Clean Max Enviro Energy Solutions is set to launch its 3,100 crore IPO on Monday, February 23, 2026. The price band is established between 1,000 and 1,053 per share. This public offering arrives during a pivotal structural shift in India’s energy landscape, where renewable sources are projected to reach 26% of total electricity generation by the end of this fiscal year. The issue structure is split into two primary components. A fresh issue of 1,200 crore will be used to infuse new capital into the company, while an offer for sale (OFS) of 1,900 crore allows existing promoters and investors, including Brookfield-backed entities, to partially exit. Investors must bid for a minimum of 14 shares, requiring a retail investment of 14,742 at the upper price limit. Market sentiment ahead of the opening remains cautious. The Grey Market Premium (GMP) is currently hovering around 7 to 9 per share, representing a modest 0.4% to 0.8% premium. These figures suggest expectations for a flat listing. Market analysts attribute the muted premium to the company's aggressive valuation, which sits at a price-to-earnings (P/E) multiple exceeding 360x based on recent annual figures. Financial performance shows a significant turnaround. The company reported a net profit of 19.43 crore in FY25 after previous years of losses. Revenue from operations grew to 1,610 crore in the same period, supported by a 63% EBITDA margin. However, debt remains a critical focal point. Total borrowings have surged nearly threefold in three years, reaching 10,121 crore as of September 2025. Deleveraging is a core objective of this IPO. Approximately 1,125 crore from the fresh issue proceeds is earmarked for the repayment or prepayment of outstanding debt. While this move is expected to improve interest coverage and future profit margins, the remaining debt load will stay high as the company manages its 2.54 GW operational capacity and a massive 3.17 GW pipeline under contract. The company operates in the high-growth Commercial and Industrial (C&I) segment, providing green power to blue-chip clients like Google, Apple, and Amazon. Long-term power purchase agreements (PPAs) provide strong revenue visibility, with nearly 96% of contracted capacity tied to investment-grade customers. Despite these strengths, risks such as customer concentration and geographic reliance on Karnataka and Gujarat—which contribute 79% of power sales—persist. The IPO serves as a test for investor appetite in capital-intensive renewable platforms that prioritize long-term structural growth over immediate listing gains. Subscription closes on February 25, with a tentative listing date of March 2 on the BSE and NSE.