Clean Max Enviro IPO Sees Strong Demand from Institutional and High Net Worth Investors

Clean Max Enviro Energy Solutions' IPO Sees Healthy Institutional Demand

Overview

The initial public offering (IPO) of Clean Max Enviro Energy Solutions, which opened for public subscription on February 23 and concluded on February 25, witnessed healthy institutional demand despite muted retail demand. The issue was subscribed 0.81 times by the end of the third day of subscription.

Subscription Details

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• Qualified Institutional Buyers (QIBs): 2.37 times subscribed by 2:50 pm on the third day of subscription.
• Non-Institutional Investors (NIIS): 0.53 times subscribed.
• Retail Investors: 0.06 times subscribed.

Anchor Investor Allocation

Clean Max Enviro Energy Solutions has raised ₹921 crore from anchor investors, including Nomura, SBI Life Insurance, Tata Investment Corporation, and HDFC Mutual Fund.

IPO Details

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• The IPO comprises a fresh issue of 1.14 crore shares for ₹1,200 crore and an offer for sale (OFS) of 1.80 crore shares for ₹1,900 crore.
• The price band of the issue was fixed at ₹1,000 to ₹1,053 per share.

Issue Structure

• Book-running lead managers: Axis Capital Limited, J.P. Morgan India Private Limited, BNP Paribas, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited.
• Registrar of the issue: MUFG Intime India Private Limited.

Company Background

• Clean Max Enviro Energy Solutions is India's largest commercial and industrial renewable energy provider, with 2.80 GW of operational, owned, and managed capacity, and 3.17 GW of contracted, yet to be executed capacity, as of October 31, 2025.
• The company provides end-to-end decarbonization solutions to customers, including turnkey development, O&M solutions for renewable energy power plants, and carbon credits solutions.

Financial Performance

• Revenue from renewable energy power sales grew at a 52.71% CAGR from FY23 to FY25.
• EBITDA grew at a 58.14% CAGR during the same period, higher than the latest available median revenue and EBITDA growth rate of all peers.