Clean Max Enviro IPO opens today: Check GMP, subscription status and what brokerages say

Clean Max Enviro Power has launched its Rs 3,100 crore IPO for subscription on Monday, with the gray market premium indicating a marginal 0.3% upside over the higher finish of the value band, suggesting restricted itemizing features. The difficulty, priced at Rs 1,000-1,053 per share, contains a recent subject of Rs 1,200 crore and a suggestion on the market of Rs 1,900 crore.

The IPO will shut on February 25 and is scheduled to record on March 2. On the higher value band, the corporate is valued at a pre-IPO market capitalisation of Rs 12,325 crore.

CleanMax, included in 2010, is India’s largest business and industrial renewable vitality supplier, with 2.80 GW of operational, owned and managed capability and 3.17 GW of contracted capability underneath execution as of October 2025. The corporate operates throughout photo voltaic, wind and hybrid options and focuses on long-term energy buy agreements with business and industrial prospects.

Financially, the corporate has proven a turnaround. Income rose to Rs 1,610 crore in FY25 from Rs 1,425 crore in FY24, whereas internet revenue stood at Rs 19.43 crore in FY25 in contrast with a loss within the earlier 12 months. EBITDA margins improved to 63.1% in FY25 from 52% in FY24.

Nonetheless, leverage stays elevated. Web debt stood at Rs 5,938 crore in FY25 and internet debt-to-equity at 1.9 occasions. A big portion of the IPO proceeds can be used to repay borrowings, which may strengthen the stability sheet.

On the higher value band, the difficulty is valued at round 16 occasions EV/EBITDA, which analysts described as costly, although there’s sturdy progress visibility from rising renewable penetration and demand from information centres and AI-linked industries.

Must you subscribe?

Swastika Investmart assigned a “Impartial” score and mentioned the difficulty seems aggressively valued on current financials, although superior EBITDA margins and working metrics justify the pricing to some extent. It added that the IPO could also be averted for short-term or itemizing features however will be thought of by well-informed buyers for the medium to lengthy termAditya Birla Cash has advisable Subscribe for long-term, citing under-penetration in C&I renewable vitality, projected capability additions and sturdy capital effectivity. It expects demand visibility to enhance as renewable penetration rises and sectors akin to information centres require round the clock inexperienced energy.

With gray market premium at simply 0.3%, the difficulty doesn’t point out sturdy short-term itemizing pleasure. Buyers in search of fast features might stay cautious, whereas these with an extended funding horizon and consolation with capital-intensive renewable companies might consider the corporate’s progress prospects and debt discount plans earlier than taking a name.

(Disclaimer: Suggestions, solutions, views and opinions given by the consultants are their very own. These don’t symbolize the views of Financial Occasions)