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| IPO Listing At | BSE, NSE |
| IPO Issue Type | Book Build Issue |
| Issue Size | ₹3079.88 Cr |
| Fresh Issue | ₹1196.16 Cr |
| Offer for Sale | ₹1883.72 Cr |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹1000.00-1053.00 per share |
| Discount | Employee: 100.00 |
| BSE Code | 544717 |
| NSE Code | CLEANMAX |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead Managers | JP Morgan India Pvt.Ltd. |
Disclaimer: GMP is sourced from grey market dealers and is indicative only. Always conduct your own due diligence.
* Allotment, Refund, Demat Credit & Listing dates are tentative and subject to change.
Minimum bid: 14 shares and in multiples thereof
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, the company has 2.54 GW of operational, owned, and managed capacity, with an additional 2.53 GW of contracted capacity under execution.
The company’s core offerings include supplying renewable power, delivering comprehensive energy services, and providing carbon credit solutions. It serves a diverse customer base, including both technology sector clients and traditional C&I customers.
Clean Max Enviro’s expertise spans energy contracting, engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) of renewable energy plants, including solar, wind, and hybrid projects.
Business Segments:
Renewable Energy Power Sales: Supply renewable energy to customers through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs).
Renewable Energy Services: Offer end-to-end turnkey solutions, covering land acquisition, evacuation infrastructure, EPC services, power evacuation, and lifetime O&M services, along with carbon services offerings.
Competitive Strengths
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries | 1,122.67 |
| 2 | General Corporate Purposes | 23.79 |
| 3 | Issue Expenses | 134.63 |
| Total | 1,281.10 |
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| NET Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
| Amount in ₹ Crore | ||||
| KPI | Sep 30, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 0.43% | 1.27% |
| Debt / Equity | 2.53% | 1.97% |
| RoNW | 0.43% | 1.09% |
| Price to Book Value | 4.11 | 4.20 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 1.84 | 3.25 |
| P/E (x) | 634.34 | 324.28 |
| Promoter Holding | 74.89% | 49.08% |
| Market Cap | ₹12325.29 Cr. | |
