Clean Max Enviro Energy Solutions IPO’s price band set at Rs 1,000 – Rs 1,053
FinTech BizNews Service
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 Rs1 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
Rs1,495.70 crores, compared to Rs1,389.84 crores in FY24, reflecting a growth of Rs105.86 crores
(7.62% YoY). EBITDA increased to Rs1,015.07 crores in FY25 from Rs741.57 crores in FY24, registering a
strong growth of Rs273.50 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.
