New Delhi, February 17: CleanMax Enviro Energy Solutions has announced that its initial public offering worth Rs 3,100 crore will open for subscription on February 23. The issue will close on February 25, with bidding for anchor investors scheduled for February 20.
The company has fixed a price band of Rs 1,000 to Rs 1,053 per share. At the upper end of the price band, CleanMax is valued at Rs 12,325 crore. The company is slated to make its stock market debut on March 2.
IPO Structure and Allocation Details
The public issue comprises a fresh issue of shares aggregating up to Rs 1,200 crore and an offer for sale amounting to Rs 1,900 crore by promoters and an investor shareholder.The offer for sale includes stake sales by founder Kuldeep Pratap Jain, BGTF One Holdings DIFC Ltd, KEMPINC LLP, Augment India I Holdings LLC, and DSDG Holdings APS.
Of the total issue size, 50 per cent has been reserved for qualified institutional buyers, 35 per cent for institutional investors, and the remaining 15 per cent for non institutional investors.
The IPO size has been reduced from the earlier plan of Rs 5,200 crore, as outlined in the preliminary papers filed in August 2025.
Use of Proceeds and Pre IPO Fundraising
CleanMax said that proceeds of Rs 1,125 crore from the fresh issue will be used towards repayment of debt, while the remaining amount will be allocated for general corporate purposes.Ahead of the IPO, the company raised Rs 1,500 crore, strengthening its capital position before entering the public markets.
CleanMax Business Overview and Renewable Energy Portfolio
Founded in 2010, CleanMax Enviro Energy Solutions focuses on net zero and decarbonisation solutions for commercial and industrial customers. Its offerings include renewable power supply through wind, solar, and hybrid projects, along with energy services and carbon credit solutions.As of July 31, 2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity. In addition, it reported 5.07 GW of projects at an advanced stage or under development.
CleanMax serves clients across sectors such as data centres, AI and technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centres. Its project portfolio spans onsite installations at client facilities as well as offsite projects executed through bilateral power purchase agreements.
According to a Crisil report, the company held a 12 per cent share of annual open access renewable energy capacity additions in the commercial and industrial segment in FY24, with a strong presence in Gujarat and Karnataka. Its client roster includes global technology companies such as Equinix, Amazon, Google, Apple, and Cisco.
By March 2025, CleanMax had established onsite solar operations across 21 Indian states and expanded internationally to the UAE, Thailand, and Bahrain. Its renewable energy plants in Maharashtra, Tamil Nadu, and Karnataka cater to leading technology customers.
Financial Performance in FY25
On the financial front, CleanMax reported revenue from operations of Rs 1,610.34 crore in FY25, up 13 per cent from Rs 1,425.31 crore in FY24. The company also turned profitable in FY25, posting a net profit of Rs 27.84 crore.With a diversified renewable energy portfolio, expanding geographic footprint, and improved financial performance, CleanMax is set to test investor appetite as its Rs 3,100 crore IPO opens for subscription later this month.
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