Last updated on January 3rd, 2026 at 01:44 am
Clean Max Enviro Energy Solutions limited is a leading provider of renewable power and decarbonisation solutions for commercial and industrial clients.
It offers onsite and off-site solar, wind and hybrid energy projects, EPC and O&M services, and carbon-credit solutions for businesses across sectors.
Clean Max has filed DRHP to raise ~ ₹ 5,200 Cr via IPO out of which Fresh Issue is ~ ₹ 1,500 Crore & Offer for Sale of ~ ₹ 3,700 Crore.
Subscription date to apply for Clean Max Enviro Energy Solution is yet to be announced.
Price band for the IPO is also pending to be declared.
| Issue Size: | ₹ 5,200 Cr |
| Fresh Issue: | ₹ 1,500 Cr |
| Offer for Sale: | ₹ 3,700 Cr |
| Price Range: | TBA |
| Lot Size: | TBA |
| Face Value: | ₹ 1 per Eq. Share |
Revenue, PAT, EBITDA of Clean Max
| Year | Fiscal 2025 |
| Networth | ₹ 3054 Cr |
| Revenue: | ₹ 1495.7 Cr |
| EBITDA | ₹ 1015.1 Cr |
| PAT | ₹ 19.4 Cr |
| EBITDA Margin: | ~67.9% |
| PAT Margin | ~1.29% |
Clean Max IPO important dates
| IPO Open Date: | TBA |
| IPO Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| IPO Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Clean Max Enviro Use of Proceeds
| Purpose | Amount |
| Borrowing payment/pre-payment | ₹ 1125 Cr |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | – |
| Others | – |
Clean Max Enviro Energy Solution Promoters – Pre offer equity (Approx)
| Kuldeep Jain | ~11.34% |
| BGTF One Holdings (DIFC) Limited | ~42.87% |
| KEMPINC LLP | ~9.54% |
| Rikhab Investments B.V. | ~9.52% |
Clean Max Enviro Limited Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 929.6 | ₹ 1,389.8 | ₹ 1,495.7 |
| Profit (₹ Cr) | ₹ -59.5 | ₹ -37.6 | ₹ 19.4 |
| Asset (₹ Cr) | ₹ 7,000.1 | ₹ 9,076.5 | ₹ 13,279.3 |
| Net Worth (₹ Cr) | ₹ 1,439.2 | ₹ 2,178.0 | ₹ 3,054.0 |
Clean Max Enviro IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 20-Dec | ₹ – | ₹ – | ₹ – |
| 19-Dec | ₹ – | ₹ – | ₹ – |
| 18-Dec | ₹ – | ₹ – | ₹ – |
| 17-Dec | ₹ – | ₹ – | ₹ – |
| 16-Dec | ₹ – | ₹ – | ₹ – |
| 15-Dec | ₹ – | ₹ – | ₹ – |
Clean Max Enviro Energy Solution IPO Pros & Cons
Strengths:
- Strong C&I renewable-energy market leader with fast-growing operational capacity.
- Large, high-quality corporate customer base ensures stable long-term demand.
- Diversified solar-wind-hybrid portfolio reduces business and technology risk.
- Recent return to profitability signals improving financial strength.
- Beneficiary of India’s accelerating corporate decarbonisation and clean-energy shift.
Risks:
- Capital-intensive business with high debt pressures cash flow.
- Revenue concentrated in select states, exposing it to regional policy risks.
- Dependence on top clients increases vulnerability to contract loss.
- Regulatory changes in open-access renewable policies can affect growth.
- Project-execution delays and supply risks may impact profitability.
Clean Max Enviro Energy Solution Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Core Offerings of Clean Max Enviro Energy Solution
Clean Max Enviro Energy Solutions provides renewable-energy and decarbonization solutions for commercial and industrial clients.
It also provides onsite solar installations, offsite solar/wind/hybrid farms, EPC & O&M services, and carbon-credit/renewable energy-purchase agreements to help corporates meet net-zero goals.
Lead Managers / Registrars of Clean Max Enviro Energy Solution
| Lead / Book Running Lead Managers | Axis Capital Limited, J.P. Morgan India Private Limited, BNP Paribas, HSBC Securities & Capital Markets (India) Pvt. Ltd., IIFL Capital Services Ltd., Nomura Financial Advisory & Securities (India) Pvt. Ltd., BOB Capital Markets Ltd., SBI Capital Markets Ltd. |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of Clean Max Enviro Energy Solution & Managing Director
The company was incorporated on 29 September 2010.
The founder and Managing Director (MD) of CleanMax is Kuldeep Jain.
Clean Max Enviro Energy Solution FAQ
- Q1. What is the business of Clean Max Enviro Energy Solution?
Last updated on January 3rd, 2026 at 01:44 am
Clean Max is India’s leading commercial & industrial renewable-energy provider – offering onsite and offsite solar, wind and hybrid power, EPC & O&M services, and decarbonisation plus carbon-credit solutions to corporate customers. - Q2. Why is the company raising funds via IPO?
Last updated on January 3rd, 2026 at 01:44 am
Clean max is raising funds to repay or pre-pay existing borrowings and strengthen its balance sheet, while using the rest for general corporate purposes and growth. - Q3. What is the size of the issue and where will it list?
Last updated on January 3rd, 2026 at 01:44 am
The issue size of the IPO is ₹ 5,200 crore, to be listed on the BSE NSE platform. - Q4. What are the risks to an investor?
Last updated on January 3rd, 2026 at 01:44 am
High capital-intensity and debt: the need for large upfront investments and significant borrowings can pressure cash flows; also success depends on execution and regulatory/policy stability in renewables. - Q5. What are the potential upsides?
Last updated on January 3rd, 2026 at 01:44 am
It has 2.54 GW operational capacity, 2.53 GW contracted and over 5 GW in the pipeline, plus rising corporate demand for green energy, it could capture major growth as India accelerates decarbonisation. - Q6. How to apply for the IPO?
Last updated on January 3rd, 2026 at 01:44 am
You can apply via your brokerage/demat account when the IPO opens. - Q 7. When is the tentative listing date?
Last updated on January 3rd, 2026 at 01:44 am
Expected listing date for the IPO is in Dec’25.
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