CleanMax Enviro IPO Opens February 23, ₹3,100 Crore Offer At ₹1,000–1,053 Band

New Delhi: Clean Max Enviro Energy Solutions, a commercial and industrial (C&I) renewable energy provider, on Tuesday said its Rs 3,100-crore initial public offering will open for subscription on February 23. The company has fixed a price band of Rs 1,000-1,053 per share, valuing it at Rs 12,325 crore at the upper end. The company's IPO will conclude on February 25, while the bidding for anchor investors will take place on February 20.

The proposed IPO comprises a fresh issue of shares worth up to Rs 1,200 crore and an offer-for-sale (OFS) of shares valued Rs 1,900 crore by promoters and an investor shareholder, Clean Max said in a statement. The IPO size has been reduced from Rs 5,200 crore planned earlier according to the preliminary papers filed in August 2025. The OFS consists of offloading of shares by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS.

Proceeds from the fresh issue amounting to Rs 1,125 crore will be used to repay debt, while the balance will go towards general corporate purposes. Ahead of the proposed IPO, the company raised Rs 1,500 crore, the statement noted. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for for institutional investors and the remaining 15 per cent for non-institutional investors. CleanMax will make its stock market debut on March 2.

Founded in 2010, CleanMax specializes in net zero and decarbonisation solutions for C&I customers. Its offerings include renewable power supply --wind, solar, hybrid-- 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 to 5.07 GW of projects under advanced stage and under development.

The company serves clients across sectors such as data centres, AI and technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centres. Its projects range from onsite installations at client facilities to offsite projects through bilateral power purchase agreements. According to a Crisil report, CleanMax held a 12 per cent share of annual open access renewable energy capacity additions in the C&I market in FY24, with strong presence in Gujarat and Karnataka. Its key clients include Equinix, Amazon, Google, Apple, and Cisco.

By March 2025, the company had established one of the widest geographical coverages for onsite solar in 21 Indian states and expanded operations internationally to the UAE, Thailand, and Bahrain. Its renewable energy plants in Maharashtra, Tamil Nadu, and Karnataka cater to leading technology customers. Financially, CleanMax's revenue from operations rose 13 per cent to Rs 1,610.34 crore in FY25 from Rs 1,425.31 crore in FY24, while the company turned profitable, reporting a net profit of Rs 27.84 crore in FY25.

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