Clean Max Enviro Energy Solutions’ ₹3,100 crore IPO was listed on both the BSE and the NSE on Monday, 2 March 2026.
The IPO received weak demand during its three-day bidding period and was not fully subscribed. The issue opened on 23 February and closed on 25 February 2026.
On listing day, the shares opened at ₹960 on NSE, which was 8.83% lower than the issue price of ₹1,053. On BSE, the stock listed at ₹952.20, reflecting a discount of 9.5% compared to the issue price.
IPO Subscription and Key Details
The share allotment was finalized on 26 February 2026. The IPO price band was fixed between ₹1,000 and ₹1,053 per equity share.
According to NSE data, the IPO was subscribed 94% overall.
Retail investor category: 6% subscription
Non-institutional investor category: 54% subscription
Qualified institutional buyers (QIBs): Subscribed 2.83 times
Promoter Kuldeep Jain reduced his stake in the offer. Institutional investors such as Brookfield’s BGTF One Holdings (DIFC) and KEMPINC also reduced their holdings.
Early investors Augment India I Holdings and DSDG Holding APS participated in the offer for sale.
On 20 February 2026, the company raised ₹921 crore from anchor investors.
Retail investors could apply in lots of 14 shares. At the upper price band, one lot cost ₹14,742. Shares worth up to ₹30 crore were reserved for employees, who were offered a discount of ₹100 per share.
Company Business and Financial Performance
As of 31 March 2025, Clean Max Enviro Energy Solutions was the largest renewable energy solutions provider serving the commercial and industrial sector in India.
As of 31 July 2025, the company had:
2.54 gigawatts (GW) of operating and managed assets
2.53 gigawatts (GW) of capacity under construction or contracted
Apart from energy generation, the company also offers energy optimization advisory services and carbon credit solutions to corporate clients.
In FY2025, the company reported revenue of ₹1,610.34 crore, which was a 13% increase compared to ₹1,425.31 crore in FY2024.
