Clean Max Enviro Energy Solutions IPO: Brookfield-backed Clean Max Enviro Energy Solutions is set to enter the primary market with its public issue opening for subscription on Monday, February 23, and remaining available to investors until Wednesday, February 25. The company has announced a price band of ₹1,000 to ₹1,053 per share for the offering.
Ahead of the public subscription, the anchor book for the IPO will open on Friday, February 20. As per the tentative timeline, the finalisation of share allotment is scheduled for Thursday, February 26, with refunds to unsuccessful applicants to be processed on the same day.
Shares allotted to successful bidders are expected to be credited to demat accounts on Friday, February 27, while the company is likely to debut on the BSE and NSE on Monday, March 2.
IPO GMP:Ahead of opening, investors watch out for the trends in the grey market premium (GMP) to gauge the estimated listing price. Here’s what Clean Max Enviro’s IPO GMP today signals.
Clean Max Enviro shares are showing a muted trend in the grey market. According to websites tracking the grey market, Aye Finance IPO GMP today is ₹7 per share today. This means that Clean Max Enviro shares are expected to list at ₹1,060, a premium of ₹0.66% from IPO price of ₹1,053. It fell from ₹9 in the previous session, February 18 and ₹14 on February 17.
Clean Max Enviro IPO Details
The proposed ₹3,100 crore public issue has been structured as a mix of a fresh equity issuance worth ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore. Notably, the company has pared back the size of the IPO from the earlier planned ₹5,200 crore, as disclosed in the draft papers submitted in August last year, reflecting a recalibration of its capital-raising plans.
The OFS portion will involve equity dilution by promoter Kuldeep Jain, along with institutional shareholders Brookfield’s BGTF One Holdings (DIFC) and KEMPINC, as well as existing investors Augment India I Holdings and DSDG Holding APS.
For retail participants, the issue comes with a lot size of 14 shares. At the top end of the price band, an investor will need to commit ₹14,742 to apply for the minimum bid of one lot, translating into an application for 14 equity shares.
Ahead of the IPO, Clean Max raised ₹1,185 crore earlier this month, strengthening its balance sheet before tapping public markets. This included ₹296.8 crore mobilised via a pre-IPO placement, which attracted participation from global investors such as Temasek Holdings, through its affiliate Jongsong Investments, and Bain Capital Advisors.
On February 6, the company issued 28.19 lakh new equity shares to Jongsong Investments at an issue price of ₹1,053 per share, amounting to ₹296.8 crore, under the fresh issue component. On the same day, existing shareholders BGTF One Holdings (DIFC) and KEMPINC LLP offloaded 84.34 lakh shares, equivalent to a 7.94% stake, for a total consideration of ₹888.1 crore.
These shares were acquired by a group of investors including Jongsong Investments, GSS India Opportunities AIF Scheme I managed by Bain Capital Advisors, Neo Digital Investments, Anjali Ashutosh Taparia, and Aruna Sanjeev Taparia, all at the same transaction price of ₹1,053 per share.
As per the offer structure, up to 50% of the issue has been earmarked for Qualified Institutional Buyers (QIBs), while at least 15% has been reserved for Non-Institutional Investors (NIIs). Retail investors will have access to not less than 35% of the issue. In addition, the company has set aside an employee reservation of shares valued at up to ₹300 million.
The IPO is being led by a consortium of merchant bankers comprising Axis Capital, JP Morgan India, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets.
About Clean Max Enviro
According to a CRISIL assessment, Clean Max Enviro ranks as India’s largest provider of renewable energy solutions for commercial and industrial customers as of March 31, 2025. As of July 31, 2025, the company had 2.54 GW of renewable energy capacity under operation, ownership and management, while an additional 2.53 GW was under execution or contracted for development.
Clean Max’s business spans renewable power supply, energy advisory services, and carbon credit management, catering to a broad customer base that includes technology-driven enterprises as well as traditional industrial and commercial users.
The red herring prospectus (RHP) also outlines a peer comparison, listing ACME Solar Holdings Ltd with a P/E multiple of 49.46, NTPC Green Energy Ltd at 132.94, Adani Green Energy Limited at 119.14, and ReNew Energy Global PLC trading at a P/E of 44.84.
