Clean Max Enviro Energy Solutions Limited is set to launch its Initial Public Offering IPO on February 23, 2026. The company, which operates in the engineering, procurement and construction EPC segment, plans to raise a total of 3100 crore through the public issue.

The IPO will close on February 25, 2026, and the shares are proposed to be listed on the National Stock Exchange NSE with a tentative listing date of March 02, 2026.

About the company

Clean Max Enviro Energy Solutions is engaged in providing engineering, procurement and construction EPC services, primarily in the areas of power transmission, water supply and infrastructure projects.

The company executes government and institutional contracts and earns revenue through project implementation.

Its service portfolio includes project design, installation, commissioning and maintenance. The projects executed by the company are used in urban infrastructure, power distribution networks and public utility systems.

These projects support long term infrastructure development and play a role in strengthening public services.

Nature of operations

As an EPC company, Clean Max Enviro handles the entire project cycle from planning to completion.

In power transmission projects, the company works on installing transmission lines, substations and distribution systems.

In water supply projects, it undertakes pipeline laying, pumping stations and treatment facilities.

Infrastructure related projects may include urban utility upgrades and public development works.

Revenue is typically generated based on milestone completion and contract terms agreed with clients.

IPO structure

The Clean Max Enviro Energy Solutions IPO is a Book Built Issue aggregating to 3100 crore.

The issue consists of:

• A fresh issue of 1.14 crore shares amounting to 1200 crore

• An offer for sale of 1.80 crore shares amounting to 1900 crore

In a fresh issue, funds raised go directly to the company. In an offer for sale, existing shareholders sell their stake and receive the proceeds.

The mix of fresh issue and offer for sale indicates both capital raising for the company and partial stake dilution by existing shareholders.

Use of proceeds

The funds from the fresh issue are generally used for purposes such as:

• Working capital requirements

• Capital expenditure

• Debt repayment

• General corporate purposes

Investors typically review the company’s prospectus to understand the exact utilisation plan.

IPO timeline

The subscription period opens on February 23, 2026, and closes on February 25, 2026.

The allotment of shares is expected to be finalised on or about February 26, 2026.

The shares are proposed to be listed on the NSE with a tentative listing date of March 02, 2026.

Investors can apply for shares through online platforms or through their brokers during the subscription window.

Price band and valuation

The price band for the IPO has been fixed at 1000 to 1053 per equity share.

At the upper end of the price band of 1053 per share, the estimated market capitalisation of the company will be 12,325.29 crore.

Market capitalisation represents the total value of the company’s shares at the issue price.

Investors often compare valuation with industry peers to assess whether the pricing appears reasonable.

Lot size and investment details

The lot size for the IPO has been fixed at 14 shares.

Retail investors are required to invest a minimum of 14,742, which corresponds to one lot at the upper price band.

High Net Worth Individuals HNIs must apply for at least 14 lots, which equals 196 shares.

This translates to a minimum investment of 206,388 for HNI investors.

The small lot size allows wider retail participation, although the high share price increases the minimum investment amount.

Book running lead managers and registrar

The book running lead managers to the issue 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.

These institutions are responsible for managing the IPO process, marketing, price discovery and allotment.

Grey Market Premium GMP

The Grey Market Premium GMP for the Clean Max Enviro Energy Solutions IPO is currently expected to be 0.

Grey market trading takes place in an unofficial and unregulated market before listing.

It is important to note that no actual trading on the stock exchange occurs based on GMP.

The premium depends entirely on demand and supply in the unorganised market and does not guarantee listing performance.

Investors are advised to rely on official financial data and company fundamentals rather than grey market signals.

Infrastructure sector outlook

The infrastructure sector in India continues to receive policy support.

Government spending on power transmission, water supply and urban infrastructure remains a priority.

Companies operating in the EPC segment may benefit from increased public investment.

However, the sector also faces challenges such as project delays, cost overruns and regulatory approvals.

Business risks

EPC companies depend heavily on government and institutional contracts.

Delays in payments, project execution risks and fluctuations in raw material costs can impact margins.

Competition in infrastructure projects can also influence bidding outcomes and profitability.

Investors should carefully examine financial performance, order book strength and project execution history before investing.

Investment perspective

The Clean Max Enviro Energy Solutions IPO represents a large public issue in the infrastructure space.

With a total issue size of 3100 crore and a market capitalisation of over 12,000 crore at the upper price band, the company will enter the listed market as a significant player.

Investors may evaluate factors such as revenue growth, profitability, order book position and sector outlook before making investment decisions.

Conclusion

The Clean Max Enviro Energy Solutions IPO opens on February 23, 2026, with a price band of 1000 to 1053 per share.

The issue comprises both fresh issue and offer for sale components, aiming to raise 3100 crore.

Operating in the EPC segment across power transmission, water supply and infrastructure, the company positions itself within India’s expanding infrastructure landscape.

With GMP currently at zero and listing scheduled for March 02, 2026, market participants will closely track subscription demand and overall market sentiment in the coming days.

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