CleanMax Enviro Energy Solutions launched its Rs 3,100 crore Initial Public Offering (IPO) today, February 23, 2026. The issue has seen a measured start, with an overall subscription of approximately 10% reported during the initial hours of Day 1. The price band for the offering is fixed between Rs 1,000 and Rs 1,053 per share. This public issue is a combination of a fresh issue worth Rs 1,200 crore and an offer for sale (OFS) of Rs 1,900 crore by existing promoters and investors, including Brookfield-backed entities. Market sentiment remains cautious regarding short-term gains. The Grey Market Premium (GMP) is currently hovering around Rs 3 to Rs 4, indicating a marginal listing upside of just 0.3%. Analysts suggest that the valuation is aggressive, with an Enterprise Value to EBITDA (EV/EBITDA) multiple of approximately 16x. CleanMax is currently India’s largest provider of renewable energy to the commercial and industrial (C&I) segment. As of late 2025, the company operates 2.80 GW of capacity with an additional 3.17 GW under execution. This scale is a key highlight for long-term investors, as the C&I renewable sector is projected to grow at a CAGR of 22-24% through 2030. The company's financial profile shows a significant turnaround. Revenue rose to Rs 1,610 crore in FY25, and the firm moved from a loss in previous years to a net profit of Rs 19.43 crore. However, high leverage remains a primary concern, with total borrowings reaching Rs 10,121 crore by September 2025. A substantial portion of the fresh issue proceeds, roughly Rs 1,123 crore, is earmarked for debt repayment. This move is expected to strengthen the balance sheet and improve interest coverage, which currently consumes nearly 43% of total income. While the listing gain prospects appear muted, the structural demand for green energy from data centers and AI-linked industries provides a strong visibility for future growth. The bidding window remains open until February 25, with the shares expected to debut on the BSE and NSE on March 2, 2026. Institutional interest was notably strong prior to the public launch. The company successfully raised Rs 921 crore from 41 anchor investors, including high-profile names such as Temasek, Nomura, and the Abu Dhabi Investment Authority. This institutional backing underscores confidence in the company’s long-term utility-scale and rooftop solar strategies.