Clean Max Ipo
Clean Max Enviro Energy IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
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
SBI Capital Markets Limited
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 14 | ₹14,742 |
| Retail Maximum | 13 | 182 | ₹1,91,646 |
| S-HNI Minimum | 14 | 196 | ₹2,06,388 |
| S-HNI Maximum | 67 | 938 | ₹9,87,714 |
| B-HNI Minimum | 68 | 952 | ₹10,02,456 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
| Anchor Bidding Date | February 20, 2026 |
| Anchor Investors List | |
| Shares Offered | 87,46,437 Shares |
| Anchor Size | 921 Cr. |
| lock-in period end date 50% shares (30 Days) | March 28, 2026 |
| lock-in period end date 50% shares (90 Days) | May 27, 2026 |
| IPO Open Date: | February 23, 2026 |
| IPO Close Date: | February 25, 2026 |
| Basis of Allotment: | February 26, 2026 |
| Refunds: | February 27, 2026 |
| Credit to Demat Account: | February 27, 2026 |
| IPO Listing Date: | March 2, 2026 |
| IPO Bidding Cut-off Time: | February 25, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 10,14,41,820 | 74.89% |
| Promoter Holding Post Issue | 11,28,37,831 | 49.08% |
| Purpose | Crores |
| Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries | ₹1,125.00 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹960.98 | ₹555.06 | ₹59.47 | ₹7,000.14 |
| 2024 | ₹1,425.31 | ₹683.74 | ₹37.64 | ₹9,076.55 |
| 2025 | ₹1,610.34 | ₹595.27 | ₹19.43 | ₹13,279.25 |
| Sep 2025 | ₹969.35 | ₹331.49 | ₹19.00 | ₹16,945.65 |
| KPI | Values |
| ROE: | -% |
| ROCE: | -% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹2.88 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 1.09% |
| Net Asset Value (NAV): | ₹250.93 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| ACME Solar Holdings Ltd | 4.55 | 49.46 | 5.59% | 74.54 | 1,405.13 Cr. |
| NTPC Green Energy Ltd | 0.67 | 132.94 | 2.58% | 21.88 | 2,209.64 Cr. |
| Adani Green Energy Limited | 8.37 | 119.14 | 13.48% | 58.63 | 11,212.00 Cr. |
| ReNew Energy Global PLC$ | 10.92 | 44.84 | 3.39% | 310.40 | 9,751.30 Cr. |
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| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹1000 to ₹1053 Per Share |
| Issue Size | Approx ₹3,100 Crores |
| Fresh Issue | Approx ₹1,200 Crores |
| Offer for Sale: | Approx 1,80,43,684 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |