Clean Max Enviro IPO
Market Sentiment
IPO Details
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Financial Analysis
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 960.98 | 1,425.31 | 1,610.34 |
| Expense | 555.06 | 683.74 | 595.27 |
| Profit (PAT) | 59.47 | 37.64 | 19.43 |
| Total Assets | 7,000.14 | 9,076.55 | 13,279.25 |
Promoters: Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd, and Kempinc LLP
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 10,14,41,820 | 74.89% |
| Promoter Holding Post Issue | 11,28,37,831 | 49.08% |
Company Information
Clean Max Enviro is one of the leading companies in terms of renewable energy providers. Furthermore, the company also has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. The company mainly offers the Renewable Energy Power Sales Segment and, Renewable Energy Services Segment. They cater to a wide range of customers, including Technology customers and conventional C&I customers. Furthermore, Efficient and affordable project development, execution, and management is the company’s strength. Clean Max Enviro Energy Solutions Ltd.’s revenue grew by 13%, and its profit after tax (PAT) jumped by 152% between FY 2024 and FY 2025.
| Purpose | Amount (Cr) |
|---|---|
| Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries | 1,125.00 |
| General Corporate Purpose | - |
Resources & Documents
Clean Max Enviro Energy Solutions Ltd., 4th Floor,, The International 16 Maharshi Karve Road,, New Marine Lines Cross Road No.1, Churchgate, Mumbai, Maharashtra, 400020
Clean Max Enviro has set a price band of Rs 1,000–Rs 1,053 per share. The stock listed with a 8.83% discount versus its issue price on March 02, 2026.
Clean Max Enviro is one of the leading companies in terms of renewable energy providers. Furthermore, the company also has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.
The issue is promoted by Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd, and Kempinc LLP with 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 A… acting as lead manager. Net proceeds will primarily be used towards Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of… (Rs 1,125 crore) and General Corporate Purpose.
Grey market is quoting a discount of Rs -11 (-1.0% over issue price), down Rs 11 from the previous session. Final subscription data records overall subscription at 0.94x, retail at 0.06x, QIB at 2.83x, NII at 0.54x.
On fundamentals, the company is posting revenue growth of 13.0%, a profit margin of 1.2%, return on equity of 1.1% in its most recent reported period.
Our data-driven engine currently flags this issue as a Strong Avoid — several indicators are flashing concern simultaneously. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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