**CLEAN MAX ENVIRO IPO BRIEF** The Rs 3,100 crore Clean Max Enviro Energy Solutions IPO has reached its final day of bidding on February 25, 2026. Despite its position as India’s leading renewable energy provider for the commercial and industrial (C&I) segment, the issue has seen a cautious reception from the broader market. **Subscription and Market Sentiment** As the bidding window nears its close, the overall subscription stands at approximately 45%. A stark divide exists between investor classes: - Qualified Institutional Buyers (QIB) have fully booked their portion, showing over 1.03x subscription. - Non-Institutional Investors (NII) have covered roughly 31% of their quota. - Retail participation remains notably muted at just 3% to 4%. **Pricing and Gray Market Activity** The price band is fixed between Rs 1,000 and Rs 1,053 per share. In the gray market, the premium (GMP) has been hovering near a flat Rs 1, representing a negligible 0.09% upside. This suggests the market is pricing in a very lean listing, providing little incentive for short-term gain seekers. **Company Financials and Valuation** Clean Max reported a significant turnaround in FY25, posting a net profit of Rs 19.43 crore compared to previous losses. Revenue grew to Rs 1,610 crore with a robust EBITDA margin of 63.1%. However, the company carries a substantial net debt of approximately Rs 5,938 crore. The valuation at the upper price band reflects an EV/EBITDA multiple of roughly 17.5x. While lower than some listed peers, analysts remain divided on whether this pricing leaves enough on the table for new investors given the high capital intensity of the business. **Sector Context and Outlook** The IPO comes at a time of rapid expansion in the Indian renewable sector. National capacity reached 254 GW by late 2025, with non-fossil fuels now contributing over 51% of India's total power mix. Clean Max currently manages 2.80 GW of operational capacity and has a pipeline of 3.17 GW under execution. A primary objective of the Rs 1,200 crore fresh issue component is to repay approximately Rs 1,122 crore of debt. Strengthening the balance sheet is viewed as critical for the company to capitalize on the rising demand for green power from data centers and heavy industries aiming for net-zero targets. **Key Dates to Watch** The final allotment status is expected to be finalized on February 26, 2026. Following the credit of shares to demat accounts on February 27, the company is tentatively scheduled to debut on the BSE and NSE on March 2, 2026.