India’s renewable energy story is no longer just about big government targets and solar parks in the desert. It is increasingly about companies helping factories, malls and IT parks switch to cleaner power. In this renewable energy space, Clean Max Enviro Energy Solutions will open its Rs 3,100 crore IPO for subscription today, February 23.
The company operates in the commercial and industrial (C&I) renewable energy segment, supplying clean power to corporate clients through long-term agreements. The issue closes on February 25 and the shares are scheduled to list on March 2.
But before filling out the application form, here is what really matters –
Clean Max Enviro Energy Solutions IPO: Size, price band and minimum investment
The Rs 3,100 crore IPO consists of a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. The price band has been fixed at Rs 1,000-1,053 per share.
Retail investors must apply for at least 14 shares. At the upper price band, this translates to a minimum investment of Rs 14,742.
Up to 50% of the issue is reserved for qualified institutional buyers, at least 35% for retail investors and 15% for non-institutional investors.
Allotment is expected on February 26, and shares are likely to list on the BSE and NSE on March 2.
Clean Max Enviro Energy Solutions IPO: Use of funds
A key detail in this issue is the use of proceeds. Out of the fresh issue, Rs 1,123 crore will be used to repay or prepay borrowings of the company and certain subsidiaries.
The remaining funds will be used for general corporate purposes.
Clean Max Enviro Energy Solutions IPO: Grey market premium trend
The grey market premium is currently around 0.4%. At the upper end of the price band, this suggests a potential listing price close to Rs 1,057.
However, it is important to understand that GMP is unofficial and can change quickly.
Clean Max Enviro Energy Solutions IPO: A corporate focused renewable energy model
Clean Max develops, owns and operates renewable energy projects for businesses rather than retail consumers. As of October 31, 2025, it had 2.80 GW of operational owned and managed capacity and another 3.17 GW under execution.
Clean Max Enviro Energy Solutions IPO: Expert take
SBI Securities in its IPO note said, “Clean Max is India’s largest C&I renewable energy service provider with market share of 8%. The company is net zero partner to corporate which consumes 50% of India’s total power having an estimated market size of Rs 3 trillion.”
The brokerage house also noted that “the company enjoys premium power tariff vs utilities as average ticket size is 13 MW. The company has capital efficient (GB/EBITDA) model with one of the lowest Net Debt/Adj. EBITDA of 4.8x v/s industry >6x. At upper price band of Rs 1,053, the issue is valued at FY25 and annualized 1HFY26 EV/EBITDA multiple of 21.7x and 16.3x respectively based on post-issue capital.”