Clean Max Enviro Energy Solutions IPO

About the company

Clean Max Enviro Energy Solutions is one of the largest providers of commercial and industrial (C&I) renewable energy solutions in India, boasting 2.80 GW of operational owned and managed capacity and a further 3.17 GW of contracted capacity under execution as of October 31, 2025. According to the CRISIL report, the company is one of the early movers in the C&I renewable energy sector in India, having played a key role in shaping the evolution of the industry and its operating models. The company focuses on assisting corporate clients in their transition to net zero and decarbonization journey, mainly through the supply of renewable power, energy services, and carbon credit solutions to clients across data centres, AI and technology industries. The company has 8% market share in FY25 for annual open-access renewable energy capacity additions. Clean Max Enviro Energy Solutions conducts its business through two primary segments: Renewable energy power sales and renewable energy services. Under the power sales segment, the company provides electricity supply through onsite solar installations at clients' facilities and offsite renewable farms (solar, wind, and hybrid). The company has one of the largest onsite solar power plant portfolios of 1,330 plants aggregating 368.06 MWp spread over 23 states in India and international markets of Thailand, UAE, and Bahrain. For the offsite projects, the company offers solar, wind, and hybrid renewable energy through bilateral PPAs with conventional C&I customers across 10 states in India. The company provides renewable power generated at offsites farms through state transmission utility (STU) or central transmission utility (CTU) networks. As of September 30, 2025, Clean Max Enviro Energy has 1942.26 MW of STU-connected operating capacity. The company follows a customer-centric contracting model where projects are customised to meet the corporate needs precisely, and power is sold through long-term bilateral agreements. Through this approach, the company built a customer base of 555 as of 30 September 2025, with nearly 71.72% of the contracted capacity in H1FY26 coming from repeat customers. The company's power purchase agreements (PPAs) also offer long-term visibility with an average duration of 22.85 years and a lock-in of 16.86 years. The company generates a large share of its revenue from renewable energy power sales, which accounted for around 74% of the total FY25 revenue. Besides, this segment has higher gross margin levels of 92 to 93% compared to 32% to 33% in the services business. Within the power sales segment, the revenue is quite diversified across different operating models, with STU group captive being the biggest at 48.2% of power sales revenue in FY25, followed by STU third-party open access at 36.6%, and onsite solar at 15.1%. The renewable energy services segment mainly includes Capex/EPC services, in which projects are developed on a turnkey basis for customers who own the assets, and carbon services, including I-RECs and carbon credit solutions, are currently at a nascent stage. Capex services are the major part of this segment, accounting for 96% of the services revenue in FY25, while carbon services made up only 3.8%. The company is well diversified across new-age technology firms and traditional industrial clients. On September 30, 2025, technology customers represented 43.51% of the operational and contracted capacity, whereas conventional commercial and industrial clients made-up 56.49%. The technology segment consists of global companies like Amazon, Apple, Cisco, Equinix, and Google, essentially data centre and AI-driven energy demand, while the conventional customers are companies like Bajaj Auto Limited, BASF India Limited, Grasim Industries Limited, and Welspun Living. India, being the third-largest electricity consumer globally, has a rapidly growing power demand from businesses and industries, with the main drivers being infrastructure expansion, manufacturing push, and increasing investments in the data centre area. On the other hand, the share of renewables in the commercial and industrial segment is still only about 7%, which ought to be around 20% by 2030, thus needing 15-18 GW of annual capacity additions (22-24% growth). This gives rise to a great opportunity for CleanMax Enviro Energy Solutions as companies are increasingly turning to green power for the dual purpose of cutting their costs (30-45% savings vs grid tariffs) and meeting their sustainability targets. New exhibition space, like Virtual PPAs and renewable energy certificates, likely to be 10-15 GW by 203,0 will further broaden the reachable market. Having an established customer base, presence in more than 10 states, and a proven track record of execution, the company is very well capable of gaining from this structural change in India's energy sector. Now, Clean Max Enviro Energy Solutions Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹1,200 crore only and an offer for sale of ₹1,900 crore. The total issue size of the IPO is ₹3,100 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for the Clean Max Enviro Energy Solutions IPO?** You can pre-apply for the Clean Max Enviro Energy Solutions IPO on Upstox. The pre-application for this IPO, which means pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Clean Max Enviro Energy Solutions IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for the Clean Max Enviro Energy Solutions IPO?** If you are interested in this investment opportunity but unsure how to apply for the Clean Max Enviro Energy Solutions IPO, here we are listing out the steps for you. Here’s a step-by-step guide on how to apply for the Clean Max Enviro Energy Solutions IPO on Upstox: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the Clean Max Enviro Energy Solutions IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check the Clean Max Enviro Energy Solutions IPO allotment status?** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally done around five to seven days after an IPO closes. This is also true in the case of the Clean Max Enviro Energy Solutions IPO. The Clean Max Enviro Energy Solutions IPO’s closing date is 31 October 2022. The Clean Max Enviro Energy Solutions IPO’s allotment date has been set seven days later, on 7 November 2022. Here’s a step-by-step guide on how to check the Clean Max Enviro Energy Solutions IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your allotment status will be mentioned.

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   23 Feb 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   25 Feb 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   26 Feb 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   27 Feb 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   27 Feb 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   02 Mar 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.