Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Rapid Expansion Prompted Our IPO Move, Says CleanMax Founder Kuldeep Jain

As CleanMax Enviro Energy Solutions prepares to launch its three-day initial public offering next week, Founder and Managing Director Kuldeep Jain says the company’s strong growth trajectory made this the right time to enter public markets — despite cautious investor sentiment and muted IPO activity.

Growth Momentum Over Market Timing

Jain explained that waiting for an ideal market window is rarely practical. Instead, the company assessed its operational scale-up and long-term value creation prospects before deciding to list. He noted that CleanMax is currently valued at the mid-to-lower range of EV/EBITDA multiples while delivering sharp earnings growth. Between FY23 and FY25, the company recorded a compounded annual EBITDA growth rate of 586%, significantly outpacing broader industry expansion of around 16% during the same period.

Demand from data centres and AI-driven infrastructure has also accelerated. Contracted capacity catering to this segment expanded nearly tenfold — rising from 250 MW in March 2024 to 2,400 MW by October 2025 — strengthening management’s confidence in sustained business momentum.

Deployment of IPO Funds

The company plans to raise Rs 1,200 crore through a fresh equity issue. Around 75% of the proceeds will be directed toward reducing debt, while the balance will be used for general corporate purposes. The strategy aims to fortify the balance sheet and enhance financial flexibility to support the next phase of expansion.

Capacity Build-Out Underway

As of October 2025, CleanMax has contracted renewable energy capacity of approximately 6,000 MW. Of this, 2,800 MW is already operational, while about 3,200 MW remains under construction and is expected to come online within two years. The pipeline reflects the company’s aggressive scaling approach to meet rising demand from commercial and industrial clients.

Early Steps in International Markets

CleanMax has recently expanded into Saudi Arabia, marking its entry into the Middle East. However, overseas operations remain at a nascent stage. Combined contributions from the UAE, Bahrain, Saudi Arabia and Thailand account for roughly 3% of overall EBITDA, and no additional regional expansion plans have been confirmed for now.

Competing Without Subsidies

On the role of policy incentives, Jain emphasized that the company does not depend on government subsidies. He argued that renewable energy is already cost-competitive, stating that green power can compete with conventional sources on pure commercial merit, driven by both economic and environmental advantages.