Clean Max Enviro IPO: Dates, Price Band, Listing 2026

What happened with the Clean Max Enviro IPO

Clean Max Enviro Energy Solutions, a renewable energy provider focused on commercial and industrial (C&I) customers, came to the market with a book-built public issue in February 2026. The IPO opened on February 23, 2026 and closed on February 25, 2026, with a price band of ₹1,000 to ₹1,053 per share and a lot size of 14 shares. The stock listed on BSE and NSE on March 2, 2026, but debuted below its issue price.

The listing outcome matched the subdued pre-listing signals seen in the grey market, where the premium was reported as nearly flat around ₹1 (about 0.09%) above the upper end of the price band as of February 24, 2026. Post listing, the stock traded meaningfully below ₹1,053 on both exchanges.

IPO dates and process timeline

The issue followed a standard mainboard IPO timetable from bidding to listing. Share allotment and refunds were scheduled for February 26, 2026, with shares expected to be credited to demat accounts on February 27, 2026. The company’s equity shares were listed on March 2, 2026 on BSE and NSE.

Issue size and structure: fresh issue plus OFS

The public issue was described in the data as roughly ₹3,080 crore (also commonly rounded to ₹3,100 crore in market coverage). One set of figures stated the IPO was a book build issue of ₹3,079.88 crore, including:

• Fresh issue: 1.14 crore shares aggregating to ₹1,196.16 crore
• Offer for sale (OFS): 1.79 crore shares aggregating to ₹1,883.72 crore

Other figures in the same dataset also referenced a fresh issue of about ₹1,200 crore and an OFS of about ₹1,900 crore, and total shares around 2.92 to 2.94 crore. Across these versions, the structure is consistent: a fresh issue component alongside an OFS.

Price band, lot size, and minimum application amount

The IPO was priced in the range of ₹1,000 to ₹1,053 per share, with the final issue price indicated as ₹1,053. Investors could bid for a minimum of 14 shares and in multiples thereafter.

Based on the upper end of the price band, the minimum retail investment was stated as ₹14,742 for 1 lot (14 shares). The dataset also gave category-wise examples: sNII at 14 lots (196 shares) requiring ₹2,06,388, and bNII at 68 lots (952 shares) requiring ₹10,02,456.

An employee reservation was also mentioned: up to 3,14,795 shares, offered at a discount of ₹100 to the issue price.

Subscription indicators: overall muted, QIB relatively stronger

Subscription commentary in the dataset pointed to caution among investors. One data point said the IPO was subscribed 0.94 times overall. During bidding, the issue was reported at 37% subscription on the second day, with qualified institutional buyers (QIBs) oversubscribing their portion by 1.03 times, while retail participation was low, reported at 2% in one update and 3% in another.

The divergence between categories suggested institutional interest was present but retail demand was weak in the available updates.

Anchor allocation and pre-IPO placement details

Ahead of the IPO, the company raised about ₹921 crore from anchor investors. One specific disclosure stated ₹920.99 crore was raised by allotting 87.46 lakh shares at ₹1,053 each to 41 anchor investors.

The anchor list mentioned in the dataset included names such as Temasek Holdings, SBI Life, Nomura Asset Management, HDFC Mutual Fund, ADIA, and Franklin Templeton. Separately, the company was also reported to have raised ₹1,500 crore in a pre-IPO round from investors including Temasek Holdings, Bain Capital, 360 One, Steadview Capital and certain family offices.

Company profile and operating capacity snapshot

Clean Max Enviro Energy Solutions is positioned as a C&I renewable energy provider in India. Capacity figures cited varied by reference date in the dataset:

• As of October 31, 2025 (per a CRISIL report reference), the company had 2.80 GW of operational, owned and managed capacity, and 3.17 GW of contracted yet-to-be-executed capacity.
• Another datapoint stated that as of July 31, 2025, the company had 2.54 GW operational capacity and 2.53 GW of contracted capacity under execution.

The company’s offerings were described as supplying renewable power, comprehensive energy services, and carbon credit solutions, supported by EPC as well as operations and maintenance capabilities across solar, wind, and hybrid projects.

Financial disclosures cited in the dataset

Multiple financial datapoints were provided, including both annual and half-year figures:

• Revenue from operations was described as rising from ₹929.58 crore in FY23 to ₹1,389.84 crore in FY24 and ₹1,495.70 crore in FY25.
• For the six months ended September 30, 2025, consolidated net profit was ₹15.44 crore and income from operations was ₹932.95 crore.
• Renewable energy power sales revenue as a share of revenue from operations was stated at 77.09% in H1FY2026 and 74.03% in FY2025.

Another set of commentary in the dataset also referenced FY25 revenue at ₹1,610 crore versus ₹1,425 crore in FY24, along with FY25 net profit of ₹19.43 crore, EBITDA margin of 63.1% in FY25 (52% in FY24), and net debt of ₹5,938 crore with a net debt-to-equity ratio of 1.9x.

Listing day performance: below issue price on BSE and NSE

On listing day (March 2, 2026), the stock opened below the issue price on both exchanges. The dataset reported the debut price at ₹952.20 on BSE (a 9.57% discount to ₹1,053) and ₹960.00 on NSE.

Intraday and end-of-day data points in the dataset showed the stock traded significantly lower at points during the session.

An NSE end-of-day snapshot (15:52 on 02-03-2026) reported ₹867.50, down ₹185.50 (−17.62%) versus the prior close of ₹1,053.00.

The dataset also reported that Citigroup offloaded ₹70 crore worth of shares at a 20% discount to the IPO price after the weak debut on NSE.

Use of proceeds and what investors tracked next

The stated objective for the fresh issue proceeds included repayment or pre-payment of borrowings of ₹1,125.00 crore, with the balance earmarked for general corporate purposes. The dataset also referenced a pre-IPO market capitalisation estimate of about ₹12,325 crore at the upper end of the price band.

With the shares listing at a discount and the issue witnessing mixed subscription signals, the near-term focus remained on trading stability, execution of the contracted portfolio, and progress on the intended debt reduction plan using the fresh issue proceeds.