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Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, we have 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. We cater to a wide range of customers, including Technology customers and conventional C&I customers. The company's expertise covers Energy contracting, Engineering, procurement, and construction (EPC), and Operation and maintenance (O&M) of renewable energy plants (solar, wind, and hybrid). Business Offerings: Power Sales Renewable Energy: Power Sales Use Provided by the way of Long-term Power Purchase Agreement (PPA) and Energy Attribute Purchase Agreement (EAPA). Services of Renewable Energy: It offers the following services: turnkey project development, EPC services, evacuation infrastructure, lifetime O and M services and carbon services.
Revenue Growth
Sotefin Bharat
Caliber Mining & Logistics
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 | |
Gulf Lloyds (India) SME | 20th Jul 2026 - 22nd Jul 2026 | 18.19 Cr | 1200 Shares | ₹ 100.00 |

Open Date
Feb 23, 2026
Close Date
Feb 25, 2026
Min Investment
₹14,742
Lot Size
14 Shares
Issue Size
₹3100 Cr
Price Range
₹1000 - ₹1000
Listing Date
Mar 2, 2026
IPO Doc
RHP PDFCompany Valuation
Earning Expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.
The company will use ₹1,122.67 crore to repay outstanding borrowings. Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Repayment of borrowings
93.56%
General corporate purposes
6.44%
The company will use ₹1,122.67 crore to repay outstanding borrowings.
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| Key Performance Indicator | 30-Sep-25 (In Cr.) | 31-Mar-25 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|
| Revenue | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| Expenses | ||||
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Net Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Reserves | ||||
| Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
Kuldeep Jain
Pratap Jain
Nidhi Jain
BGTF One Holdings (DIFC) Ltd
Kempinc LLP
74.89%
49.08%
Clean Max Enviro Energy Solutions
4th Floor, The International 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate Mumbai, Maharashtra, 400020
MUFG Intime India Pvt.Ltd.
Onsite solar installations have been the focus of the company's dispersed renewable portfolio. As of September 30, 2025, the company was running 1,330 onsite solar plants with a total capacity of 368.06 MWp in 23 states and UTs and had an international presence in markets like Thailand. This kind of geographic diversification lowers the risk from state-level regulations, and thus, the company is more capable of serving multi-location corporate clients, which is an extremely important competitive advantage in the C&I segment.
The company's revenues from renewable energy assets are largely determined by the actual energy produced, which in turn depends on solar irradiation, wind speeds, and weather conditions. Due to the changing behavior of the weather patterns caused by climate change, the energy output can be less than the planned level which can affect the revenue stability of a company.
Renewables projects are heavily dependent on the performance of solar modules, inverters, wind turbines, and energy storage systems. Any underperformance, wear and tear, or obsolescence of the technology can result in lower generation efficiency and profit. Besides, the fast-paced changes in renewable technology pose a risk. Equipment failure is another aspect that can cause loss of production time, higher maintenance costs, and penalties for non-compliance with power purchasing agreements.