Clean Max Enviro Energy Solutions IPO:  Promoters, Early Investors Set To Make Multifold Gains; Check GMP, Subscription Window

Mumbai-based Clean Max Enviro Energy Solutions will launch the subscription for its initial public offering (IPO) on February 23. The commercial and industrial renewable energy provider is aiming to raise Rs. 3,100 crore through the public issue which includes a fresh issue of shares as well as an offer-for-sale (OFS) component.

Clean Max Enviro Energy Solutions IPO: Offer Size

The company has lowered its offer size to Rs 3,100 crore in its updated red herring prospectus (RHP) submitted to the Securities and Exchange Board of India (Sebi). This includes a fresh issue of 11.40 million equity shares amounting to Rs 1,200 crore, along with an OFS of 18.10 million shares, aggregating to Rs 1,900 crore.

Before the launch of the IPO, the company raised Rs 1,185 crore, which includes Rs 296.80 crore through pre-IPO placement. The Brookfield-backed company raised money from several global investors, such as Temasek Holdings and Bain Capital Advisors.

Clean Max Enviro Energy Solutions IPO: Price Band, How Much are Promoters and Early Investors Gaining

At the public issue, shares will be offered within a price band of Rs 1,000-1,053 apiece. For promoters and early investors in the company offering to sell their shares at the issue, they are set to make multi-fold gains from the sale.

Kuldeep Jain, promoter at Clean Max Enviro Energy Solutions, acquired the shares of the company at an average cost of 70 paise. He is set to make a gain of Rs 1,052.30 per share which he has offered to sell. Meanwhile, BGTF One Holdings, another promoter, is set to make a gain of Rs 619.60 per share. KEMPINC, also a promoter in the company, will make a profit of Rs 741.6 per share. Meanwhile, early investors Augment India I Holdings and DSDG Holding, are set to make nearly four-fold profits on shares offered to be sold.

Clean Max Enviro Energy Solutions IPO: GMP Today

Clean Max Enviro Energy Solutions shares are trading at a grey market premium of Rs 9 per share. The company shows promising gains at listing before the subscription window opens on February 23. The company’s IPO is estimated to be listed at Rs 1,062, with a gain of 0.85 per cent from the upper end of the price band at Rs. 1,053, according to various websites.

Clean Max Enviro Energy Solutions IPO: Subscription Window

Clean Max Enviro Energy Solutions public issue will open for subscription on February 23 and close on February 25. The allotment of shares is expected to be completed by February 26. The shares will tentative list on the BSE and NSE on March 2.

For applying in the IPO, a minimum lot size of 14 shares has been ascertained. Retail investors must invest a minimum of Rs 14,742 at the upper end of the price band to apply in the IPO.

Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets, IIFL Capital Services, Nomura, BoB Capital Markets, and SBI Capital Markets are the book running lead managers to the issue, while MUFG Intime India is the registrar.

Clean Max Enviro Energy Solutions IPO: Business Overview and Financials

According to the RHP, the company is India’s largest commercial and industrial renewable energy provider. The company supplies renewable power, and offers energy and carbon credit solutions to companies. The company operates in energy contracting, engineering, procurement and construction, along with operation and maintenance of renewable energy plants. As of the end of July 2025, the company had 2.54 GW of operational, owned, and managed capacity, as well as an additional 2.53 GW of contracted capacity.

In H1 FY 26, the company earned a total income of Rs 969.35 crore and reported a net profit of Rs 11.06 crore attributable to owners of the company, rising over three-folds from a year ago. For FY25, the company earned a total income of Rs 1,610.34 crore, up nearly 13 per cent from the previous fiscal. The company reported a profit after tax (PAT) of Rs 27.84 crore in FY25, against a loss of Rs 30.99 crore in the previous fiscal.

Clean Max Enviro Energy Solutions IPO: Competitors, Objectives

Clean Max competes with listed companies, such as ACME Solar Holdings, NTPC Green Energy, and Adani Green Energy in India. The company plans to use Rs 1,122.6 crore of the funds raised from the fresh issue to repay debt. The remainder of the proceeds will be used for general corporate purposes, the company said.