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Brookfield-backed Clean Max Enviro Energy Solutions IPO price band has been fixed in the range of ₹1,000 to ₹1,053 per equity share of the face value of Re 1. The Clean Max Enviro Energy Solutions IPO date of subscription is scheduled for Monday, February 23 and will close on Wednesday, February 25. The allocation to anchor investors for the Clean Max Enviro Energy Solutions IPO is scheduled to take place on Friday, February 20.

The floor price is 1,000 times the face value of the equity shares and the cap price is 1,053 times the face value of the equity shares. The Clean Max Enviro Energy Solutions IPO lot size is 14 equity shares and in multiples of 14 equity shares thereafter.

Clean Max Enviro Energy Solutions IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Employee portion has been reserved shares up to ₹300 million.

Tentatively, Clean Max Enviro Energy Solutions IPO basis of allotment of shares will be finalised on Thursday, February 26 and the company will initiate refunds on Thursday, while the shares will be credited to the demat account of allottees on Friday, February 27. Clean Max Enviro Energy Solutions share price is likely to be listed on BSE and NSE on Monday, March 2.

IPO comprises a new issuance of shares totaling ₹1,200 crore, alongside an offer-for-sale of shares valued at ₹1,900 crore. The total offer size has been lowered from the previously planned ₹5,200 crore, as indicated in the initial documents submitted in August of last year.

The selling stakeholders in the offer-for-sale include promoters Kuldeep Jain, Brookfield's BGTF One Holdings (DIFC), and KEMPINC, along with investors Augment India I Holdings and DSDG Holding APS.

The CleanMax IPO is being managed by 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.

Earlier this month, CleanMax secured ₹1,185 crore prior to the IPO launch, which includes ₹296.8 crore raised through pre-IPO placement, from various global investors such as Temasek Holdings (via Jongsong Investments) and Bain Capital Advisors.

On February 6, the company issued 28.19 lakh new equity shares valued at ₹296.8 crore, at a price of ₹1,053 per share to Jongsong Investments as part of the fresh issue component.

On the same day, BGTF One Holdings (DIFC) and KEMPINC LLP divested 84.34 lakh shares, representing a 7.94% stake, worth ₹888.1 crore in CleanMax to several investors, including Jongsong Investments, Bain Capital Advisors-managed GSS India Opportunities AIF Scheme I, Neo Digital Investments, Anjali Ashutosh Taparia, and Aruna Sanjeev Taparia, at the same price.

Clean Max Enviro is recognized as the largest provider of renewable energy for commercial and industrial purposes in India as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, we operate, own, and manage 2.54 GW of capacity, with an additional 2.53 GW of capacity currently under contract and in progress.

Their primary services include the provision of renewable energy, energy consultancy, and carbon credit management. They serve a diverse clientele that includes both technology-based customers and traditional commercial and industrial clients.

The company's proficiency includes energy contracting, engineering, procurement, and construction (EPC), along with the operation and maintenance (O&M) of renewable energy facilities, which encompass solar, wind, and hybrid systems.

As per the red herring prospectus (RHP), the company's listed peers are ACME Solar Holdings Ltd (with a P/E of 49.46), NTPC Green Energy Ltd (with a P/E of 132.94), Adani Green Energy Limited (with a P/E of 119.14), and ReNew Energy Global PLC (with a P/E of 44.84).

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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