Clean Max Enviro Energy Solutions’ ₹3,100 crore initial public offering (IPO) opens today to the public for subscription at a price band of ₹1,000-1,053. The IPO closes on February 25. The IPO comprises a fresh issue worth up to ₹1,200 crore and an offer-for-sale (OFS) of shares valued at ₹1,900 crore by promoters Kuldeep Jain, BGTF One Holdings (DIFC) Ltd and KEMPINC LLP, as well as selling shareholders Augment India I Holdings LLC and DSDG Holding APS. Bids can be placed for a minimum of 14 shares.
Up to 50 per cent of the issue has been reserved for QIBs, while not less than 35 per cent is reserved for retail and the balance 15 per cent for non-institutional or HNIs.
Of the fresh issue, approximately ₹1,122.6 crore will fund the repayment or prepayment of certain borrowings of the company and subsidiaries, with the balance earmarked for general corporate purposes. Its total borrowings stood at ₹8,078 crore as of March 2025.
Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, on Friday raised ₹921 crore from anchor investors by allotting 87,46,437 equity shares at ₹1,053 apiece.
Foreign and domestic institutions who participated in the anchor portion included Temasek Holdings, Nomura Asset Management, Eastspring, SBI Life, Tata Investment Corp, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI General, Premji Invest, 360 One Mutual Fund, according to a circular uploaded on BSE’s website.
Ahead of the proposed IPO, the company had raised ₹1,500 crore through a pre-IPO placement from institutional investors, including Jongsong Investments Pte Ltd — an indirect, wholly owned subsidiary of Temasek Holdings — alongside funds such as GSS India Opportunities AIF Scheme I, 360 ONE Special Opportunities Fund, and Steadview Capital Mauritius Ltd.
Clean Max Enviro Energy Solutions Private Ltd is India’s largest commercial and industrial (C&I) renewable energy provider, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted yet-to-be-executed capacity as of October 31, 2025.
Incorporated in 2010, CleanMax has over 15 years of experience in delivering Net Zero and decarbonisation solutions to corporate customers. Unlike utility-scale renewable developers that participate in competitive tenders with state-owned distribution companies, CleanMax follows a customer-specific contracting model, entering into long-term agreements directly with corporate consumers. This approach enables customised renewable energy solutions and long-term contracted revenue visibility.
In terms of industry position, CleanMax held around 8 per cent market share in annual open-access renewable capacity additions in FY25 (12 per cent in FY24), with particularly strong share in states like Gujarat and Karnataka, reflecting its leadership in the C&I open-access segment in India.
Brokers’ views:
SBI Securities: Clean Max is India’s largest C&I renewable energy service provider with market share of ~8 per cent. The company is net zero partner to corporates which consume 50 per cent of India’s total power having an estimated market size of ₹3 lakh crore. The company enjoys premium power tariff vs utilities as average ticket size is ~13 MW. The company has capital efficient (GB/EBITDA) model with one of the lowest Net Debt/Adj. EBITDA of ~4.8x v/s industry >6x. The green sourcing penetration for corporates at ~7.5 per cent in Mar’23 is expected to touch 20 per cent by FY30, indicating scalability for the business. At upper price band of ₹1,053, the issue is valued at FY25 and annualised 1HFY26 EV/EBITDA multiple of 21.7x and 16.3x respectively based on post-issue capital.
ICICI Direct: Company revenue/EBITDA has grown at a CAGR of ~27%/~55% over FY23-FY25. • We assign UNRATED rating on Clean Max Enviro Energy Solutions Limited.
Published on February 23, 2026