Clean Max Enviro Energy Solutions’ ₹3,100 crore IPO was listed on the BSE and NSE on Monday, 2 March 2026. The issue saw weak demand during the three-day bidding period and was not fully subscribed.
The IPO opened on 23 February and closed on 25 February. On listing day, the shares opened at ₹960 on NSE, which was 8.83% lower than the issue price of ₹1,053. On BSE, the stock listed at ₹952.20, reflecting a discount of 9.5%.
The allotment of shares was finalized on 26 February.
Subscription and Issue Details
The IPO price band was fixed at ₹1,000 to ₹1,053 per equity share. According to NSE data, the issue was subscribed 94% overall.
Retail investor category: 6% subscription
Non-institutional investor category: 54% subscription
Qualified Institutional Buyers (QIBs): Subscribed 2.83 times
The company raised ₹921 crore from anchor investors on 20 February.
Retail investors could apply in lots of 14 shares. At the upper price band, one lot cost ₹14,742. Shares worth up to ₹30 crore were reserved for employees, who were offered a discount of ₹100 per share.
Offer for Sale and Stake Reduction
Several existing shareholders reduced their stakes through the offer for sale. These included promoter Kuldeep Jain and institutional investors Brookfield’s BGTF One Holdings (DIFC)
and KEMPINC. Early investors Augment India I Holdings and DSDG Holding APS also participated in the offer for sale.
Company Business and Financial Performance
As of 31 March 2025, Clean Max Enviro Energy Solutions was the largest renewable energy solutions provider serving the commercial and industrial sector in India.
As of 31 July 2025, the company had:
2.54 gigawatts of operating and managed assets
2.53 gigawatts of capacity under construction or contracted
Apart from generating renewable energy, the company also provides energy optimization advisory services and carbon credit solutions for corporate clients.
In FY2025, the company reported revenue of ₹1,610.34 crore, which was a 13% increase compared to ₹1,425.31 crore in FY2024.
