Clean Max Enviro Energy Solutions is set to launch one of the largest public issues of early 2026 with its ₹3,100 crore Initial Public Offering IPO. The company operates in the engineering, procurement and construction EPC segment and focuses on power transmission, water supply systems, and large-scale infrastructure projects. With India continuing to prioritise infrastructure expansion and urban development, the IPO has attracted strong interest from market participants tracking capital-intensive sectors.

The Clean Max Enviro Energy Solutions IPO is a Book Built Issue comprising a fresh issue of 1.14 crore equity shares aggregating to ₹1,200 crore and an offer for sale OFS of 1.80 crore shares aggregating to ₹1,900 crore. The total issue size stands at ₹3,100 crore, making it one of the significant IPOs in the infrastructure category in recent months.

The IPO subscription period opens on February 23, 2026, and closes on February 25, 2026. The basis of allotment is expected to be finalised on or about February 26, 2026, and the shares are tentatively scheduled to list on the NSE on March 02, 2026.

Price Band and Market Capitalisation

The company has fixed the price band at ₹1000 to ₹1053 per equity share. At the upper price band of ₹1053, the company’s estimated market capitalisation post listing will be approximately ₹12,325.29 crore.

The lot size for the IPO has been set at 14 shares, making the entry ticket comparatively accessible in terms of share quantity, although the high per-share price keeps the minimum investment significant.

Retail investors are required to apply for at least one lot of 14 shares, which amounts to ₹14,742 at the upper price band. High-Net-Worth Individuals HNIs must apply for a minimum of 14 lots or 196 shares, translating into an investment of ₹206,388 at the upper band.

Business Overview

Clean Max Enviro Energy Solutions is engaged in providing comprehensive EPC services. The company undertakes projects involving design, engineering, procurement of materials, installation, commissioning, and maintenance.

Its core focus areas include:

• Power transmission and distribution networks

• Water supply and urban infrastructure projects

• Public utility infrastructure development

The company primarily executes government and institutional contracts. These projects are generally large-scale and long-term in nature, contributing to infrastructure creation in urban and semi-urban regions.

Infrastructure development continues to be a key growth driver for India’s economy. Government spending on power transmission lines, water supply networks, and smart urban infrastructure has created significant opportunities for EPC contractors.

Revenue Model

Clean Max Enviro Energy Solutions earns revenue through execution of EPC contracts. Payments are typically milestone-based, linked to project progress and completion stages.

The company’s operations involve:

• Project design and planning

• Procurement of raw materials and equipment

• On-site construction and installation

• Testing and commissioning

• Maintenance services where applicable

Given the nature of EPC projects, revenue visibility often depends on the company’s order book, project pipeline, and timely execution.

Fresh Issue and Offer for Sale

The IPO consists of both a fresh issue and an offer for sale.

The fresh issue of ₹1,200 crore will bring funds into the company. These proceeds are generally used for purposes such as working capital requirements, repayment of borrowings, capital expenditure, and general corporate purposes.

The offer for sale component of ₹1,900 crore involves existing shareholders selling part of their stake. In an OFS, the proceeds go to the selling shareholders and not to the company.

Such a combination is common in large IPOs, especially when early investors or promoters partially dilute their holdings.

Industry Outlook

India’s infrastructure sector is undergoing steady expansion, supported by government initiatives and public spending. Power distribution networks require modernisation, while urban centres demand improved water supply systems and public utility infrastructure.

EPC companies like Clean Max Enviro Energy Solutions benefit from:

• Government-backed infrastructure projects

• Long-term contracts

• Urbanisation and smart city initiatives

• Expansion of power and water networks

However, the sector also faces risks such as project delays, cost overruns, regulatory approvals, raw material price volatility, and dependency on government contracts.

Investors evaluating the IPO may consider the company’s project execution track record, order book strength, financial performance, and risk management capabilities.

Lead Managers and Registrar

The IPO is being managed by a consortium of leading financial institutions. The Book Running Lead Managers include:

Axis Capital Limited
J.P. Morgan India Private Limited
BNP Paribas
HSBC Securities and Capital Markets India Private Limited
IIFL Capital Services Limited
Nomura Financial Advisory and Securities India Private Limited
BOB Capital Markets Limited
SBI Capital Markets Limited

The Registrar to the Issue is KFIN Technologies Limited.

The presence of multiple reputed lead managers often reflects the scale and institutional interest in the issue.

Grey Market Premium

The Grey Market Premium GMP for the Clean Max Enviro Energy Solutions IPO is currently reported at ₹0.

It is important to understand that GMP is unofficial and operates outside the regulated stock exchange framework. It is influenced by informal demand and supply conditions and should not be treated as a definitive indicator of listing performance.

Investment Considerations

Investors considering participation in the IPO should evaluate several factors:

• Company’s financial performance and profitability

• Strength and diversity of project order book

• Execution capabilities and past project delivery

• Debt levels and working capital cycle

• Valuation compared to industry peers

Given the high price band, the IPO falls into the premium category. Institutional participation and overall market sentiment during the subscription period will likely influence subscription levels.

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