Clean Max Enviro Energy Solutions IPO Subscription Status and Updates

The Clean Max Enviro Energy Solutions IPO has concluded its bidding period, ending with a total subscription of 0.99 times on its closing day, February 25, 2026. While the Qualified Institutional Buyers (QIB) segment showed strong interest, the retail and non-institutional categories saw more muted participation compared to recent market trends.

The company offered its shares in a price band of Rs. 1,000 to Rs. 1,053 per share, with a minimum lot size of 14 shares. The total issue size was Rs. 3,100.00 crore, consisting of a fresh issue of Rs. 1,200.00 crore and an offer for sale (OFS) of Rs. 1,900.00 crore.

Clean Max Enviro Energy Solutions IPO Subscription Status - Final (Day 3)

By the end of the final bidding window, the IPO recorded varying levels of demand across investor categories. The QIB segment led the way, being oversubscribed by nearly 3 times. However, the retail portion remained undersubscribed, closing at 0.07x.

Last updated: 6:54 PM, Wednesday, 25 Feb 2026

Company Overview of Clean Max Enviro Energy Solutions

Clean Max Enviro Energy Solutions (CMEESL) is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 2025. The company specializes in supplying renewable power through solar, wind, and hybrid projects. As of July 2025, it maintains an operational and managed capacity of 2.54 GW, with an additional 2.53 GW under execution.

CMEESL caters to a blue-chip client base, including major technology firms and data centers, providing them with energy contracting, EPC (Engineering, Procurement, and Construction), and O&M (Operation and Maintenance) services.

Financial Performance

The company has shown significant growth in its top line, though profitability has been recovering from previous years. For FY25, it reported a total income of Rs. 1,610.34 crore and a Net Profit of Rs. 19.43 crore. In the first half of FY26 (H1-FY26), the company earned Rs. 969.35 crore in revenue with a profit of Rs. 19.00 crore, showing an improving margin trend. It maintains a healthy EBITDA, which stood at Rs. 1,015.07 crore for FY25.

Also Read: Is Clean Max Enviro Energy Solutions IPO good or bad

Strengths and Risks of Clean Max Enviro Energy Solutions IPO

Key Strengths

• Market Leadership: Recognized as India's leading C&I renewable energy provider with a massive portfolio of 2.54 GW. 

• High-Quality Clientele: Strong relationships with technology-driven and conventional C&I customers looking for sustainable energy solutions.

• Comprehensive Service Suite: End-to-end capabilities ranging from project development and execution to long-term O&M services.

• Growth in Clean Energy: Ideally positioned to benefit from India’s aggressive renewable energy targets and corporate decarbonization trends.

Potential Risks

• High Debt Levels: The company carries substantial borrowings (over Rs. 10,000 crore as of Sept 2025), which results in high interest costs.

• Aggressive Valuation: With a P/E ratio exceeding 300x based on FY25 earnings, the issue is priced at a significant premium compared to some industry peers.

• Regulatory Environment: The renewable energy sector is highly sensitive to changes in government policies, tariffs, and grid connectivity regulations.

• Capital Intensive: Requires continuous and massive capital expenditure to maintain growth and execute the 2.53 GW pipeline.

How to Apply for Clean Max Enviro Energy Solutions IPO

• Visit the Rupeezy app or here.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.

FAQs:

What was the final overall subscription status for the Clean Max Enviro Energy Solutions IPO? The Clean Max Enviro Energy Solutions IPO concluded with a total subscription of 0.99 times on its final bidding day.

How many times was the QIB portion of the Clean Max Enviro Energy Solutions IPO subscribed? The Qualified Institutional Buyers (QIB) portion of the Clean Max Enviro Energy Solutions IPO was subscribed 2.99 times.

What was the retail investor response for the Clean Max Enviro Energy Solutions IPO? The retail category of the Clean Max Enviro Energy Solutions IPO saw a subscription of 0.07 times.

How much interest did Non-Institutional Investors show in the Clean Max Enviro Energy Solutions IPO? The Non-Institutional Investors (NII) segment of the Clean Max Enviro Energy Solutions IPO was subscribed 0.57 times.

What was the subscription rate for the employee category in the Clean Max Enviro Energy Solutions IPO? The employee reservation portion of the Clean Max Enviro Energy Solutions IPO was subscribed 0.11 times by the close of the issue.

Which investor category led the demand for the Clean Max Enviro Energy Solutions IPO? The Qualified Institutional Buyers (QIB) category led the demand for the Clean Max Enviro Energy Solutions IPO, being the only segment to be fully oversubscribed.