):
| Date | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| 23 Feb 2026 | — | — | — | — | 0.34x |
| 24 Feb 2026 | 1.21x | 0.41x | 0.04x | 0.05x | 0.45x |
| 25 Feb 2026 | 2.83x | 0.54x | 0.06x | 0.1x | 0.94x |
On Day-1, the Clean Max Enviro Energy Solutions IPO saw low participation from investors. Retail subscription remained limited at 0x, while NII interest was also weak, keeping overall subscription on the lower side.
Subscription for the Clean Max Enviro Energy Solutions IPO improved slightly on Day-2 due to marginal increase in retail bids. However, institutional participation continued to remain limited.
By the close of the issue, the IPO was subscribed 0.94x overall. Participation from investors remained selective, with limited traction across categories. Overall subscription for the Clean Max Enviro Energy Solutions IPO increased from 0.34x on Day-1 to 0.94x by the final day.
Clean Max Enviro Energy Solutions IPO Final Subscription
| Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 2.83x |
| Non-Institutional Investors (NII) | 0.54x |
| Retail Investors | 0.06x |
| Employee | 0.1x |
| Total | 0.94x |
Clean Max Enviro Energy Solutions IPO Allotment Status
The Clean Max Enviro Energy Solutions IPO allotment status was released on 26 Feb 2026. Investors who applied for the IPO can now check their Clean Max Enviro Energy Solutions allotment status online through the official registrar website and NSE / BSE portal.
- 🗓 Allotment Date: 26 Feb 2026
- 📈 Listing Date: 02 Mar 2026
How to Check Clean Max Enviro Energy Solutions IPO Allotment Status Online?
Investors can check the Clean Max Enviro Energy Solutions IPO allotment status online through MUFG Intime India Private Limited, NSE and BSE websites. All platforms provide easy access to the IPO allotment details.
Just follow the below mentioned steps to check your allotment status.You can also visit
MUFG Intime India
to know more about the IPO registrar.
Check on MUFG Intime India Private Limited (IPO Registrar)
- Visit → MUFG Intime India Pvt. Ltd.
- Select Clean Max Enviro Energy Solutions
- Enter PAN / Application Number / DP Client ID
- Click Submit to view allotment status
Check on NSE (National Stock Exchange) Website
- Go to → NSE Website
- Select Equity & SME IPO Bid Details.
- Choose Clean Max Enviro Energy Solutions IPO.
- Enter your PAN & Application Number.
- Click on Submit button.
The National Stock Exchange (NSE) provides an online facility to check the Clean Max Enviro Energy Solutions IPO allotment status.
Check on BSE (Bombay Stock Exchange) Website
- Visit → BSE Website.
- Select Issue Type: Equity.
- Choose Clean Max Enviro Energy Solutions IPO.
- Enter your PAN or Application Number.
- Click on Search button.
The Bombay Stock Exchange (BSE) also allows investors to check the Clean Max Enviro Energy Solutions IPO allotment status online.
Note: Allotment status is published only on the official registrar websites. We do not collect investor data or provide allotment verification directly.
How to Apply for Clean Max Enviro Energy Solutions IPO?
Login to Your Trading App
Open your trading app such as Angel One, Zerodha, Upstox, Groww or any brokerage app.
Go to the IPO Section
Navigate to the IPO section in the app, search for the IPO, and enter your bid details.
Enter Your UPI ID
Provide your UPI ID that is linked to your bank account for payment authentication.
Approve the Mandate
Open your UPI app and approve the payment mandate to block the required amount.
Application Confirmation
Application submitted successfully, the funds will remain blocked until allotment is finalized.
Clean Max Enviro Energy Solutions IPO Listing Analysis
Below is a quick summary of the Clean Max Enviro Energy Solutions IPO issue price, listing price, and listing gain on BSE and NSE.
| IPO Status | Issue Price | Listing Price | Listing Gain |
|---|---|---|---|
| Listed (BSE) | ₹1,053 | ₹952 | ▼ -9.57% |
| Listed (NSE) | ₹1,053 | ₹960 | ▼ -8.83% |
Clean Max Enviro Energy Solutions made a weak debut on the stock market on 02 Mar 2026, listing at ₹952.2, which was -₹101 lower (-9.57%) than its IPO issue price of ₹1053. This indicated a negative listing sentiment, and IPO investors faced an immediate notional loss on debut.
Selling pressure continued throughout the session, and the stock slipped further by -8.85% from the listing price, closing at ₹867.9. From the IPO issue price, this translated into a total decline of -₹185 per share (-17.58%) by the end of the day.
For investors who were allotted one lot of 14 shares, the investment of ₹14,742 reduced to ₹12,151. Investors booked an overall loss of -₹2,591 per lot on the listing day.
📌 IPO Issue Price and Lot Size
The IPO of Clean Max Enviro Energy Solutions was offered in the price band of ₹1000 to ₹1053 per share.
- The final issue price was fixed at ₹1053.
- One lot consisted of 14 shares.
- Minimum investment: ₹1053 × 14 = ₹14,742
- Investment after Day-1: ₹867.9 × 14 = ₹12,151
- By the end of the listing session, investors faced a loss of -₹2,591 per lot.
📌 IPO Subscription Analysis
With weak overall demand of 0.94× and limited QIB participation of 2.83×, the IPO delivered a disappointing market debut. The stock listed at -9.57% and closed at -17.58%, indicating poor investor confidence.
| Day | QIB | NNI | Retail | Total |
|---|---|---|---|---|
| Day 1 | 0x | 0x | 0x | 0.34x |
| Day 2 | 1.21x | 0.41x | 0.04x | 0.45x |
| Day 3 | 2.83x | 0.54x | 0.06x | 0.94x |
📌 Final Assessment
Overall Outcome: Below Expectations IPO
- Subscription Phase: Weak investor participation
- Listing Phase: Weak listing performance
- Investor Experience: Negative short-term experience
About Clean Max Enviro Energy Solutions Limited
Clean Max Enviro Energy Solutions is a provider of commercial and industrial renewable energy. With nearly 15 years of experience since their inception in 2010, they specialise in delivering decarbonisation solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
Their expertise spans across providing EPC services and O&M services for renewable energy plants including solar, wind and hybrid plants, within their customers’ premises and within CleanMax-developed farms.
They operate two business segments:
- Renewable Energy Power Sales Segment (where they sell power under long-term PPAs); and
- Renewable Energy Services Segment (where they offer EPC, O&M services and carbon services to customers).
IPO Financial Summary
- Total Assets changed by 46.3% in FY 2024-2025.
- Total Revenue changed by 12.98% in FY 2024-2025.
- Profit After Tax turned positive in FY 2025 at 19.43.
- Total Borrowings changed by 44.59% in FY 2024-2025.
| Metric | 2025-09-30 | 2025-03-31 | 2024-03-31 | 2023-03-31 |
|---|---|---|---|---|
| Total Assets (₹ Cr) | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Revenue (₹ Cr) | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax (₹ Cr) | 19.00 | 19.43 | -37.64 | -59.47 |
| Reserves & Surplus (₹ Cr) | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Borrowings (₹ Cr) | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
Clean Max Enviro Energy Solutions Peer Comparison
The following table helps investors compare Clean Max Enviro Energy Solutions IPO with its listed peers based on important financial and valuation parameters as of March 31, 2025.
| # | Company Name | EPS (₹) | P/E (x) | NAV (₹) | P/BV (x) | RoNW (%) |
|---|---|---|---|---|---|---|
| 1 | Clean Max Enviro Energy Solutions | 2.88 | - | 250.93 | - | 1.09 |
| 2 | ACME Solar Holdings | 4.55 | 49.46 | 74.54 | 3.03 | 5.59 |
| 3 | NTPC Green Energy | 0.67 | 132.94 | 21.88 | 4.24 | 2.58 |
| 4 | Adani Green Energy | 8.37 | 119.14 | 58.63 | 17.19 | 13.48 |
| 5 | ReNew Energy Global PLC | 10.92 | 44.84 | 310.40 | 1.56 | 3.39 |
Utilisation of Proceeds
The Company proposes to utilise the net IPO proceeds of approximately ₹2,400.00 crore towards the following objectives:
| # | Purpose | Amount (₹ Cr) | % of Total |
|---|---|---|---|
| 1 | Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries | 1,200.00 | 50.00% |
| 2 | Total | 1,200.00 | 50.00% |
| Total | 2,400.00 | 100% | |
Clean Max Enviro Energy Solutions IPO Promoter Holding
| Promoter(s) | Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd and Kempinc LLP |
|---|---|
| Pre-Issue Holding | 74.89% |
| Post-Issue Holding | 49.08% |
Clean Max Enviro Energy Solutions IPO FAQs
The Clean Max Enviro Energy Solutions IPO is a Mainboard Bookbuilding IPO with a total issue size of ₹3,100.00 crore. The issue consists of a fresh issue of ₹1,200.00 crore and an offer for sale of ₹1,900.00 crore.
The IPO will open for subscription on Mon, 23 Feb 2026 and will close on Wed, 25 Feb 2026.
The shares are being offered at a price band of ₹1,000 to ₹1,053 per equity share.
Investors can apply for the IPO with a minimum lot size of 14 shares.
At the upper price band, the minimum investment required for one lot is approximately ₹14,742.
The shares of Clean Max Enviro Energy Solutions are expected to be listed on NSE & BSE on Mon, 02 Mar 2026.
The Grey Market Premium (GMP) of Clean Max Enviro Energy Solutions IPO is ₹-20.
The expected listing price of Clean Max Enviro Energy Solutions IPO is around ₹1,033 based on current GMP. This indicates a potential return of approximately -1.90% , with an estimated profit of ₹-280 per lot, subject to market conditions.
The Clean Max Enviro Energy Solutions IPO was subscribed 0.94 times on the final day of subscription.
The retail portion is subscribed 0.06 times as of 25 Feb 2026.
The QIB portion is subscribed 2.83 times and the NII portion is subscribed 0.54 times .
The IPO registrar of Clean Max Enviro Energy Solutions is MUFG Intime India Private Limited. MUFG is responsible for processing IPO applications, finalizing allotment, crediting shares, and initiating refunds.
The allotment date is expected on Thu, 26 Feb 2026.
Allotment status is generally updated in the evening (6 PM – 10 PM) on Thu, 26 Feb 2026 on the registrar or exchange website.
Shares are expected to be credited by Fri, 27 Feb 2026.
Refunds for unsuccessful applicants will be initiated on Thu, 26 Feb 2026.
Investors can check refund status via:
- UPI mandate / bank account (NACH, NEFT, RTGS)
- ASBA bank portal
Listing details for Clean Max Enviro Energy Solutions Limited are not available.
The latest share price of Clean Max Enviro Energy Solutions Limited is currently not available.
Recent price movement data for Clean Max Enviro Energy Solutions Limited is currently not available.
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