Clean Max Enviro Energy Solutions (CleanMax), India’s leading renewable energy provider for the commercial and industrial (C&I) sector, is launching its Initial Public Offering (IPO) today, **February 23, 2026**. The company has set a price band of **₹1,000 to ₹1,053** per equity share. The total issue size is valued at **₹3,100 crore**, a reduction from the initially planned **₹5,200 crore**. IPO Structure and Timeline The public offer consists of: * **₹1,200 crore** in fresh equity issuance. * **₹1,900 crore** through an Offer for Sale (OFS) by existing promoters and investors. The subscription window closes on **February 25, 2026**. Shares are expected to be allotted on **February 26**, with a tentative listing on the BSE and NSE scheduled for **March 2, 2026**. Retail investors can participate with a minimum lot size of **14 shares**, requiring an investment of **₹14,742** at the upper price band. Financial Performance and Capital Usage CleanMax has demonstrated a significant financial turnaround. After reporting losses in previous years, the company achieved a profit of **₹19.43 crore** in FY25. For the first half of the current fiscal year (ending September 30, 2025), it recorded a profit of **₹19.00 crore** on a total income of **₹969.35 crore**. The company intends to use approximately **₹1,122.67 crore** of the fresh proceeds to repay or prepay existing borrowings. This move aims to deleverage a balance sheet that carried over **₹10,121 crore** in total debt as of late 2025. Market Position and Operations CleanMax maintains the largest market share in India's C&I renewable segment. As of October 2025, its portfolio reached: * **2.80 GW** of operational owned and managed capacity. * **3.17 GW** of contracted capacity currently under execution. The company serves a blue-chip client base of over **555 corporate customers**, including global tech giants like Google, Apple, and Amazon. Its revenue model is secured by long-term Power Purchase Agreements (PPAs) with an average duration of **22.85 years**. Sector Trends and Outlook The C&I segment has emerged as a primary growth driver for Indian renewables in 2026. This shift is fueled by rising grid tariffs and corporate "Net Zero" commitments. Open access solar and wind projects now account for **34%** of new capacity additions, up significantly from just **5%** in 2019. While CleanMax faces competition from peers like Adani Green and NTPC Green, its focus on the high-margin corporate "behind-the-meter" and open access markets provides a specialized niche. Investors are monitoring the high debt-to-equity ratio of **2.53** and geographic concentration, as nearly **79%** of power sales revenue currently originates from Karnataka and Gujarat.