Clean Max Enviro Energy Solutions came to market through an IPO that opened on 23 February 2026 and closed on 25 February 2026, and the shares listed on 2 March 2026 on BSE, NSE. The price band was ₹1,000 to ₹1,053 per share and one lot was 14 shares, so the minimum application was ₹14,742. The issue size was ₹3100 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
MUFG Intime India Pvt.Ltd was the registrar to the issue, and Axis Capital Pvt.Ltd., JP Morgan India Pvt.Ltd., BNP Paribas, HSBC Securities & Capital Markets (India) Pvt.Ltd., IIFL Capital Services Ltd., Nomura Financial Advisory & Securities (India) Pvt.Ltd., BOB Capital Markets Ltd., SBI Capital Markets Ltd were the lead managers.
As of 25 February 2026.
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Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, we have 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. We cater to a wide range of customers, including Technology customers and conventional C&I customers.
The company's expertise covers Energy contracting, Engineering, procurement, and construction (EPC), and Operation and maintenance (O&M) of renewable energy plants (solar, wind, and hybrid). Business Offerings: Power Sales Renewable Energy: Power Sales Use Provided by the way of Long-term Power Purchase Agreement (PPA) and Energy Attribute Purchase Agreement (EAPA). Services of Renewable Energy: It offers the following services: turnkey project development, EPC services, evacuation infrastructure, lifetime O and M services and carbon services.
As described in the offer document.
| Metric | 30-Sep-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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Clean Max Enviro Energy anchors Rs 921 cr ahead of Rs 3,100 cr IPO. Zulia Investments, SBI Life Insurance, Nomura India Investment Fund Mother Fund, and Eastspring Investments were the largest investors in the company through the anchor book, buying 6.31 lakh shares worth Rs 66.5 crore each. Marquee global investors like Abu Dhabi Investment Authority, Susquehanna Pacific, Societe Generale, Citigroup Global, and Moon Capital Trading also participated in the anchor book.
Of the total allocation of 87.46 lakh equity shares to anchor investors, 18.99 lakh equity shares were allocated to six domestic mutual funds, including HDFC Mutual Fund, PGIM India, Trust Mutual Fund, and Franklin India. Insurance companies like SBI Life Insurance, IndiaFirst Life Insurance, Canara HSBC Life Insurance, and Bharti AXA Life Insurance also bought 14.86 lakh shares worth Rs 156.5 crore in the anchor book.
Ltd, Kempinc LLP. Promoter holding 74.89% before the issue and 49.08% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Clean Max Enviro Energy Solutions IPO was a ₹3,100 crore book-built issue, comprising a fresh issue of ₹1,200 crore and an offer for sale of ₹1,900 crore. It was priced at ₹1,000–₹1,053 per share with a lot size of 14 shares (₹14,742). The IPO was open from February 23 to February 25, 2026 and was subscribed 0.99x. Shares listed on BSE and NSE on March 2, 2026 at ₹960, a 8.8% discount to the issue price of ₹1,053.
MUFG Intime India Pvt. Ltd. is the registrar. Axis Capital Pvt. Ltd. and 7 other book running lead managers manage the issue.
The price band of Clean Max Enviro Energy Solutions IPO is ₹1000 to ₹1053 per share.
The lot size of Clean Max Enviro Energy Solutions IPO is 14 shares.
The minimum investment for Clean Max Enviro Energy Solutions IPO is approximately ₹14,742 based on the upper price band.
The allotment date of Clean Max Enviro Energy Solutions IPO is Feb 26, 2026.
Clean Max Enviro Energy Solutions IPO's final recorded GMP before listing was -₹25 per share (a 2% discount to the ₹1053 upper price band). The shares listed at ₹960. GMP is unofficial and does not forecast or guarantee the actual listing price.
Clean Max Enviro Energy Solutions IPO listed on Mar 2, 2026. It was issued at ₹960.0(NSE) and is currently around ₹1255.00 as on 2-Nov-2026 3:30 PM, which is approximately 19.2% versus issue price. The 52-week high is ₹1,536.00.
You can check Clean Max Enviro Energy Solutions IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Clean Max Enviro Energy Solutions IPO allotment status on Rupix for quick and easy access.
₹1,000 to ₹1,053 per share, against a face value of ₹1. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 14 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,742.
₹14,742, for one lot of 14 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 23 February 2026 and closed on 25 February 2026.
The basis of allotment was published on 26 February 2026 by MUFG Intime India Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 2 March 2026 on BSE, NSE.
The issue size was ₹3100 crore. The fresh issue was 1,13,96,011 shares (aggregating up to ₹1200 crore). The offer for sale was 1,80,43,684 shares (aggregating up to ₹1900 crore).