IPO visibility
CleanMax’s IPO, which closes on 25 February, has fixed a price band of ₹1,000-1,053 per share, valuing it at ₹12,325 crore at the upper end. This implies an EV/EBITDA multiple of over 16x, based on annualized earnings for the first half of fiscal 2026 on a post-issue basis — well below the 19.9x average of listed peers as of March 2025, making it a conservative valuation.
