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Clean Max Enviro Energy Solutions Announces Rs3,100 Crore IPO; Subscription Opens February 23

Public issue priced at Rs1,000–Rs1,053 per share; proceeds to support debt reduction and corporate needs. Commercial and industrial (C&I) renewable energy company Clean Max Enviro Energy Solutions (CleanMax) will launch its Rs3,100 crore initial public offering (IPO) for subscription from February 23 to 25, 2026. The company has set a price band of Rs1,000 to Rs1,053 per equity share.

The IPO consists of a fresh issue of shares worth up to Rs1,200 crore, along with an offer-for-sale (OFS) of up to Rs1,900 crore by existing shareholders. Promoters participating in the OFS include Kuldeep Jain, BGTF One Holdings (DIFC), and KEMPINC LLP. Other selling shareholders comprise Augment India I Holdings, LLC, and DSDG Holding APS.

As outlined in the red herring prospectus (RHP), approximately Rs1,122.6 crore from the fresh issue proceeds will be allocated toward repayment or prepayment of certain outstanding borrowings of the company and its subsidiaries. The remaining funds will be utilised for general corporate purposes.

The book-running lead managers to the issue are Axis Capital, J.P. Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets. MUFG Intime India has been appointed as the registrar. The company plans to list its equity shares on both the BSE and NSE.

Prior to the IPO, CleanMax secured Rs1,500 crore through a pre-IPO placement, attracting participation from several long-term institutional investors. These include Jongsong Investments (an indirect wholly owned subsidiary of Temasek Holdings), GSS India Opportunities AIF Scheme I (affiliated with Bain Capital Special Situations), 360 ONE Special Opportunities Fund, Neo Digital Investments, Steadview Capital Mauritius, and select family offices.

CleanMax is regarded as an early entrant in India’s C&I renewable energy segment. As of October 31, 2025, the company had 2.80 GW of operational, owned, and managed capacity, along with 3.17 GW of contracted capacity pending execution, according to a CRISIL report.

Around 43 percent of its portfolio serves data centre and artificial intelligence clients. With rapid growth in digital infrastructure across India, demand for dependable and sustainable power solutions is rising, presenting a significant opportunity for the company. CleanMax also caters to enterprises across sectors such as infrastructure, cement, steel, manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres (GCCs).

For FY25, the company reported revenue from operations of Rs1,495.70 crore, compared to Rs1,389.84 crore in FY24, marking a year-on-year increase of 7.62 percent. EBITDA rose sharply to Rs1,015.07 crore in FY25 from Rs741.57 crore in the previous fiscal, reflecting a growth of 36.88 percent year-on-year.