Clean Max Enviro Energy Solutions IPO: Price band fixed at Rs 1,000–Rs 1,053; all you need to know

India's leading commercial and industrial renewable energy company, CleanMax Enviro Energy Solutions, is set to hit the capital markets with its Rs 3,100 crore initial public offering (IPO). The company has set a price band of Rs 1,000–1,053 per share. The subscription opens on February 23 and closes on February 25.

CleanMax Enviro Energy Solutions aims to raise Rs 3,100 crore through its upcoming IPO, which is divided into two components. The first is a fresh issue of 1.14 crore shares, aimed at raising Rs 1,200 crore to support the company's growth plans. The second is an offer for sale (OFS) of 1.80 crore shares, aggregating Rs 1,900 crore, allowing existing shareholders to partially exit. At the upper end of the price band, the company is expected to raise the full Rs 3,100 crore.

The lot size for an application is 14. The minimum investment required for a retail investor is Rs 14,742 (14 shares) based on the upper price.

CleanMax Enviro Energy IPO key dates:

The subscription opens on February 23 and will close on February 25.

The share allotment is scheduled for February 26, with the tentative listing on both the BSE and NSE planned for March 2. This IPO structure enables CleanMax to raise fresh capital while giving existing investors a chance to sell a portion of their holdings.

About the company:

CleanMax is India’s leading commercial and industrial (C&I) renewable energy provider, with 2.80 GW of operational, owned, and managed capacity, and an additional 3.17 GW under contract awaiting execution, as of October 31, 2025.

The company’s core offerings include renewable power supply, energy services, and carbon credit solutions. It serves a diverse clientele, ranging from technology sector companies to traditional C&I customers.

CleanMax has deep expertise in energy contracting, engineering, procurement, and construction (EPC), as well as the operation and maintenance (O&M) of renewable energy plants, including solar, wind, and hybrid projects.

IPO Objects of the issue:

The funds raised through the IPO are primarily intended to strengthen the company’s financial position and support its strategic initiatives. A portion of the proceeds, amounting to Rs 1,125 crore, will be used for the repayment or pre-payment of certain borrowings. This will help reduce the company’s debt burden and lower the associated interest expenses. The remaining funds from the IPO will be utilized for general corporate purposes.

Financial snapshot

On the financial front, the company returned to profitability, reporting a profit of Rs 19.43 crore in FY25. Revenue from operations increased by 13%, reaching Rs 1,610 crore in FY25, up from Rs 1,425 crore in FY24.

Book Running Lead Managers and Registrars

The IPO is being managed by Axis Capital Ltd. as the lead manager, with MUFG Intime India Pvt. Ltd. serving as the registrar. Other key managers involved in the offering include JP Morgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura, BOB Capital, and SBI Capital Markets.

Wth India’s renewable energy initiatives gaining momentum, CleanMax’s IPO is well-positioned to attract strong investor interest, as the company stands at the forefront of the commercial and industrial green energy sector.

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