Clean Max IPO Poised to Unlock Significant Wealth for Promoters and Early Investors

Clean Max IPO Poised to Unlock Significant Wealth for Promoters and Early Investors​

Rs 1,000 to Rs 1,053 Price Band Values Clean Max at Over Rs 12,000 Crore​

Clean Max Enviro Energy Solutions Ltd is heading to the primary market with an IPO that is set to substantially enhance the wealth of its promoters and early backers. The company has fixed a price band of Rs 1,000 to Rs 1,053 per share, translating into a valuation of around Rs 12,029 crore at the upper end.

As per the red herring prospectus, the weighted average cost of acquisition of equity shares transacted in the past year stood at around Rs 681 per share. The IPO will open for subscription on February 23 and close on February 25. The anchor book will open on February 20, the basis of allotment is expected by February 26, and the stock is scheduled to list on March 2.

Promoters’ Holdings Surge in Value Ahead of Listing​

Promoter Kuldeep Jain, who serves as Managing Director, holds a 10.98 percent stake comprising 1.17 crore shares acquired at an average cost of Rs 0.7 per share. Before the announcement of the price band, his holding was valued at around Rs 80 lakh. At the upper end of the band, it is now estimated at approximately Rs 1,229 crore.

Pratap Jain and Nidhi Jain have also witnessed sharp appreciation in their investments. Pratap Jain’s stake, earlier valued at around Rs 35,000, is now valued at about Rs 5.3 crore. Nidhi Jain’s holding has climbed from roughly Rs 1.3 crore to nearly Rs 53 crore.

Strong Gains for Brookfield and Other Early Investors​

BGTF One Holdings, backed by Brookfield, holds 3.35 crore shares. The value of its stake has risen from around Rs 1,452 crore before the price band announcement to approximately Rs 3,519 crore, marking a 143 percent increase.

KEMPINC LLP, owned by Kuldeep Jain and Nidhi Jain, holds 1.37 crore shares acquired at an average cost of Rs 311.4 per share. The value of its holding increased from about Rs 426 crore to nearly Rs 1,440 crore, reflecting a 238 percent gain.

Augment India 1 Holdings LLC, which owns 1.63 crore shares at an average acquisition cost of Rs 285.3 per share, saw its investment value rise from around Rs 463 crore to approximately Rs 1,709 crore, representing a 269 percent increase.

DSDG Holdings APS, holding 36.8 lakh shares, recorded a jump in value from about Rs 106 crore to nearly Rs 387 crore, translating into a 265 percent gain.

In a pre IPO placement, Temasek Holdings and Bain Capital Advisors, along with three other investors, acquired shares worth Rs 1,185 crore in Clean Max. The round also saw participation from Steadview Capital, 360One, Steinberg India Emerging Opportunities Fund and several family offices including those of the Dalmia Group and the Jaisinghani and Taparia families. Investments from family offices were routed through TrustGroup led by Utpal Sheth. Following the transaction, Temasek and Bain Capital are expected to collectively hold close to a 10 percent stake in the company.

Offer Structure and Debt Repayment Plan​

The total issue size has been revised to Rs 3,100 crore. This includes a fresh issue of Rs 1,200 crore and an offer for sale aggregating Rs 1,900 crore.

The company plans to use Rs 1,125 crore from the fresh issue proceeds to repay debt. As of March 2025, consolidated outstanding borrowings stood at Rs 8,078.1 crore.

The IPO is being managed by Axis Capital, JP 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.

Clean Max Business Profile and Financials​

Incorporated in 2010, Clean Max specialises in net zero and decarbonisation solutions. It provides energy contracting, engineering, procurement and construction services, along with operation and maintenance services for renewable energy plants including solar, wind and hybrid projects.

As of July 2025, the company had 2.54 GW of operational, owned and managed capacity and 2.53 GW of contracted capacity yet to be executed.

For fiscal 2025, Clean Max reported a profit of Rs 19.4 crore compared with a loss of Rs 37.6 crore in the previous year. Revenue rose 7.6 percent to Rs 1,495.7 crore from Rs 1,389.8 crore.