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Clean Max Enviro Energy Solutions Ltd. IPO
IPO Timeline
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23 Feb 2026Bidding Starts
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25 Feb 2026Bidding Ends
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26 Feb 2026Allotment Finalization
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2 Mar 2026Listing
About Clean Max Enviro Energy Solutions Ltd.
We are a provider of renewable energy to commercial & industrial customers. With 15 years of experience since our inception in 2010, we specialize in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers. We operate a fully business-to-business model, serving only commercial and industrial clients. Our expertise spans across providing EPC services and O&M services of renewable energy plants including solar, wind and hybrid plants, within our customer’s premises and within CleanMax-developed farms. We operate two business segments: (i) Renewable Energy Power Sales Segment (where we sell power under long-term PPAs); and (ii) Renewable Energy Services Segment (where we offer EPC, O&M services and carbon services to customers). As of October 31, 2025, we had 2,799 MW operational capacity.
Renewable Energy Power Sales Segment: we earn revenue primarily from the sale of electricity generated at our renewable energy plants to customers under long-term Power Purchase Agreements (“PPAs”) and Energy Attribute Purchase Agreements (“EAPAs”) across a range of offerings.
Renewable Energy Services Segment: we earn revenue primarily from providing services to customers to enable them to achieve their Net Zero aspirations. These services include providing Capex Services such as designing, developing, constructing and maintaining renewable energy plants owned by customers.
Clean Max Enviro Energy Solutions Ltd. IPO Reservation
| Investors Category | Shares Offered |
|---|---|
| Anchor Investors | 87,46,437 (29.84%) |
| Employee Reserved | 3,14,795 (1.07%) |
| Non Institutional Investors | 43,50,180 (14.84%) |
| Qualified Institutional Buyers (QIBs) | 57,54,161 (19.63%) |
| Retail Individual Investors (RIIs) | 1,01,50,420 (34.62%) |
Clean Max Enviro Energy Solutions Ltd. Financial Information
| Year End | Revenue | PAT | Reserves & Surplus |
|---|---|---|---|
| 31 Mar 2026 | 6,357.31 Cr | 767.35 Cr | 5,636.15 Cr |
| 31 Mar 2025 | 2,458.92 Cr | 298.13 Cr | 3,394.49 Cr |
| 31 Mar 2024 | 2,239.14 Cr | 293.18 Cr | 2,473.81 Cr |
Clean Max Enviro Energy Solutions Ltd. Background
Our Company was originally incorporated as ‘Clean Max Enviro Energy Solutions Private Limited’ at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956 pursuant to a certificate of incorporation dated September 29, 2010 issued by the Deputy Registrar of Companies, Maharashtra at Mumbai. Subsequently, upon conversion of our Company into a public limited company, the name of our Company was changed to ‘Clean Max Enviro Energy Solutions Limited’, pursuant to the resolution passed by our Board on July 9, 2025 and the resolution passed by our Shareholders at the extraordinary general meeting on July 14, 2025. A fresh certificate of incorporation dated August 7, 2025 was issued by the Registrar of Companies, Maharashtra at Mumbai consequent to the conversion.
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2010Establishment of our Company.
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2013Commissioned the first onsite solar plant for a corporate client for 100 KWp.
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2015Began offering grid-connected solutions for corporate clients through our SPV, KAS Onsite Power Solutions LLP.
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2017Secured equity investment from Warburg Pincus and a global development financial institution based in the US.
Expanded operations to Dubai, UAE through our SPV, Cleanmax Solar MENA FZCO.
Commissioned its first grid connected STU solar project under group captive mode for 30 MWp in Tamil Nadu for a large datacentre client through our SPV, KAS Onsite Power Solutions LLP.
Commission our first STU connected third party open access project in Karnataka.
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2018Achieved a cumulative operating capacity of 500 MWp+.
Signed our first solar photovoltaic system leasing and operation agreement in Dubai, UAE, through CleanMax Alpha LeaseCo FZCO.
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2019Secured an equity investment from UK government’s climate-based fund.
Signed our first onsite solar project in Thailand through our subsidiary, Clean Max Energy (Thailand) Co. Ltd.
Started operations in Bangkok, Thailand, through our subsidiary, Clean Max Energy (Thailand) Co. Ltd.
Expanded into wind power projects by commissioning our first wind farm at Hosahalli, Karnataka through our SPV, Cleanmax Pluto Solar Power LLP.
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2021Secured an equity investment from Washington based fund amidst Covid’19 pandemic and provided full exit to the erstwhile PE investors.
Commissioned a wind-solar hybrid (“WSH”) farm in Jagalur, Karnataka with more than 100 MW capacity.
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2022Expanded our grid connected STU offerings to Maharashtra, through our SPV, Clean Max Light Power LLP.
Started developing Central Transmission Utility of India (“CTU”) sites and received up to 600 MW connectivity approval for CTU wind site at Koppal, Karnataka.
Established a new carbon business offset business line for carbon credit/green credit trade.
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2023BGTF One Holdings (DIFC) Limited, an affiliate of Brookfield, committed to invest ?18,000 million in our Company, as primary infusion along with secondary investment of approximately ?10,970 million.
Reached a cumulative capacity of 1 GW.
Reached a cumulative capacity of 100+ MWp onsite solar capacity in international operations i.e. Dubai and Thailand.
Entered into a strategic collaboration with Apple for investing together into rooftop projects through our SPV, Clean Max Hyperion Power LLP.
Partnered with a technology player, through their designated affiliate, for sale of renewable energy certificates from projects commissioned by our Company for corporate customers.
Achieved water neutrality for 40% of our utility scale solar portfolio.
Received ISO 14001:2015 and ISO 45001:2018 certifications.
Achieved carbon neutrality (Scope 1 + Scope 2) greenhouse gas (“GHG”) emissions.
Built and commissioned 350 MW+ State Transmission Utility (“STU”) wind-solar hybrid capacity in Gujarat.
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2024Entered into a partnership with Yusuf Bin Ahmed Kanoo Company WLL, through our SPV, Clean Max Solar Mena FZCO, for developing renewable energy projects in Bahrain and Kingdom of Saudi Arabia.
Reached a cumulative capacity of 2 GW+.
Commissioned our first onsite solar photovoltaic plant in Bahrain, through our SPV, Kanoo Clean Max Renewables Asset Co W.L.L.
Expanded our grid connected STU offerings to Haryana and Chhattisgarh.
Received ISO 9001:2015 certification.
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2025Entered into a strategic collaboration with Osaka Gas and Japan Bank for International Cooperation for investing in C&I renewable energy projects together.
Entered into a co-investment collaboration with Toyota Tsusho India Private Limited aimed at serving Toyota group companies in India through long-term corporate power purchase agreements.
Signed a renewable energy certificate sale and purchase agreement with a global technology services company, an energy attribute purchase agreement with a leading technology firm, and a power purchase agreement with a renewable energy trading arm of a multinational corporation.
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2026Pursuant to the Pre-IPO Placement and certain secondary transactions in the Equity Shares of our Company, Jongsong Investments Pte. Ltd. (an indirect wholly owned subsidiary of Temasek Holdings Private Limited), GSS India Opportunities AIF Scheme I (an affiliate of Bain Capital Special Situations, LP), and TRUST Group’s Relativity Resilience Fund – I, among others, acquired certain shareholding in our Company.
1. Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or our Subsidiaries
2. General corporate purposes
| Pricing Details | BSE | NSE |
|---|---|---|
| Issue Price | ₹ 1053.00 | ₹ 1053.00 |
| Open | ₹ 952.20 | ₹ 960.00 |
| Low | ₹ 761.80 | ₹ 768.00 |
| High | ₹ 958.40 | ₹ 960.00 |
| Last Trade | ₹ 867.90 | ₹ 867.50 |
1. Kuldeep Jain
2. Pratap Jain
3. Nidhi Jain
4. BGTF One Holdings (DIFC) Limited
5. KEMPINC LLP
India is expected to experience rapid growth, with its annual solar and wind capacity additions increasing from 35 GW in 2024 to 61 GW in 2030. This would translate into a total Renewable Energy capacity addition of about 345 GW between 2025-2030. Over 90% of the Renewable Energy capacity (about ... Read more
FAQs
When does Clean Max Enviro Energy Solutions Ltd. IPO opens and closes?
Clean Max Enviro Energy Solutions Ltd. IPO opens from 23rd February to 25th February 2026.What is the size of Clean Max Enviro Energy Solutions Ltd. IPO?
The size of the Clean Max Enviro Energy Solutions Ltd. IPO is ₹3,086.97 Cr.What is the price range of Clean Max Enviro Energy Solutions Ltd. IPO?
The price range of Clean Max Enviro Energy Solutions Ltd. IPO is at ₹1000 to ₹1053 per share.What is the minimum investment and lot size required for the Clean Max Enviro Energy Solutions Ltd. IPO?
The minimum investment required is ₹14,742 and minimum lot size is 14 shares.When is Clean Max Enviro Energy Solutions Ltd. IPO listing date?
The Clean Max Enviro Energy Solutions Ltd. IPO will be listed on 2nd March 2026.What is the objective of Clean Max Enviro Energy Solutions Ltd. IPO?
1. Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or our Subsidiaries2. General corporate purposes
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