Clean Max Enviro Energy Solutions IPO opens today: Should you subscribe to it?
Clean Max Enviro Energy Solutions is selling its shares in the price band of Rs 1,000-1,053 apiece, applied for a minimum of 14 shares and its multiples to raise Rs 3,100 crore between February 23-25.
- Feb 23, 2026,
- Updated Feb 23, 2026 10:09 AM IST
The initial public offering (IPO) of Clean Max Enviro Energy Solutions (Clean Max) opens for bidding today, that is, on Monday, February, 23. The company is offering its shares in the range of Rs 1,000-1,053 apeice, which can be applied for a minimum of 14 equity shares and its multiples thereafter. The issue will close for bidding on Wednesday, February 25.
Clean Max is looking to raise a total of Rs 3,100 crore via IPO, which includes a fresh share sale of Rs 1,200 crore and offer-for-sale (OFS) of up to 1,80,43,684 equity shares worth Rs 1,900 crore. The net proceeds from the issue shall be utilized towards repayment of debt and general corporate purposes.
Bengaluru-based Clean Max Enviro is India’s leading commercial and industrial (C&I) renewable energy provider. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. It has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.
Ahead of its IPO, Clean Max raised Rs 921 crore from anchor including as it allocated 87,46,437 equity shares at Rs 1,053 apiece. Anchor book included names like Temasek Holdings, Nomura Asset Management, Eastspring, SBI Life, Tata Investment Corp, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI General, Premji Invest, 360 One Mutual Fund and others.
For the period ended on September 30, 2025, CleanMax reported net profit at Rs 19 crore with a revenue of Rs 969.35 crore, while the company clocked a net profit at Rs 19.43 crore, with a revenue of Rs 1,610.34 crore for the financial year 2024-25. At the current valuations, the company is commanding a market capitalization of Rs 12,325 crore.
Shares worth Rs 30 crore have been set aside for employees, who will receive a Rs 100 per share discount on the IPO price. Half of the net issue is allocated to qualified institutional buyers (QIBs), 15 per cent to non-institutional investors (NIIs) and 35 per cent to retail bidders. Last heard, it was commanding a grey market premium of Rs 3-5 apeice, suggesting flat listing for investors.
Axis Capital JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory, BoB Capital Markets and SBI Capital are the book running lead manager of Clean Max IPO and MUFG Intime India is the registrar of the issue. Here's what a host of brokerage firms say about the IPO of Clean Max Enviro Energy Solutions:
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Clean Max Enviro offers a comprehensive and customer-centric suite of renewable energy solutions tailored specifically to the needs of C&I clients, which has enabled it to achieve market leadership and build strong, long-term customer relationships. It possesses robust capabilities across project development, execution and end-to-end management, said Anand Rathi Share & Stock Brokers.
It follows a disciplined approach to capital allocation supported by prudent risk management practices to optimize returns, safeguard financial stability and drive sustainable long-term growth. Its integrated operating model, combined with deep sector expertise and a diversified project portfolio, enhances execution visibility and cash flow stability," it said with a 'subscribe for long-term' rating.
Aditya Birla Money
Rating: Subscribe for long-term
Clean Max intends to reduce borrowings with the proceeds. The issue is valued at 16 times EV/ EBITDA which according to us is expensive. However, the company benefits from significant underpenetrated industry as renewable energy penetration for C&I stood at 7.4 per cent in FY23 and is projected to grow to 20 per cent by FY30, said Aditya Birla Money.
"Further, the phasing out of ISTS charges & emerging high energy consuming sectors like Data Centres & AI which require guaranteed RTC power supply will boost the C&I demand which creates demand visibility & confidence in business scaling up. We recommend 'subscribe for long-term' rating to the issue," it added.
Swastika Investmart
Rating: Neutral
The business has demonstrated consistent revenue growth along with improving profitability on a year-on-year basis. On the basis of recent financials, the issue initially appears to be aggressively valued, said Swastika Investmart.
"However, considering its superior Ebitda margins and stronger operating metrics compared to industry peers, the IPO valuation seems justified. The IPO may be avoided for short-term or listing gains; however, well-informed investors can consider it for medium- to long-term investment," it said.
BP Equities
Rating: Subscribe
At the upper price band, the company is valued at an EV/EBITDA multiple of 21.2 times, said BP Equities. "Given Clean Max's position within the industry, improving financials and favorable macroeconomic conditions, we recommend a 'subscribe' rating to the issue from a medium-to long-term perspective," it said.
Ventura Securities
Rating: Subscribe
Despite regulatory and capital intensity risks, Clean Max has demonstrated scalable growth, operational execution capability, and an established presence in India’s corporate renewable market, said Ventura Securities.
"The IPO comprises a fresh issue and an offer for sale, aimed at strengthening the balance sheet, supporting expansion initiatives, and providing liquidity to existing shareholders while enhancing the company’s visibility in public markets," it said with a 'subscribe' rating.
LakshmiShree Investments & Securities
Rating: Subscribe
Clean Max Enviro has established a dominant position in India’s corporate renewable energy sector, managing a total contracted capacity of 5.97 GW as of late 2025. This scaling is underpinned by a specialized 'Energy-as-a-Service' model that enables over 500 blue-chip clients, including Google, Apple and Amazon, to achieve net-zero goals through long-term contracts averaging 23 years, said LakshmiShree.
"Clean Max maintains high revenue visibility through its massive order book and a strategic focus on the high-growth data center and AI segments, which now constitute nearly 43 per cent of its portfolio. Despite a high debt-to-equity ratio, its backing from global giants provides a major competitive edge. We recommend a ‘subscribe' rating for high-risk investors," it added.
Way2Wealth Research
Rating: Subscribe
Clean Max is being priced at a premium to ACME Solar but at a discount to Adani Green. Its price-to-book (4.2 times) is comparable to NTPC Green, but Clean Max offers higher margin potential due to its private-sector focus, said Way2Wealth Research. "Subscribe for the long term. The transition of corporate India to green energy is a structural theme, and Clean Max is the primary vehicle to play this trend. "
The initial public offering (IPO) of Clean Max Enviro Energy Solutions (Clean Max) opens for bidding today, that is, on Monday, February, 23. The company is offering its shares in the range of Rs 1,000-1,053 apeice, which can be applied for a minimum of 14 equity shares and its multiples thereafter. The issue will close for bidding on Wednesday, February 25.
Clean Max is looking to raise a total of Rs 3,100 crore via IPO, which includes a fresh share sale of Rs 1,200 crore and offer-for-sale (OFS) of up to 1,80,43,684 equity shares worth Rs 1,900 crore. The net proceeds from the issue shall be utilized towards repayment of debt and general corporate purposes.
Bengaluru-based Clean Max Enviro is India’s leading commercial and industrial (C&I) renewable energy provider. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. It has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.
Ahead of its IPO, Clean Max raised Rs 921 crore from anchor including as it allocated 87,46,437 equity shares at Rs 1,053 apiece. Anchor book included names like Temasek Holdings, Nomura Asset Management, Eastspring, SBI Life, Tata Investment Corp, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI General, Premji Invest, 360 One Mutual Fund and others.
For the period ended on September 30, 2025, CleanMax reported net profit at Rs 19 crore with a revenue of Rs 969.35 crore, while the company clocked a net profit at Rs 19.43 crore, with a revenue of Rs 1,610.34 crore for the financial year 2024-25. At the current valuations, the company is commanding a market capitalization of Rs 12,325 crore.
Shares worth Rs 30 crore have been set aside for employees, who will receive a Rs 100 per share discount on the IPO price. Half of the net issue is allocated to qualified institutional buyers (QIBs), 15 per cent to non-institutional investors (NIIs) and 35 per cent to retail bidders. Last heard, it was commanding a grey market premium of Rs 3-5 apeice, suggesting flat listing for investors.
Axis Capital JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory, BoB Capital Markets and SBI Capital are the book running lead manager of Clean Max IPO and MUFG Intime India is the registrar of the issue. Here's what a host of brokerage firms say about the IPO of Clean Max Enviro Energy Solutions:
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Clean Max Enviro offers a comprehensive and customer-centric suite of renewable energy solutions tailored specifically to the needs of C&I clients, which has enabled it to achieve market leadership and build strong, long-term customer relationships. It possesses robust capabilities across project development, execution and end-to-end management, said Anand Rathi Share & Stock Brokers.
It follows a disciplined approach to capital allocation supported by prudent risk management practices to optimize returns, safeguard financial stability and drive sustainable long-term growth. Its integrated operating model, combined with deep sector expertise and a diversified project portfolio, enhances execution visibility and cash flow stability," it said with a 'subscribe for long-term' rating.
Aditya Birla Money
Rating: Subscribe for long-term
Clean Max intends to reduce borrowings with the proceeds. The issue is valued at 16 times EV/ EBITDA which according to us is expensive. However, the company benefits from significant underpenetrated industry as renewable energy penetration for C&I stood at 7.4 per cent in FY23 and is projected to grow to 20 per cent by FY30, said Aditya Birla Money.
"Further, the phasing out of ISTS charges & emerging high energy consuming sectors like Data Centres & AI which require guaranteed RTC power supply will boost the C&I demand which creates demand visibility & confidence in business scaling up. We recommend 'subscribe for long-term' rating to the issue," it added.
Swastika Investmart
Rating: Neutral
The business has demonstrated consistent revenue growth along with improving profitability on a year-on-year basis. On the basis of recent financials, the issue initially appears to be aggressively valued, said Swastika Investmart.
"However, considering its superior Ebitda margins and stronger operating metrics compared to industry peers, the IPO valuation seems justified. The IPO may be avoided for short-term or listing gains; however, well-informed investors can consider it for medium- to long-term investment," it said.
BP Equities
Rating: Subscribe
At the upper price band, the company is valued at an EV/EBITDA multiple of 21.2 times, said BP Equities. "Given Clean Max's position within the industry, improving financials and favorable macroeconomic conditions, we recommend a 'subscribe' rating to the issue from a medium-to long-term perspective," it said.
Ventura Securities
Rating: Subscribe
Despite regulatory and capital intensity risks, Clean Max has demonstrated scalable growth, operational execution capability, and an established presence in India’s corporate renewable market, said Ventura Securities.
"The IPO comprises a fresh issue and an offer for sale, aimed at strengthening the balance sheet, supporting expansion initiatives, and providing liquidity to existing shareholders while enhancing the company’s visibility in public markets," it said with a 'subscribe' rating.
LakshmiShree Investments & Securities
Rating: Subscribe
Clean Max Enviro has established a dominant position in India’s corporate renewable energy sector, managing a total contracted capacity of 5.97 GW as of late 2025. This scaling is underpinned by a specialized 'Energy-as-a-Service' model that enables over 500 blue-chip clients, including Google, Apple and Amazon, to achieve net-zero goals through long-term contracts averaging 23 years, said LakshmiShree.
"Clean Max maintains high revenue visibility through its massive order book and a strategic focus on the high-growth data center and AI segments, which now constitute nearly 43 per cent of its portfolio. Despite a high debt-to-equity ratio, its backing from global giants provides a major competitive edge. We recommend a ‘subscribe' rating for high-risk investors," it added.
Way2Wealth Research
Rating: Subscribe
Clean Max is being priced at a premium to ACME Solar but at a discount to Adani Green. Its price-to-book (4.2 times) is comparable to NTPC Green, but Clean Max offers higher margin potential due to its private-sector focus, said Way2Wealth Research. "Subscribe for the long term. The transition of corporate India to green energy is a structural theme, and Clean Max is the primary vehicle to play this trend. "