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Clean Max Enviro Energy Solutions has opened its Rs 3,100 crore initial public offering (IPO) for subscription today. On Day 1 so far, the issue has been subscribed 3% of the 2.18 crore shares on offer. The retail investor portion was subscribed 1%, while Qualified Institutional Buyers (QIBs) led the demand with a 9% subscription. The IPO will remain open until February 25 and is scheduled to list on March 2.
In the grey market, the premium signals a marginal upside of around 0.3% over the upper end of the price band, indicating limited listing gains. The IPO is priced in the range of Rs 1,000–1,053 per share and comprises a fresh issue of Rs 1,200 crore along with an offer for sale (OFS) of Rs 1,900 crore.
Clean Max Enviro Energy IPO subscription status
As of 11:55 am on Day 1, the Clean Max Enviro Energy IPO was subscribed 3% overall, according to BSE data.
The Retail Individual Investors (RIIs) segment was subscribed 1% against the 1.01 crore shares on offer.
The Non-Institutional Investors (NIIs) portion has not received any bids so far against the 46.05 lakh shares reserved.
Meanwhile, the Qualified Institutional Buyers (QIBs) category was subscribed 9% against the 61.39 lakh shares on offer.
Clean Max Enviro Energy IPO GMP today:
As of February 23, 2026, the grey market premium indicates a marginal 0.3% upside over the upper end of the price band, pointing to limited listing gains. The issue, priced in the range of Rs 1,000–Rs 1,053 per share, comprises a fresh issue of Rs 1,200 crore and an offer for sale (OFS) of Rs 1,900 crore.
Clean Max Enviro Energy IPO Details
Clean Max Enviro Energy Solutions IPO is a Rs 3,100 crore issue, comprising a fresh issue of 1.14 crore shares worth Rs 1,200 crore and an offer for sale of 1.80 crore shares aggregating to Rs 1,900 crore.
The share allotment is likely to be finalised on February 26, 2026. The company’s shares are scheduled to list on BSE and NSE on March 2, 2026.
The price band for the IPO has been fixed at Rs 1,000–Rs 1,053 per share. Investors can bid in lots of 14 shares, with a minimum investment of Rs 14,742 for retail applicants at the upper price band.
The issue closes on February 25, and at the upper end of the price band, the company’s pre-IPO market capitalization is estimated at Rs 12,325 crore.
About Company
CleanMax, established in 2010, is India’s largest renewable energy provider for the commercial and industrial (C&I) segment. As of October 2025, it has 2.80 GW of operational, owned, and managed capacity, along with 3.17 GW of contracted capacity under execution. The company delivers solar, wind, and hybrid energy solutions, primarily through long-term power purchase agreements (PPAs) with C&I clients.
On the financial front, the company has staged a turnaround. Revenue increased to Rs 1,610 crore in FY25 from Rs 1,425 crore in FY24. It reported a net profit of Rs 19.43 crore in FY25, compared to a loss in the previous year. EBITDA margins also improved significantly to 63.1% in FY25 from 52% in FY24.
That said, leverage remains high. Net debt stood at Rs 5,938 crore in FY25, with a net debt-to-equity ratio of 1.9x. A substantial portion of the IPO proceeds is earmarked for debt repayment, which is expected to strengthen the company’s balance sheet.
At the upper end of the price band, the issue is valued at nearly 16 times EV/EBITDA. While analysts consider the valuation on the expensive side, they note strong growth visibility driven by increasing renewable energy adoption and rising demand from data centres and AI-related industries.
Should you subscribe?
Swastika Investmart assigned a "Neutral" rating and said the issue appears aggressively valued on recent financials, though superior EBITDA margins and operating metrics justify the pricing to some extent. It added that the IPO may be avoided for short-term or listing gains, but can be considered by well-informed investors for the medium to long term
Aditya Birla Money has recommended Subscribe for long-term, citing under-penetration in C&I renewable energy, projected capacity additions and strong capital efficiency. It expects demand visibility to improve as renewable penetration rises and sectors such as data centres require round-the-clock green power.
With grey market premium at just 0.3%, the issue does not indicate strong short-term listing excitement. Investors looking for quick gains may remain cautious, while those with a longer investment horizon and comfort with capital-intensive renewable businesses may evaluate the company's growth prospects and debt reduction plans before taking a call.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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