Clean Max Enviro Energy Solutions Ltd IPO
Power Generation & Distribution
Price Band
₹1000 – ₹1053
Lot Size
14
Minimum Bid Quantity
14
Minimum Investment
₹14742
Issue Size
₹3100Cr
Opens
2026-02-23
Closes
2026-02-25
Listing
02-03-2026
Subscription Status
Qualified Institutional Buyers
2.78 x
Non-Institutional Investor
0.54 x
Retail Individual Investor
0.06 x
Employees
0.1 x
Total
0.93 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE647U01026
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Clean Max Enviro Energy Solutions is a renewable energy company focused on providing power to commercial and industrial (C&I) customers in India. As of the date of the prospectus, it had 2.80 GW of operational, owned, and managed capacity. The company supplies renewable power and provides energy contracting, engineering, procurement, and construction (EPC), and operation and maintenance (O&M) services for solar, wind, and hybrid power plants. It also offers carbon credit solutions and end-to-end decarbonisation services to sectors such as data centres, technology, infrastructure, cement, steel, manufacturing, FMCG, pharmaceuticals, and real estate. Projects are developed by the company either on-site at customer premises or off-site at renewable energy farms. Clean Max Enviro Energy Solutions operates renewable energy assets across multiple Indian states, with a significant presence in Gujarat and Karnataka. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Repayment and/or prepayment, in part or in full, of all or certain outstanding borrowings of the company and/or certain of its subsidiaries — Rs 1,122.67 crore. General corporate purposes.
Pros
- • Clean Max Enviro Energy Solutions claims to have built a large and diversified C&I renewable energy platform supported by 555 customers and 1,198 PPAs and contracts as of September 30, 2025. It operates with a dedicated 53-member business development team across India, the UAE, and Thailand, managing customer engagement from contract structuring to project execution and operations. The company also claims to offer five distinct solutions: onsite, offsite STU, offsite CTU, capex services, and carbon services, along with a group captive model under which customers invest at least 26 percent equity in SPVs.
- • Clean Max Enviro Energy Solutions claims to have developed in-house project development, EPC, and O&M capabilities that support execution of its STU-connected, proposed CTU-connected, and onsite solar projects. As of September 30, 2025, it had a 38-member land acquisition, regulatory, and permitting team and had applied for 1,311.23 MW of STU evacuation capacity and 1480.50 MW of CTU evacuation capacity pending approval. The company states that all projects commissioned during the period ended September 30, 2025, FY23 and FY25, were delivered within budgeted costs, and that it was the first in India to procure Envision’s 3.3 MW turbine in 2022 and later placed the first domestic order for a 5 MW turbine in 2025 for a CTU-connected project in Karnataka.
- • Clean Max Enviro Energy Solutions claims to follow structured capital allocation and risk management practices supported by board-level oversight for large projects and KMP-level committees for smaller projects. It reported a project-level cash ROE (based on opening equity) of 34.93 percent in FY25 and states that its financing is aligned with long-term PPAs, with an average loan tenure of 19 years compared to an average PPA tenure of 22.85 years.
Cons
- • The top 10 customers accounted for Rs 326.07 crore (34.95 percent) of the company’s revenue for the period ended September 30, 2025; Rs 540.86 crore (36.16 percent) in FY25, Rs 630.90 crore (45.39 percent) in FY24; and Rs 412.00 crore (44.32 percent) in FY23. The proportion of operational capacity attributed to these customers is expected to increase as new projects are commissioned. Any failure to maintain, renew, or enter into new engagements with these key customers could adversely affect the company’s business, operations, and financial condition.
- • Karnataka accounted for Rs 345.71 crore (48.07 percent) of the company’s revenue from renewable energy power sales for the period ended September 30, 2025; Rs 529.43 crore (47.82 percent) in FY25; Rs 412.09 crore (47.57 percent) in FY24, and Rs 309.56 crore (65.20 percent) in FY23. Any adverse developments, including regulatory changes, an increase in open access charges, local disruptions, or unfavourable policy shifts in Karnataka, may hurt the company’s business, cash flows, financial condition, and results of operations.
- • The company, its promoters, directors, subsidiaries, and key managerial personnel are involved in certain ongoing legal proceedings, including criminal and tax-related cases. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
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