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₹1,053 - 1,053
Clean Max Enviro Energy Solutions Ltd
Power Generation & DistributionIPO
₹1,053 - 1,053
We are a provider of renewable energy to commercial & industrial customers. With 15 years of experience since our inception in 2010, we specialize in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers. We operate a fully business-to-business model, serving only commercial and industrial clients. Our expertise spans across providing EPC services and O&M services of renewable energy plants including solar, wind and hybrid plants, within our customer's premises and within CleanMax-developed farms. We operate two business segments: (i) Renewable Energy Power Sales Segment (where we sell power under long-term PPAs); and (ii) Renewable Energy Services Segment (where we offer EPC, O&M services and carbon services to customers). As of October 31, 2025, we had 2,799 MW operational capacity.
Lot14Min Invest₹14,742Face Value₹1Issue Size₹3,084 CrFresh Issue₹1,200 CrOffer for Sale₹1,884 CrListing Price₹960CMP₹1,176
Timeline
23 Feb
Bidding opens
25 Feb
Bidding closes
26 Feb
Allotment
26-27 Feb
Refund & demat credit
2 Mar
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹3,084 Cr2.93 Cr shares
Fresh Issue₹1,200 Cr
Offer for Sale₹1,884 Cr
Face Value₹1
Lot Size14 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,7421-13 lots
sNII₹2,06,388from 14 lots
bNII₹10,02,456from 68 lots
Managers & Registrar
Lead ManagerAxis Capital Limited
Co-ManagerJ.P. Morgan India Private Limited, BNP Paribas, HSBC Securities & Capital Markets (I) Pvt Ltd, IIFL Capital Services Limited, Nomura Financial Advisory & Securities (I) Pvt Ltd, BOB Capital Markets Limited, SBI Capital Markets Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrKuldeep JainPRMTR20,58,870216.80BGTF One Holdings (DIFC) LimitedPRMTR85,84,026903.90KEMPINC LLPPRMTR6,93,25773.00Augment India I Holdings, LLCOTH51,46,448541.92DSDG HOLDING APSOTH15,61,083164.38Total1,80,43,6841,900.00
Shareholding
CategoryPre IPOPost IPOPromoter Group64.99%49.15%Public35.01%50.85%
Objects of the Issue
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 930 | 1,390 | 1,496 | 1,913 | 2,343 |
| Operating ProfitCr | 375 | 706 | 900 | 1,132 | 1,287 |
| OPM% | 40.3 | 50.8 | 60.2 | 59.2 | 54.9 |
| PBTCr | -18 | 5 | 60 | 135 | 255 |
| PATCr | -61 | -39 | 19 | 86 | 153 |
| EPS | -9 | -4 | 3 | 9 | 15 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 4 | 4 | 5 | 12 | - |
| ReservesCr | 1,207 | 1,829 | 2,558 | 4,627 | - |
| BorrowingsCr | 3,875 | 5,570 | 8,087 | 12,684 | - |
| Fixed AssetsCr | - | - | - | 11,992 | - |
| Total AssetsCr | 7,000 | 9,077 | 13,279 | 23,098 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 928 | 86 | 1,404 | 1,731 | - |
| Investing Cash FlowCr | -3,011 | -1,939 | -3,617 | -5,957 | - |
| Financing Cash FlowCr | 2,144 | 1,789 | 2,481 | 5,095 | - |
| Net Cash FlowCr | 61 | -64 | 268 | 869 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Comprehensive Suite of Customer-Centric Capabilities Leading to C&I Market Leadership and Strong Customer Relationships.
- Timely and Cost-Effective Project Development, Execution and Management Capabilities.
- Efficient capital allocation and risk management.
- Its People and Culture.
Strategies · as stated in the DRHP
- Preserving its Core Purpose and Values.
- Evolving its Operating Practices and Strategies.
Risks · as stated in the DRHP
- In Fiscals 2024 and 2023, the company incurred restated loss for the year of Rs.376.43 million and Rs.594.73 million respectively and generated profits in Fiscal 2025. Further, some of Subsidiaries have incurred losses in Fiscals 2025, 2024 and 2023. If the company is unable to generate adequate cash profits and make scheduled loan repayments, the company may not be able to maintain its profitability.
- The company faces risk and uncertainties when developing renewable energy projects which could cause delays to the completion of its projects, increase the company's projects costs or result in the short closing of its project capacity, thereby adversely affect the company's cash flows, financial condition and prospects.
- The company's operational projects located in the States of Karnataka and Gujarat contributed an aggregate of 78.76%, 79.71% and 66.91% of its revenue from Renewable Energy Power Sales in Fiscals 2025, 2024 and 2023, respectively. Any adverse developments including changes in the regulatory framework affecting such states may have a heightened impact on the company's business, cash flows, financial condition and results of operations.
- The company's top 10 customers contributed 36.16%, 45.39% and 44.32% of its Revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The proportion of operational capacity attributed to our top 10 customers is expected to increase as we begin commissioning projects under construction with certain of such customers. Any failures to maintain renew or enter into new engagements with the company's top 10 customers could have a material adverse impact on its operations and financial condition.
- The company's PPAs or EAPAs may be terminated by counterparties upon the occurrence of certain events. In the event its PPAs or EAPAs are terminated, and the company is unable to secure a replacement PPA or EAPA in a timely manner or on similar terms, the company's business, results of operations, cash flows and prospects may be adversely affected.
- There are outstanding litigation proceedings involving the Company, Subsidiaries, Promoters, Directors and the company's Key Managerial Personnel. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, cash flows, financial condition and results of operations.