About
Clean Max Enviro Energy Solutions Limited is a commercial and industrial renewable energy company incorporated in 2010 in Mumbai, India. The company was founded by Kuldeep Jain, Pratap Jain and Nidhi Jain, along with corporate promoters BGTF One Holdings (DIFC) Limited and KEMPINC LLP. Clean Max operates across the renewable energy value chain, focusing on solar, wind and hybrid solutions for commercial and industrial customers. The company’s operations span two core segments. The Renewable Energy Power Sales segment supplies clean power through long-term power purchase agreements. The Renewable Energy Services segment provides EPC, operations and maintenance, and carbon-related services. Clean Max delivers both onsite and offsite renewable energy solutions and manages assets across multiple locations in India. Its business model is built on long-term contracts, asset ownership and deep execution capabilities. Key strengths include integrated project development, strong customer relationships, diversified offerings and nearly 15 years of sector experience. Clean Max positions itself as a long-term partner for customers pursuing cost efficiency and decarbonisation goals.
IPO schedule
| Issue open date | 2026-02-23 |
| Issue close date | 2026-02-25 |
| UPI mandate deadline | 2026-02-25 (5 PM) |
| Allotment finalization | 2026-02-26 |
| Refund initiation | 2026-02-27 |
| Share credit | 2026-02-27 |
| Listing date | 2026-03-02 |
| Mandate end date | 2026-03-12 |
| Lock-in end date for anchor investors (50%) | 2026-03-28 |
| Lock-in end date for anchor investors (remaining) | 2026-05-27 |
Financials
| Financial Year Ended | March 2024 | March 2025 | September 2025 |
| Total Assets | 9076.55 | 13279.25 | 16945.65 |
| Revenue | 1425.31 | 1610.34 | 969.35 |
| Profit After Tax | -37.64 | 19.43 | 19 |
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 3100 |
| Fresh Issue - Proceeds go to the company | 1200 |
| Offer for sale - Proceeds go to the existing investors | 1900 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Pre-payment / repayment of borrowings | 1122.67 (93.56%) |
| General corporate purposes | 77.33 (6.44%) |
Strengths
- Nearly 15 years of experience in commercial and industrial renewable energy.
- Integrated capabilities across project development, EPC, O&M, and power sales.
- Long-term power purchase agreements ensure revenue visibility.
- Diversified portfolio across solar, wind, and hybrid energy solutions.
- Strong promoter background with support from institutional investors.
Risks
- High debt levels may impact cash flows and financial flexibility.
- Business depends on evolving renewable energy and open access regulations.
- Credit risk from commercial and industrial customers.
- Execution risks related to land acquisition, approvals, and grid connectivity.
- Power generation varies due to weather and resource availability.
Allotment Status for Clean Max Enviro Energy Solutions
To check your IPO allotment status:
- Visit the MUFG Intime India IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.