/ 14 Shares
23-Feb-2026 - 25-Feb-2026
₹ 1000 - ₹ 1053
₹ 14742.00
14
29,469,591
Face Value - ₹ 1/- Per Share
Listing at NSE BSE
728,869 Application Required in Retail for 1 Time.
Registrar : Link Intime India Private Ltd
Fresh Issue of Equity Shares aggregating up to Rs.1,200 Cr and Offer for sale of Equity Shares aggregating up to Rs.1,900 Cr
| Category | % | Shares/Amount |
|---|---|---|
| QIB | 50% | 14,577,397 Shares RS.1535.00 CR |
| HNI 1 | 5% | 1,457,740 Shares RS.153.50 CR @ 7437 FROM 1X |
| HNI 2 | 10% | 2,915,480 Shares RS.307.00 CR @ 14875 FORM 1X |
| Retail | 35% | 10,204,179 Shares RS.1074.50 CR @ 728870 FORM 1X |
| Employee | 0% | 314,795 Shares RS.30.00 CR |
BRLMs: Axis Capital, J.P. Morgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura Financial, BOB Capital Markets, SBI Capital Markets
| Retail (Upto 2 Lakh) | HNI (2 Lakh to 10 Lakh) | HNI (Above 10 Lakh) |
|---|---|---|
| 728870 FORM 1X | 7437 FROM 1X | 14875 FORM 1X |
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Upto 2 Lakh) | 1 | 14 | ₹ 14,742 |
| Retail (Upto 2 Lakh) | 13 | 182 | ₹ 191,646 |
| S-HNI (2 Lakh to 10 Lakh) | 14 | 196 | ₹ 206,388 |
| S-HNI (2 Lakh to 10 Lakh) | 67 | 938 | ₹ 987,714 |
| B-HNI (Above 10 Lakh) | 68 | 952 | ₹ 1,002,456 |
25-Feb-2026 17:03
| Category | Book Size | Subscription | No. of Times |
|---|---|---|---|
| QIB | 5,830,959 ₹ 614.00 Cr. | 17,374,756 ₹ 1829.56 Cr. | 2.98x |
| HNI (<10 LAKH) | 1,457,740 ₹ 153.50 Cr. | 99,848 ₹ 10.51 Cr. | 0.07x |
| HNI2 (>10 LAKH) | 2,915,480 ₹ 307.00 Cr. | 2,376,304 ₹ 250.22 Cr. | 0.82x |
| RETAIL | 10,204,179 ₹ 1074.50 Cr. | 683,410 ₹ 71.96 Cr. | 0.07x |
| EMP | 314,795 ₹ 33.15 Cr. | 34,804 ₹ 3.66 Cr. | 0.11x |
| Total | 20,723,153 | 20,569,122 | 0.99x |
| Category | Book Size | Subscription | No. of Times |
|---|---|---|---|
| QIB | 5,830,959 ₹ 614.00 Cr. | 17,374,756 ₹ 1829.56 Cr. | 2.98x |
| HNI (<10 LAKH) | 1,457,740 ₹ 153.50 Cr. | 99,848 ₹ 10.51 Cr. | 0.07x |
| HNI2 (>10 LAKH) | 2,915,480 ₹ 307.00 Cr. | 2,376,304 ₹ 250.22 Cr. | 0.82x |
| RETAIL | 10,204,179 ₹ 1074.50 Cr. | 683,410 ₹ 71.96 Cr. | 0.07x |
| EMP | 314,795 ₹ 33.15 Cr. | 34,804 ₹ 3.66 Cr. | 0.11x |
| Total | 20,723,153 | 20,569,122 | 0.99x |
*Excluding Anchor
Total No. of Application Approx : ~35997 (0.05 Appwise)
| Appwise Subscription | ||
|---|---|---|
| Category | Total App | App wise |
| HNIBT | 398.90 7437 (For 1x) | 0.05x |
| HNIAT | 107.94 14875 (For 1x) | 0.01x |
| RETAIL | 13732.00 728870 (For 1x) | 0.02x |
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? Incorporated in September 2010, Clean Max Enviro Energy Solutions is a provider of
commercial and industrial renewable energy solutions. The company specialises in
delivering decarbonization solutions, including supplying renewable power and
offering energy services and carbon credit solutions to customers.
? The company’s expertise, including solar, wind and hybrid plants, within the
customer’s premises and encompasses EPC services and O&M services for
renewable energy plants, including solar, wind, and hybrid plants, within the
customer’s premises and on CleanMax-developed farms.
? The company operates 2 business segments: (i) Renewable Energy Power Sales
Segment (Sale of power under long-term PPAs); and (ii) Renewable Energy Services
Segment (EPC, O&M services and carbon services to customers).
? The company is India’s largest commercial and industrial (“C&I”) renewable energy
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 holds a leading position, with the largest customer base among C&I
renewable energy players in India, comprising 555 customers across 1,198 signed
PPAs as of September 30, 2025.
? The company’s business model differs from that of utility-scale RE developers, as it
does not participate in competitive tenders with state-owned distribution
companies or central government utilities. The company’s weighted average tariff
for capacity commissioned in 6 months ended September 30, 2025, was Rs 3.66 per
kWh, whereas the industry weighted average for listed utility-scale renewable
energy players for the same period was Rs 2.44 – 2.46 per kWh.
? As of March 31, 2025, the company had one of the widest geographical coverages,
offering on-site solar in 23 states in India and international locations, including the
UAE, Thailand, and Bahrain. Furthermore, CleanMax offers STU and CTU connected
farms across 10 states in India, featuring a blend of wind and solar solutions for C&I
customers.
? The company had a market share of ~8% of the yearly OA RE capacity additions in
FY 2025 and 12% in FY 2023. The company had a higher market share in Gujarat and
Karnataka during FY 2024.
? The company is recognized as a sector leader in renewable power sector by Global
Real Estate Sustainability Benchmark (“GRESB”) Infrastructure Asset Benchmark
Report 2025. This positions the company as a preferred partner for clients, including
technology companies that seek vendors dedicated to sustainability principles.
? The company’s Revenue from Renewable Energy Power Sales grew at a 52.71%
CAGR from FY2023 to FY 2025 and its EBITDA grew at a CAGR of 58.14% during the
same period, which was higher than the latest available median revenue and EBITDA
growth rate of all peers of 9.77% and 16.11%, respectively.
Competitive Strength
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| NET Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
| Amount in ? Crore | ||||
| # | Issue Objects | Est Amt (? Cr.) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries | 1,200.00 |
| 2 | General corporate purposes | |
| Total | 1,200.00 |
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Step 03 : Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).
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