Clean Max Enviro Energy Solutions Limited’s Initial Public Offering to open on 23, 2026, price band set at Rs 1,000 – Rs 1,053 per Equity Share

       

Price band of Rs 1,000– Rs 1,053 per Equity Share bearing face value of Re 1 each (“Equity Shares”)

Bid/Offer Opening Date – February 23, 2026 and Bid/Offer Closing Date February 25, 2026.

Minimum Bid Lot is 14 Equity Shares and in multiples of 14 Equity Shares thereafter

Mumbai, February 17, 2026: CleanMax, India’s largest commercial and industrial (“C&I”) renewable energy provider has fixed the price band of Rs 1,000 /- to Rs 1,053 /- per Equity Share of face value ₹ 1/- each for its maiden initial public offer. 

The Initial Public Offering (“IPO” or “Issue”) of the Company will open on February 23, 2026, for subscription and close on February 25, 2026. 

Investors can bid for a minimum of 14 Equity Shares and in multiples of 14 Equity Shares thereafter.

The IPO is a fresh issue of up to Rs 1,200 crore and an offer-for-sale up to Rs 1,900 crore by promoter - Kuldeep Jain, BGTF One Holdings (DIFC) Limited, and KEMPINC LLP. Other investors selling - Augment India I Holdings, LLC, and DSDG Holding APS.

The proceeds from the fresh issue to the extent of Rs 1,122.6 crore will be used for repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company and/or their subsidiaries, and for general corporate purposes.  

Ahead of the proposed IPO, the Company successfully raised INR 1500 Crore.

The placement saw participation from long-term institutional investors including:

Jongsong Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings Private Limited

GSS India Opportunities AIF Scheme I, an affiliate of Bain Capital Special Situations

360 ONE Special Opportunities Fund

Neo Digital Investments Limited

Steadview Capital Mauritius Limited  

Select family offices

The participation of global institutional investors reflects continued confidence in CleanMax’s business model and long-term growth prospects in India’s commercial and industrial renewable energy segment.

CleanMax is also one of the early movers in the C&I renewable energy sector and has played a key role in shaping the evolution of the industry and its operating models

Approximately 43% of the Company’s portfolio caters to Data center and AI customers. As data centres and AI infrastructure expand rapidly across India, the demand for reliable, cost-effective and sustainable power solutions continues to accelerate, making it an addressable market for CleanMax. 

About the Company

CleanMax 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, according to the CRISIL Report.

With nearly 15 years of experience since inception in 2010, CleanMax specialises in delivering net zero and decarbonisation solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers across data centres, AI and technology industries, and large enterprises across sectors including infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate and GCCs. 

CleanMax’s technology customers include Amazon, Apple, CISCO, Equinix and Google, among others and Conventional C&I customers include Apar Industries Limited, Bajaj Auto Limited, Bangalore International Airport Limited, BASF India Limited, Concord Biotech Limited, Grasim Industries Limited (Birla Paints Division), Sansera Engineering, Sona Comstar and Welspun Living, among others.

The company has developed in-house capabilities across project development (evacuation and assessment), land acquisition, EPC, financing and asset management, enabling control over the entire project lifecycle from greenfield/brownfield development to ownership and operations. As of September 30, 2025, the company had 555 customers, with 77.28% of its Contracted Capacity for the Fiscal 2025 attributable to repeat customers, and 94.72% of customers holding a credit rating of “A-” or above or being subsidiaries of multinational corporations with such credit ratings; it has built a PPA portfolio with a weighted average tenure of 22.85 years and a weighted average lock-in periods of 16.86 years. 

The company has demonstrated consistently improving financial performance, with revenue from Renewable Energy Power Sales growing at a CAGR of 52.71% and EBITDA at a CAGR of 58.14% from Fiscal 2023 to Fiscal 2025, higher than peer medians, according to the CRISIL Report. In Fiscal 2025, it delivered a Cash ROIC (based on Opening Funds Invested) of 13.03% and a Cash ROE (based on Opening Equity) of 17.73%, and maintained a Debt (net off liquid assets) to Adjusted EBITDA ratio of 4.80 times, lower than the peer average, according to the CRISIL Report.

For the year ended 31 March 2025 (FY25), the Company reported Revenue from Operations of ₹1,495.70 crores, compared to ₹1,389.84 crores in FY24, reflecting a growth of ₹105.86 crores (7.62% YoY). EBITDA increased to ₹1,015.07 crores in FY25 from ₹741.57 crores in FY24, registering a strong growth of ₹273.50 crores (36.88% YoY), indicating significant improvement in operating performance. 

Axis Capital Limited, J.P. Morgan India Private Limited, BNP Paribas, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.