Clean Max Enviro Energy Solutions Limited is set to enter the primary market with a ₹3100 crore Initial Public Offering (IPO) that will open for subscription on February 23, 2026. The company operates in the Engineering, Procurement and Construction (EPC) segment and focuses primarily on power transmission, water supply, and infrastructure development projects across India.

The IPO will close on February 25, 2026, and the shares are expected to be listed on the NSE on or about March 2, 2026. The issue has generated attention in the infrastructure and EPC space due to its size and the company’s focus on government-backed projects.

This article provides a detailed look at the IPO structure, company business model, financial positioning, valuation metrics, Grey Market Premium, risks, opportunities, and what investors should consider before subscribing.

IPO Structure and Key Details

The Clean Max Enviro Energy Solutions IPO is a Book Built Issue aggregating to ₹3100 crore. It consists of two parts:

• Fresh Issue of 1.14 crore equity shares aggregating to ₹1200 crore

• Offer for Sale (OFS) of 1.80 crore equity shares aggregating to ₹1900 crore

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

The lot size is fixed at 14 shares. Retail investors will need to invest a minimum of ₹14,742 for one lot at the upper price band. High Net Worth Individuals (HNIs) will need to apply for at least 14 lots, amounting to ₹2,06,388.

Important Dates

• IPO Opening Date: February 23, 2026

• IPO Closing Date: February 25, 2026

• Allotment Date: February 26, 2026

• Listing Date: March 2, 2026

About Clean Max Enviro Energy Solutions

Clean Max Enviro Energy Solutions Limited is engaged in providing end-to-end EPC services. The company handles:

• Project design

• Engineering solutions

• Procurement of materials

• Installation and commissioning

• Maintenance services

Its operations are concentrated in sectors such as:

• Power transmission and distribution networks

• Water supply systems

• Urban infrastructure development

• Public utility projects

The company derives a significant portion of its revenue from government contracts and institutional clients, which typically involve long-term infrastructure development projects.

The focus on infrastructure aligns with India’s ongoing push towards modernization of power grids, water management systems, and urban development initiatives.

Business Model and Revenue Generation

Clean Max Enviro Energy Solutions earns revenue primarily through execution of large EPC contracts. These contracts are generally awarded by:

• Central government departments

• State government agencies

• Urban local bodies

• Public sector undertakings

• Institutional infrastructure developers

The EPC model ensures that the company is responsible for the complete lifecycle of a project, from conceptualisation to execution and handover.

Such projects are typically milestone-based, and payments are linked to project completion stages. This structure provides visibility in revenue but may also involve working capital requirements.

Use of IPO Proceeds

The proceeds from the ₹1200 crore fresh issue are expected to be utilised for:

• Funding working capital requirements

• Repayment or prepayment of certain borrowings

• Capital expenditure

• General corporate purposes

The Offer for Sale portion of ₹1900 crore will go to the existing shareholders who are partially exiting their holdings. The company will not receive funds from the OFS component.

Industry Outlook

India’s infrastructure sector continues to grow due to:

• Increased government capital expenditure

• Smart city initiatives

• Renewable energy expansion

• Rural electrification programs

• Water supply modernization

The EPC sector benefits from government schemes such as power grid strengthening, renewable energy integration, and urban utility upgrades.

However, the industry is highly competitive and dependent on timely project approvals and payments.

Grey Market Premium Analysis

As per current indications, the Grey Market Premium (GMP) for Clean Max Enviro Energy Solutions IPO stands at ₹0.

This suggests that there is currently no significant unofficial premium in the unregulated market. It is important to note that:

• GMP is not an official indicator

• It is unregulated and informal

• It should not be the sole basis for investment decisions

Investors are advised to focus on fundamentals, financial performance, order book strength, and valuation metrics rather than relying solely on GMP.

Valuation Perspective

At the upper price band of ₹1053, the company will command a market capitalisation of ₹12,325.29 crore.

Investors should evaluate:

• Price-to-Earnings ratio

• Peer comparison within EPC and infrastructure sector

• Order book size

• Revenue growth

• Debt levels

• Working capital cycle

Infrastructure EPC companies often operate on thin margins, and execution efficiency plays a crucial role in profitability.

Risks to Consider

While the infrastructure sector offers long-term growth opportunities, investors must also consider certain risks:

1. Dependence on Government Contracts

A significant portion of revenue comes from government projects. Any delay in payments or policy changes may impact cash flows.

2. Working Capital Intensive Nature

EPC projects require high working capital, which can strain liquidity during execution.

3. Project Execution Risks

Delays due to regulatory approvals, supply chain disruptions, or weather conditions may affect timelines and margins.

4. Competitive Bidding

The EPC industry is highly competitive, often leading to aggressive pricing and margin pressure.

Strengths of the Company

Despite the risks, Clean Max Enviro Energy Solutions has several strengths:

• Established presence in power and infrastructure projects

• Experience in executing large-scale government contracts

• End-to-end EPC capability

• Focus on essential utility infrastructure

• Exposure to long-term infrastructure growth trends

The company’s integrated service model allows better control over execution and project timelines.

Investor Categories and Allocation

The IPO will have allocations for:

• Qualified Institutional Buyers (QIBs)

• Non-Institutional Investors (HNIs)

• Retail Individual Investors

Retail investors are likely to watch subscription trends on Day 1 and Day 2 before making decisions.

What Should Investors Watch?

Before subscribing, investors should closely monitor:

• Subscription levels across categories

• Institutional demand

• Anchor investor participation

• Financial performance metrics

• Peer valuation comparisons

Investors with a long-term horizon may evaluate the company’s ability to scale operations and manage debt efficiently.

Market Sentiment and Timing

The IPO is entering the market during a phase where infrastructure development remains a key policy focus. Government capital expenditure continues to support the EPC sector.

However, broader market conditions, liquidity trends, and investor appetite for infrastructure stocks will influence listing performance.

Conclusion

The Clean Max Enviro Energy Solutions IPO represents a significant public issue in the infrastructure and EPC segment. With a total size of ₹3100 crore, the issue combines a fresh capital raise and an offer for sale by existing shareholders.

The company operates in essential infrastructure sectors such as power transmission, water supply, and urban development, which are aligned with India’s long-term growth plans.

While the Grey Market Premium currently stands at ₹0, investors should focus on the company’s financials, project execution track record, order book visibility, and sector outlook before making a decision.

The IPO opens on February 23, 2026, and closes on February 25, 2026, with listing expected on March 2, 2026.

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