Clean Max Enviro Energy IPO: Issue date, price, LOT size, Everything You Need to Know
Clean Max Enviro Energy Solutions Limited, one of India's largest providers of renewable energy to commercial and industrial customers, is preparing for its public listing. Founded in 2010 by Kuldeep and Pratap Jain, the company builds and operates solar, wind, and hybrid power projects for major clients like Amazon, Google, Apple, and Cisco. With 2.54 GW of operational capacity and 2.53 GW contracted, Clean Max helps businesses meet their green energy needs through long-term power contracts.
The Clean Max Enviro Energy IPO, approved by SEBI in October 2025, aims to raise ₹5,200 crore through a fresh issue of ₹1,500 crore and an offer for sale (OFS) of ₹3,700 crore. Backed by Brookfield and global investors, the IPO will help reduce debt (₹8,078 crore as of March 2025) and support further growth in India's renewable energy sector. This listing marks a key moment for commercial renewable energy companies serving data centres, factories, and tech firms.
This guide covers all details of the Clean Max Enviro Energy IPO, from dates and financials to business model, sector trends, and what investors should consider before applying.
Clean Max Enviro Energy IPO Dates & Launch Details
- IPO opening date: 23rd Feb 2026
- IPO closing date: 25th Feb 2026
- Basis of allotment: 26th Feb 2026
- Refund initiation: 26th Feb 2026
- Expected listing date: 2nd March 2026
Lead Book Running Managers: Axis Capital Pvt.Ltd
Registrar: MUFG Intime India Pvt.Ltd.
Clean Max Enviro Energy Price Band & Investment Details
- Price band: set at ₹1,000 to ₹1,053 per share
- Minimum lot size: 14 shares
- Minimum investment: ₹14,742
- Maximum retail investment: ₹1,91,646
Clean Max Enviro Energy IPO Structure
Detail | Information |
|---|---|
Issue Type | Fresh Capital + Offer for Sale (OFS) |
Total Issue Size | Approx ₹5,200 crore |
Fresh Issue Value | Approx ₹1,500 crore |
OFS Shares | Approx ₹3,700 crore |
Reservations | QIB: up to 50%, NII: 15%, Retail: 35% |
Listing Exchanges | |
Registrar | MUFG Intime India Pvt.Ltd. |
Lead Manager | Axial Capital Pvt.Ltd |
About Clean Max Enviro Energy
Clean Max provides renewable energy solutions through two models: group captive (customers own projects) and capex model (Clean Max develops and sells power). It serves over 500 corporate clients with an average Power Purchase Agreement (PPA) tenure of 22.73 years.
Key Highlights:
- India's top C&I renewable provider with 2540.00 MW STU-connected capacity (64% group captive) and 465 MW capex model as of March 2025
- Serves Fortune 500 clients including tech majors, with expertise in EPC, O&M, energy contracting, and carbon credit solutions
- Backed by Brookfield and Augment India; promoters include Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings, Kempinc LLP
- Focus on net-zero services, hybrid projects, and decarbonisation for conventional industries
- Robust pipeline with 2.53 GW under contract, driving India's green energy shift
Clean Max's asset-light approach, long-term PPAs, and execution track record position it as a frontrunner amid rising corporate sustainability mandates
Clean Max Enviro Energy Financials
Revenue and Profit Table
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
H1FY26 | 933.00 | 19.00 |
H1FY25 | 676.50 | 6.50 |
FY ‘25 | 1,495.70 | 19.40 |
FY ‘24 | 1,389.80 | -37.60 |
FY ‘23 | 929.60 | -59.50 |
Cash Flow Table
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
H1FY26 | 1,375.70 | -1,884.60 |
H1FY25 | 160.10 | -698.10 |
FY ‘25 | 1,404.20 | -1,502.50 |
FY ‘24 | 86.30 | -1,779.20 |
FY ‘23 | 927.60 | -1,910.80 |
Key Highlights:
- The Clean Max Enviro Energy IPO combines a fresh issue of ₹1,200 crore for debt repayment and capex with a ₹1,900 crore OFS by Brookfield and others, balancing growth funding and liquidity.
- Fresh proceeds up to ₹1,200 crore target borrowings, enhancing financial flexibility for new projects without diluting promoters excessively.
- Promoters Kuldeep and Pratap Jain retain significant stake, ensuring strategic continuity in renewables leadership.
- Book-built process reserves 35% for retail, with listing on NSE/BSE to boost discoverability and trading volumes.
Sector & Market Context
India's C&I renewable segment has boomed with a push for net-zero goals, supported by PLI schemes, open access reforms, and corporate ESG mandates. Clean Max thrives here, outpacing peers through captive models that bypass grid constraints.The market's 20-25% CAGR is driven by tech/manufacturing firms targeting RE100 commitments, with hybrids gaining traction for reliability. Government incentives like ISTS waivers and green hydrogen pilots extend the runway.Clean Max's 22+ year PPA stability and carbon services differentiate it in a landscape shifting from pure solar to diversified renewables.
Key Considerations for Investors
Strengths
- Market leadership in C&I renewables with 2.5+ GW capacity and marquee clients
- Proven execution in EPC/O&M, long PPAs reducing revenue volatility
- Debt reduction via IPO strengthens balance sheet for aggressive expansion
- Promoter continuity with global backers like Brookfield
Risks
- High debt levels (₹8,078 crore) vulnerable to interest rate hikes
- Execution delays in hybrid/wind projects amid supply chain issues
- PPA renegotiation risks and regulatory changes in open access
- Intense competition from Adani Green, ReNew, and NTPC Green
Opportunities
- Exploding C&I demand from net-zero pledges and RE100 adopters
- Hybrids, storage, and green hydrogen as next growth frontiers
- Export potential and international expansion beyond India
IPO Structure
- The Clean Max Enviro Energy IPO combines a fresh issue of ₹1,500 crore for debt repayment and capex with a ₹3,700 crore OFS by Brookfield and others, balancing growth funding and liquidity.
- Fresh proceeds up to ₹11,250 million target borrowings, enhancing financial flexibility for new projects without diluting promoters excessively.
- Promoters Kuldeep and Pratap Jain retain significant stake, ensuring strategic continuity in renewables leadership.
- Book-built process reserves 35% for retail, with listing on NSE/BSE to boost discoverability and trading volumes.
- Possible pre-IPO placement of ₹300 crore offers timing flexibility ahead of market launch.
About the Company
Founded in 2010, Clean Max Enviro Energy Solutions pioneers captive renewables for India's C&I sector, blending solar, wind, and hybrids with carbon solutions. Its mission centres on affordable green power, fostering domestic manufacturing and jobs via Make in India alignment.
Final Word
The Clean Max Enviro Energy IPO represents a crucial step for India's renewable ecosystem. With solid PPAs, client roster, and IPO-funded deleveraging, it navigates growth amid green mandates, yet demands scrutiny of debt and execution. Always align with personal goals and consult advisors.
Always consider personal investment objectives and consult trusted sources before making any decisions.
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FAQ
The Clean Max Enviro Energy IPO totals ₹3,100 crore, with a fresh issue of ₹1,200 crore to fund debt repayment and growth, plus a ₹1,900 crore OFS by existing shareholders like Brookfield. This mix supports expansion while offering exit liquidity.