Clean Max Enviro IPO GMP: Price Band, Issue Details and Allotment Status
Amazon, Apple & Google as clients. ₹3,100 crore IPO. 2.8 GW of clean energy. But a P/E of 365x — here's everything you need to know before February 25.
Team Sahi
The clean max enviro ipo gmp was the most-tracked pre-listing indicator during the CleanMax Enviro Energy Solutions IPO, which opened on 23 February 2026 with a price band of ₹1,000 to ₹1,053 per share.
IPO Details at a Glance
| Parameter | Details |
|---|---|
| Price Band | ₹1,000 – ₹1,053 per share |
| Lot Size | 14 shares |
| Minimum Retail Investment | ₹14,742 |
| Total Issue Size | ₹3,100 crore |
| Fresh Issue | ₹1,200 crore |
| OFS | ₹1,900 crore |
| Open Date | 23 February 2026 |
| Close Date | 25 February 2026 |
| Allotment Date | 26 February 2026 |
| Listing Date | 2 March 2026 (NSE & BSE) |
What Was the CleanMax Enviro IPO GMP?
The cleanmax ipo gmp is the informal price premium at which IPO shares trade before the official listing. As of 23 February 2026, the clean max enviro ipo gmp today stood at ₹3 per share — approximately 0.28% above the upper price band of ₹1,053. This was notably subdued. The muted cleanmax gmp reflected market caution about the ~365x P/E valuation.
About CleanMax Enviro Energy Solutions
CleanMax is India's largest Commercial and Industrial (C&I) renewable energy provider. It builds solar, wind, and hybrid energy plants for large corporations and supplies electricity via long-term Power Purchase Agreements (PPAs).
- 2.80 GW of operational owned and managed capacity
- 3.17 GW of contracted capacity under execution
- ~43% of contracted capacity from data centres and AI infrastructure
- Average PPA tenure: 22.8 years
- 77% repeat customer rate
Key clients include Amazon, Apple, Cisco, Google, and Equinix.
Financial Performance
| Metric | FY24 | FY25 |
|---|---|---|
| Revenue | ₹1,425 crore | ₹1,610 crore |
| Net Profit / (Loss) | ₹(37.64) crore | ₹19.43 crore |
| Net Margin | Negative | ~1.2% |
CleanMax swung to profit in FY25. Net margin of 1.2% on ₹1,610 crore is thin. The company carried ₹7,645 crore in net debt at 2.39x debt-to-equity.
Valuation Context
A P/E of ~365x on FY25 earnings is the central debate. CleanMax argues investors are buying 22-year locked-in cash flows from investment-grade clients. Top 10 clients represent 35% of revenue — concentration risk remains. The IPO listed on NSE and BSE on 2 March 2026.
India C&I Renewable Energy Sector
India added 6 GW of C&I renewable capacity in 2025 alone. Government targets 60–80 GW of C&I capacity by 2030. CleanMax operates in one of the fastest-growing segments of this market.