Clean Max Enviro Energy Solutions IPO: Complete Issue Breakdown, GMP Trend, Allotment Process & Investor Guide

Clean Max Enviro Energy Solutions IPO is one of the prominent renewable energy public offerings scheduled for early 2026, aiming to raise ₹3,100 crore through a book-building route. The company, which has established itself as a dominant player in India’s commercial and industrial (C&I) renewable energy segment, is entering the capital markets at a time when green energy adoption, corporate decarbonization, and ESG-driven investments are accelerating across sectors.

The IPO consists of a combination of fresh capital and an offer for sale (OFS), allowing the company to raise growth capital while also enabling existing shareholders to partially divest their holdings. With listing proposed on both BSE and NSE, this issue is expected to attract interest from retail investors, high-net-worth individuals (HNIs), institutional investors, and ESG-focused funds.

Clean Max Enviro Energy Solutions IPO – Key Highlights

The IPO will open for subscription on February 23, 2026, and close on February 25, 2026. The price band has been fixed between ₹1,000 and ₹1,053 per share, and the listing is tentatively scheduled for March 2, 2026. Below is a comprehensive snapshot of the key IPO parameters.

The relatively high price band indicates that the company is positioning itself as a premium renewable energy platform with scale, execution capability, and long-term contracts.

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Issue Structure and Capital Composition

The total issue size of ₹3,100 crore is divided into two major components. The fresh issue of ₹1,200 crore will bring new capital into the company, which is typically utilized for expansion, debt reduction, project funding, or general corporate purposes. This portion directly strengthens the balance sheet and enhances growth potential.

The Offer for Sale (OFS) of ₹1,900 crore involves the sale of shares by existing shareholders. While this does not result in fresh funds to the company, it provides liquidity and partial exit opportunities to early investors.

Post-issue, the share capital will increase due to the fresh issuance, leading to a slight dilution in percentage holding of existing shareholders but improving overall capital base.

Investment Requirements & Lot Size Details

The minimum lot size for application is 14 shares. Based on the upper price band of ₹1,053, the minimum investment required for a retail investor stands at ₹14,742. The structure has been designed to ensure accessibility for small investors while maintaining adequate participation thresholds for NIIs.

Retail investors can apply at the cut-off price, giving them flexibility in price discovery. However, sNIIs and bNIIs must bid at a specific price within the band. Employees are eligible for a ₹100 discount per share if applying within the permitted limit.

IPO Timetable (Tentative)

The IPO timeline follows a tight and structured schedule. Allotment is expected within one day of issue closure, reflecting efficient processing systems.

About Clean Max Enviro Energy Solutions Ltd.

Clean Max Enviro is recognized as India’s largest commercial and industrial renewable energy provider as of March 31, 2025, according to the CRISIL Report. The company operates in the fast-growing C&I renewable segment, helping corporates transition toward clean energy solutions while optimizing long-term power costs.

As of July 31, 2025:

• 2.54 GW operational, owned, and managed capacity

• 2.53 GW contracted capacity under execution

This cumulative portfolio exceeding 5 GW highlights the company’s strong project pipeline and execution capability. The company caters to both technology-driven clients and conventional industrial customers seeking renewable integration.

Business Segments

Renewable Energy Power Sales Segment

This segment forms the backbone of the company’s recurring revenue model. Clean Max sells renewable energy through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs). These long-term contracts provide revenue visibility and mitigate market price volatility risks.

Under this model, customers commit to purchasing renewable power for an extended tenure, allowing Clean Max to maintain stable cash flows and predictable returns.

Renewable Energy Services Segment

The services vertical focuses on turnkey project development. It includes land acquisition, evacuation infrastructure development, EPC services, power evacuation arrangements, lifetime O&M services, and carbon credit offerings.

This integrated approach ensures that clients receive end-to-end renewable solutions rather than standalone generation services, enhancing customer retention and long-term engagement.

Clean Max Enviro Energy Solutions IPO GMP

As of February 21, 2026 (3:37 PM), the Grey Market Premium (GMP) stands at ₹3. Based on the upper price band of ₹1,053, the estimated listing price works out to ₹1,056.

• Estimated Gain per Share: ₹3

• Estimated Percentage Gain: 0.28%

• Estimated Profit per Lot (14 shares): ₹42

The GMP trend suggests subdued grey market enthusiasm compared to earlier sessions, where the premium touched a high of ₹14.

Day-wise GMP Trend (Last 11 Sessions)

What is IPO Grey Market Premium (GMP)?

The Grey Market Premium refers to the unofficial price at which IPO shares trade before listing on stock exchanges. It serves as an informal indicator of investor sentiment and potential listing performance. A positive GMP generally signals expected listing gains, while a negative GMP indicates a potential discount listing.

However, GMP is not regulated and can fluctuate sharply due to speculative activity. Therefore, relying solely on GMP for investment decisions can be risky. Investors should assess financial fundamentals, sector outlook, valuations, and risk disclosures before subscribing.

Investor Category Reservations

The IPO has structured bidding limits across retail, NII, and employee categories to ensure balanced participation.

Clean Max Enviro Energy Solutions IPO Allotment Status

The allotment will be finalized on February 26, 2026. Investors can check their allotment status online through the registrar’s website, MUFG Intime India Pvt. Ltd.

Steps to Check Allotment Status

1. Visit the MUFG Intime IPO allotment webpage

2. Select “Clean Max Enviro Energy Solutions”

3. Enter PAN, Application Number, or DP Client ID

4. Click “Search”

5. View allotment details

What is Basis of Allotment (BOA)?

The Basis of Allotment (BOA) is an official document prepared by the registrar that outlines how IPO shares are distributed among different investor categories such as Anchor Investors, QIBs, NIIs, and Retail Investors.

The BOA details the total applications received, shares reserved per category, and the final allocation ratio. For example, if the ratio is 1:10, it means only 1 out of 10 applicants receives one lot.

This document ensures transparency and allows investors to understand the demand dynamics and allocation methodology of the IPO.

Final Takeaway

Clean Max Enviro Energy Solutions IPO presents investors with exposure to India’s expanding renewable energy ecosystem, particularly within the high-growth C&I segment. With over 5 GW of operational and contracted capacity, diversified offerings, and long-term contracts, the company demonstrates scale and execution strength.

However, the relatively modest GMP of ₹3 signals cautious grey market sentiment. Investors should carefully analyze valuation metrics, financial performance, sector prospects, and risk disclosures before making an informed investment decision.

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