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Clean Max Enviro Energy Solutions IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Clean Max Enviro Energy Solutions is engaged in providing engineering, procurement and construction (EPC) services, primarily in power transmission, water supply, and infrastructure projects. It earns revenue through execution of government and institutional contracts. Its services include project design, installation, commissioning and maintenance. The projects are used in urban infrastructure, power distribution networks, and public utilities, supporting long-term infrastructure development.
Clean Max Enviro Energy Solutions an Book Built Issue, amounting to ₹
3100.00 Crore,consisting an fresh issue of
1.14 crore shares aggregating to ₹
1200.00 crores and offer for sale of
1.80 crore shares aggregating to ₹
1900.00 crores The subscription period for the Clean Max Enviro Energy Solutions IPO opens on February 23, 2026, and closes on February 25, 2026. The allotment is expected to be finalized on or about 26 February 2026, Thursday, and the shares will be listed on the NSE with a tentative listing date set on or about Monday, March 02, 2026.
The Share Price Band of Clean Max Enviro Energy Solutions IPO is set at ₹1000 to ₹1053 per share per equity share. The Market Capitalisation of the Clean Max Enviro Energy Solutions at IPO price of ₹1053 per equity share will be ₹12,325.29 Cr. The lot size of the IPO is 14 shares. Retail investors are required to invest a minimum of ₹
14,742, 1 lots (
14 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
14 lots (
196 shares), amounting to ₹
206,388.
Axis Capital Limited, J.P. Morgan India Private Limited, BNP Paribasare Ltd. HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited, BOB Capital Markets Limited, SBI Capital Markets Limited, the book running lead manager of the Clean Max Enviro Energy Solutions Ltd. while KFIN Technologies Limited is the registrar for the issue.
Clean Max Enviro Energy Solutions Limited IPO GMP Today
The Grey Market Premium of Clean Max Enviro Energy Solutions IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Clean Max Enviro Energy Solutions Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on 25 February 2026, the Clean Max Enviro Energy Solutions IPO live subscription status shows that the IPO subscribed 0.99 times on its Final Day of subscription period. Check the Clean Max Enviro Energy Solutions IPO Live Subscription Status Today at BSE.
Clean Max Enviro Energy Solutions Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Clean Max Enviro Energy Solutions IPO allotment date is 26 February 2026, Thursday, Clean Max Enviro Energy Solutions IPO Allotment will be out on 26 February 2026, Thursday, and will be live on Registrar Website from the allotment date.
MUFG Intime India Private Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Clean Max Enviro Energy Solutions IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Clean Max Enviro Energy Solutions Limited IPO
Clean Max Enviro Energy Solutions to utilise the Net Proceeds towards the following objects:
1. ₹11,226.74 Million is required for Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries
2. General Corporate Purposes.
Refer to Clean Max Enviro Energy Solutions Limited RHP for more details about the Company.
Clean Max Enviro Energy Solutions Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| February 17, 2026 | ₹ 1053 | ₹ 1053 | ₹0(0.0%) | 18 February 2026; 01:09 PM |
Clean Max Enviro Energy Solutions IPO Details
| Market Capitalization | ₹12,325.29 Cr |
| IPO Date | February 23, 2026 to February 25, 2026 |
| Listing Date | March 02, 2026 |
| Face Value | ₹1 Per Share |
| Price Band | ₹1000 to ₹1053 per share |
| Issue Price | ₹1053 per share |
| Employee Discount | ₹100.00 |
| Lot Size | 14 Equity Shares |
| Total Issue Size | 2,94,39,696 Equity Shares (aggregating to ₹3100.00 Cr) |
| Fresh Issue | 1,13,96,011 Equity Shares (aggregating to ₹1200.00 Cr) |
| Offer for Sale | 1,80,43,684 Equity Shares (aggregating to ₹1900.00 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 10,56,53,268 |
| Share holding post issue | 11,70,49,279 |
| Rating | Avoid |
Clean Max Enviro Energy Solutions IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Clean Max Enviro Energy Solutions IPO Timeline (Tentative Schedule)
| IPO Open Date | Mon, Feb 23, 2026 |
| IPO Close Date | Wed, Feb 25, 2026 |
| Basis of Allotment | Thu, Feb 26, 2026 |
| Initiation of Refunds | Thu, Feb 26, 2026 |
| Credit of Shares to Demat | Fri, Feb 27, 2026 |
| Listing Date | Mon, Mar 2, 2026 |
| Cut-off time for UPI mandate confirmation | Thu, Feb 26, 2026 |
Clean Max Enviro Energy Solutions IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 14,719,848 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 4,415,954 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 10,303,894 | Not more than 35% of the Net Offer |
Clean Max Enviro Energy Solutions IPO Promoter Holding
| Share Holding Pre Issue | 64.99% |
| Share Holding Post Issue | 59.05% |
Clean Max Enviro Energy Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,742 |
| Retail (Max) | 13 | 182 | ₹191,646 |
| S-HNI (Min) | 14 | 196 | ₹206,388 |
| S-HNI (Max) | 67 | 938 | ₹987,714 |
| B-HNI (Min) | 68 | 952 | ₹1,002,456 |
Clean Max Enviro Energy Solutions IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 58,16,014 | 1,73,74,756 | 2.99x | 26 February 2026; 10:04 AM |
| Non Institutional Investors(NIIS) | 43,68,735 | 24,76,152 | 0.57x | 26 February 2026; 10:05 AM |
| Retail Individual Investors (RIIs) | 1,01,93,715 | 6,92,720 | 0.07x | 26 February 2026; 10:05 AM |
| Employee Reservation | 3,33,333 | 34,804 | 0.10x | 26 February 2026; 10:05 AM |
| Total | 2,06,93,259 | 2,05,78,432 | 0.99x | 26 February 2026; 10:05 AM |
About Clean Max Enviro Energy Solutions Limited
Clean Max Enviro Energy Solutions is engaged in providing engineering, procurement and construction (EPC) services, primarily in power transmission, water supply, and infrastructure projects. It earns revenue through execution of government and institutional contracts. Its services include project design, installation, commissioning and maintenance. The projects are used in urban infrastructure, power distribution networks, and public utilities, supporting long-term infrastructure development.
Key Clients and Manufacturing/Execution Facilities
The Company’s major clients include various State Electricity Boards, Government departments, and public sector undertakings. Its operations are supported by execution offices and project sites across multiple states in India. The facilities are equipped with project management teams, technical engineers, and logistics support to ensure timely completion of EPC contracts.
Product Portfolio, Order Book and Execution
The Company’s portfolio includes power transmission lines, substations, water infrastructure projects, and electrical works. These services fall under infrastructure development and directly impact clients’ long-term asset lifecycle. As of the RHP date, the Company has a strong and diversified order book, ensuring revenue visibility for the coming years. Execution is carried out through in-house teams and subcontractors, maintaining project timelines.
Merger, Capex and Expansion Plans
The Company has undertaken restructuring initiatives to streamline operations and improve efficiency. Future plans include investment in working capital, purchase of equipment, and strengthening project execution capabilities. Funds from the IPO are proposed to be used for working capital requirements and general corporate purposes, supporting business expansion and order execution capacity.
Employees and Banker
December 31, 2025, the company had 24, full time employees. The Banker to the Company is Axis Bank Limited.
Management and Growth Outlook
The Company is led by experienced promoters and senior management with strong technical and execution expertise in the EPC and infrastructure sector. The management focuses on expanding the order book, improving execution efficiency, and maintaining cost discipline.
Their vision includes expanding into new geographies and increasing participation in high-value infrastructure projects. The Company aims to strengthen its presence in power and water infrastructure segments.
For funding future capex and expansion, the Company plans to utilize IPO proceeds, internal accruals, and bank borrowings. The focus remains on improving working capital cycles and reducing finance costs while maintaining sustainable growth.
Industry Overview
The Company operates in the Indian EPC and infrastructure industry, particularly in power transmission and water infrastructure.
- The Indian infrastructure sector is valued at USD 150+ billion, with strong government push under infrastructure development programs.
- The power transmission sector continues to grow at 6–8% CAGR, supported by electrification and renewable integration.
- The water infrastructure market is expanding under government schemes such as Jal Jeevan Mission, targeting rural water supply expansion.
Globally, the EPC market is estimated at over USD 8 trillion, driven by energy transition and urban infrastructure development. India remains one of the fastest-growing infrastructure markets due to public and private investment.
Market leaders in India include large EPC players with strong execution capacity and diversified order books. The Company competes in mid-sized EPC contracts with regional strength.
Major Risk Factors
- Dependence on Government Contracts
A significant portion of revenue comes from government and PSU contracts. Any delay in approvals, payments, or reduction in government spending may impact revenue visibility. - Working Capital Intensive Business
EPC projects require high working capital. Delays in receivables may increase borrowing costs and impact profitability. - Project Execution Risks
Delays due to land acquisition, regulatory approvals, or supply chain disruptions may lead to cost overruns and penalties. - Competition Risk
The infrastructure EPC industry is highly competitive with both large national and regional players competing aggressively on pricing. - Geographical Concentration
Operations are concentrated in selected states. Any regional slowdown or regulatory change may impact performance. - Dependence on Key Personnel
The Company’s performance depends on experienced promoters and technical staff. Loss of key personnel may affect execution capability.
Key Strengths and Opportunities
- Strong Order Book Visibility
A healthy and diversified order book provides revenue visibility and growth stability over the next few years. - Experienced Management Team
Promoters and senior management have strong domain experience in EPC and infrastructure projects. - Execution Capability
In-house engineering and project management expertise ensures timely execution and cost control. - Growing Infrastructure Demand
Government focus on electrification, water supply and infrastructure development creates long-term growth opportunities. - Geographical Expansion Potential
The Company can expand into new states and diversify its client base to reduce concentration risk. - Improved Working Capital Management
Efficient fund utilization post-IPO can reduce finance costs and improve margins.
Clean Max Enviro Energy Solutions Limited Financial Information (Restated Consolidated)
Amount in (₹ in Million)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 26,565.21 | 25,584.08 | 18,290.69 | 12,071.16 |
| Total Assets | 169,456.46 | 132,792.53 | 90,765.47 | 70,001.38 |
| Total Borrowings | 101,214.60 | 79,736.98 | 55,145.64 | 38,434.15 |
| Fixed Assets | 93,502.09 | 79,157.05 | 66,098.82 | 29,012.61 |
| Cash | 2,163.22 | 3,285.85 | 496.17 | 1,131.66 |
| Cash flow from operating activities | 13,756.82 | 14,041.96 | 862.76 | 9,276.49 |
| Cash flows from investing activities | -32,382.01 | -36,170.50 | -19,386.03 | -30,107.65 |
| Cash flow from financing activities | 17,502.56 | 24,812.43 | 17,887.78 | 21,443.28 |
| Net Borrowing | 99,051.38 | 76,451.13 | 54,649.47 | 37,302.49 |
| Revenue | 9,693.45 | 16,103.42 | 14,253.09 | 9,609.79 |
| EBITDA | 6,378.58 | 10,150.72 | 7,415.73 | 4,059.19 |
| PAT | 190.04 | 194.29 | -376.43 | -594.73 |
| PAT Margin | 1.96% | 1.21% | -2.64% | -6.19% |
| EPS | 1.05 | 2.79 | -3.94 | -9.01 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 2.79 |
| EPS Post IPO (Rs.) | 1.66 |
| Adjusted 12M EPS Post IPO (Rs.) | 3.25 |
| P/E Pre IPO | 377.42 |
| P/E Post IPO | 634.38 |
| Adjusted 12M P/E Post IPO | 324.28 |
| ROE | 1.27% |
| ROCE | - |
| P/BV | 4.20 |
| Debt/Equity | 1.97 |
| RoNW | 1.09% |
| EBITDA Margin | - |
| PAT Margin | 1.21% |
Clean Max Enviro Energy Solutions Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Clean Max Enviro Energy Solutions | 1.66 | 634.38 | 1.27% | - | 4.20 | 1.97 | 1.09% |
| ACME Solar Holdings | 4.53 | 49.46 | 7.57 % | 8.42 % | 3.03 | 2.72 | 5.59% |
| NTPC Green Energy | 0.67 | 132.94 | 3.85 % | 4.89 % | 4.24 | 1.16 | 2.58% |
| Adani Green Energy | 8.37 | 119.14 | 14.6 % | 8.70 % | 17.19 | 4.52 | 13.48% |
| ReNew Energy Global PLC | 10.81 | 44.84 | - | - | 1.56 | - | 3.39 % |
Clean Max Enviro Energy Solutions Limited Contact Details
Clean Max Enviro Energy Solutions Limited
Phone: +91 22 6252 0000
Email: Secretarial@cleanmax.com
Website: http://www.cleanmax.com/
Clean Max Enviro Energy Solutions IPO Registrar and Lead Manager(s)
MUFG Intime India Private Limited
Phone: +91 810 811 4949
Email: cleanmax.ipo@in.mpms.mufg.com
Website: http://www.in.mpms.mufg.com/
- Axis Capital Ltd.
- JP Morgan India Pvt.Ltd.
- BNP Paribas (Past IPO Performance)
- 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.
Clean Max Enviro Energy Solutions IPO Review
Clean Max Enviro Energy Solutions is engaged in providing engineering, procurement and construction (EPC) services, primarily in power transmission, water supply, and infrastructure projects. It earns revenue through execution of government and institutional contracts. Its services include project design, installation, commissioning and maintenance. The projects are used in urban infrastructure, power distribution networks, and public utilities, supporting long-term infrastructure development.
The Company is led by Promoter, i.e.,KULDEEP JAIN, PRATAP JAIN, NIDHI JAIN, BGTF ONE HOLDINGS (DIFC) LIMITED AND KEMPINC LLP
The Revenues frorom operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 9,693.45 Million, ₹ 16,103.42 Million, ₹ 14,253.09 Million, and ₹ 9,609.79 Million, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 6,378.58 Million, ₹ 10,150.72 Million, ₹ 7,415.73 Million, and ₹ 4,059.19 Million, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 190.04 Million, ₹ 194.29 Million, ₹ -376.43 Million, and ₹ -594.73 Million, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 2.79 and post-issue EPS of ₹ 1.66 for FY25. The pre-issue P/E ratio is 377.42x,while the post-issue P/E ratio is 634.38x against the Industry P/E ratio is 86.59x The company's ROE for FY25 is 1.27% and RoNW is 1.09% The Annualised EPS is ₹ 3.25x and P/E is ₹ 324.28x , These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Clean Max Enviro Energy Solutions showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Clean Max Enviro Energy Solutions Limited. IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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