Clean Max Enviro Energy Solutions Ltd. (NSE: CLEANMAX, BSE: 544717) has confirmed that there was no deviation or variation in the utilisation of proceeds raised through its Initial Public Offering (IPO), according to a regulatory filing submitted to the stock exchanges for the quarter ended June 30, 2026.
The company also released the Monitoring Agency Report issued by CARE Ratings Limited, which verified that the IPO proceeds have been utilized in line with the objectives outlined in the company’s offer document.
CARE Ratings Finds No Deviation in IPO Fund Usage
As required under SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, CARE Ratings reviewed the utilisation of funds raised through Clean Max’s IPO and concluded that there was no deviation from the stated objects of the issue.
The monitoring agency stated that the company has utilized the IPO proceeds according to the disclosures made in the prospectus, while the remaining unutilized balance continues to remain in the designated public offer account in compliance with regulatory requirements.
₹1,202.98 Crore Raised Through IPO
Clean Max completed its IPO in February 2026, raising ₹1,202.98 crore through a fresh issue of equity shares. The final amount exceeded the initially planned ₹1,200 crore because employee-reserved shares were undersubscribed and subsequently allotted to the public at the issue price.
The company stated that the Board approved the revised allocation following the allotment.
Majority of Funds Used for Debt Repayment
According to the monitoring report, the company has utilized the IPO proceeds primarily for repayment and prepayment of outstanding borrowings.
As of June 30, 2026:
- ₹1,122.67 crore has been utilized for repayment and prepayment of debt.
- ₹26.58 crore has been deployed toward general corporate purposes.
- ₹41.66 crore has been utilized from the fresh issue allocation toward IPO-related expenses.
- Only ₹12.07 crore remains unutilized and continues to be maintained in the public offer account.
During the June 2026 quarter alone, the company utilized ₹599 crore toward debt repayment.
Minor Allocation Changes Due to Higher IPO Proceeds
CARE Ratings noted that the increase in IPO proceeds resulted in a corresponding increase in allocations for general corporate purposes and issue expenses.
General corporate purposes increased from ₹23.78 crore to ₹26.58 crore, while offer expenses were revised from ₹53.54 crore to ₹53.73 crore.
The monitoring agency clarified that these revisions were due to the higher proceeds realized during the IPO and did not represent any deviation from the approved objectives.
No Material Concerns Identified
The monitoring report further confirmed that:
- No material deviation has been observed.
- No adverse events affecting project viability were reported.
- No change in the intended use of IPO proceeds beyond approved adjustments.
- No investor-related concerns requiring disclosure were identified.
The company also confirmed that the statement has been reviewed by its Audit Committee, which reported no adverse observations.
Regulatory Compliance Maintained
Clean Max stated that the filing has been made under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company reiterated that the IPO proceeds continue to be utilized strictly in accordance with the objectives disclosed in the prospectus.
The Monitoring Agency Report by CARE Ratings also reaffirmed that there has been no deviation or variation in the deployment of funds raised through the public issue, reinforcing regulatory compliance and transparency for investors.
