CleanMax to Float ₹3,100 Crore IPO on Feb 23

Why It Matters

The IPO furnishes CleanMax with capital to expand its renewable portfolio and lower leverage, cementing its position as a leading C&I clean‑energy provider in India’s decarbonisation drive.

Key Takeaways

• IPO size ₹3,100 crore, valuation up to ₹12,325 crore
• Fresh issue ₹1,200 crore; OFS ₹1,900 crore by promoters
• Proceeds mainly repay debt, rest for corporate purposes
• FY25 revenue ₹1,610 crore, profit ₹27.84 crore
• 2.54 GW operational, 5.07 GW pipeline projects

Pulse Analysis

India’s renewable energy market is accelerating, driven by ambitious net‑zero targets and growing corporate demand for clean power. CleanMax, a specialist in on‑site solar, wind and hybrid solutions for data centres, manufacturing and technology firms, is leveraging this momentum with a high‑profile IPO. By pricing the issue at ₹1,000‑1,053 per share, the company signals confidence in its growth trajectory while attracting both institutional and retail investors keen on ESG‑aligned assets.

Financially, CleanMax reported a 13% revenue jump to ₹1,610 crore in FY25 and posted its first net profit of ₹27.84 crore, underscoring the scalability of its business model. The fresh issue’s ₹1,125 crore will be directed toward debt repayment, strengthening the balance sheet, while the remaining funds support expansion of its 5.07 GW pipeline, which includes projects across 21 Indian states and recent forays into the UAE, Thailand and Bahrain. This capital infusion positions the firm to capture a larger share of the 12% market contribution it already holds in open‑access renewable capacity additions.

For investors, the CleanMax IPO reflects broader trends: heightened appetite for renewable infrastructure, a shift toward corporate‑sourced clean energy, and the premium placed on companies with diversified client bases such as Amazon, Google and Apple. The reduced issue size from the originally planned ₹5,200 crore demonstrates disciplined capital planning, likely improving pricing stability. As the company lists on March 2, it will join a growing cohort of Indian clean‑tech listings, offering a compelling entry point into the country’s transition to sustainable power.

CleanMax to float ₹3,100 crore IPO on Feb 23

CleanMax will make its stock market debut on March 2 · Updated · February 17, 2026 at 03:19 PM · New Delhi · Clean Max Enviro Energy Solutions, a commercial and industrial (C&I) renewable energy provider, on Tuesday said its ₹3, 100‑crore initial public offering will open for subscription on February 23.

The company has fixed a price band of ₹1,000‑1,053 per share, valuing it at ₹12,325 crore at the upper end.

The 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 ₹1,200 crore and an offer‑for‑sale (OFS) of shares valued at ₹1,900 crore by promoters and an investor shareholder, Clean Max said in a statement.

The IPO size has been reduced from ₹5,200 crore planned earlier according to the preliminary papers filed in August 2025.

The OFS consists of off‑loading 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 ₹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 ₹1,500 crore, the statement noted.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent 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 specialises 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 ₹1,610.34 crore in FY25 from ₹1,425.31 crore in FY24, while the company turned profitable, reporting a net profit of ₹27.84 crore in FY25.

Published on February 17, 2026