Clean Max Enviro Energy Solutions is set to launch its ₹3,100 crore Initial Public Offering on February 23, 2026. The issue arrives during a pivotal week for the Indian primary market, with nine public offers hitting the exchanges. Despite the scale of the company as India’s largest commercial and industrial renewable provider, early sentiment remains cautious. The price band for the issue is fixed between ₹1,000 and ₹1,053 per share. Investors must apply for a minimum lot of 14 shares, requiring an entry-level investment of ₹14,742. The offering is a mix of a ₹1,200 crore fresh issue and a ₹1,900 crore offer for sale by existing shareholders. Grey market activity suggests a conservative debut. The current Grey Market Premium (GMP) is approximately ₹7 to ₹9 per share, indicating a potential listing gain of less than 1%. This muted response follows a recent dip in premium from ₹14, reflecting a "wait-and-watch" approach from market participants. The company’s financial profile shows a significant recovery, having turned profitable in FY25 with a net profit of ₹19.43 crore. This is a sharp reversal from the ₹59 crore loss recorded in FY23. Revenue also climbed to ₹1,610 crore in the same period, supported by a massive operational and managed capacity of 2.80 GW. Debt management is the central theme of this IPO. As of September 2025, total borrowings stood at ₹10,121 crore. The company plans to deploy roughly ₹1,123 crore—over 93% of the fresh issue proceeds—specifically to repay or prepay existing debt. This deleveraging strategy is critical to reducing interest costs and improving future margins. Strong institutional support provides a cushion to the retail caution. Clean Max successfully raised ₹921 crore from anchor investors on February 20, 2026. High-profile names including Temasek, Abu Dhabi Investment Authority (ADIA), and Tata Investment Corporation participated, signaling long-term confidence from global and domestic funds. Broad market trends are also playing a role. The renewable sector recently gained momentum following a landmark US-India trade deal that slashed solar export tariffs from 50% to 18%. Additionally, domestic demand for green energy in the industrial sector is surging, with rooftop solar additions rising 72% over the past year. Subscription for the IPO closes on February 25, 2026. Allotment is expected by February 26, with the shares tentatively scheduled to list on the BSE and NSE on March 2, 2026. While the high debt and premium P/E valuation are points of scrutiny, the company’s 22-year average contract tenure with blue-chip clients like Google and Amazon offers long-term revenue visibility.