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CleanMax Enviro Energy Solutions, a leading commercial and industrial renewable energy provider, has announced a Rs 3,100-crore initial public offering (IPO), with a price band of INR 1,000-1,053 per share, valuing the company at INR 12,325 crore at the upper end. The IPO includes a fresh issue of INR 1,200 crore and an offer-for-sale of INR 1,900 crore by promoters and early investors. CleanMax serves clients in multiple sectors, operates over 2.5 GW of capacity, and reported a net profit of INR 27.84 crore in FY25.
CleanMax Enviro Energy Solutions, a company providing renewable energy solutions for commercial and industrial clients, has announced that its IPO will open for subscription on February 23. The IPO carries a price band of INR 1,000 to 1,053 per share, which values the company at INR 12,325 crore at the upper limit. The subscription period will close on February 25, while anchor investor bidding is scheduled for February 20. Advertisement
The total offering comprises a fresh issue of shares worth INR 1,200 crore and an offer-for-sale (OFS) of INR 1,900 crore by the company's promoters and an investor shareholder. This OFS includes shares being offloaded by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS. The IPO size has been reduced from an earlier plan of INR 5,200 crore, according to preliminary filings made in August 2025.
Proceeds from the fresh issue, estimated at INR 1,125 crore, will primarily be used to repay debt, with the remainder allocated for general corporate purposes. Prior to the IPO, CleanMax had raised INR 1,500 crore through private funding. Allocation for investors has been structured with half of the issue reserved for qualified institutional investors, 35 per cent for other institutional investors, and the remaining 15 per cent for non-institutional investors. The company is expected to make its stock market debut on March 2.
Founded in 2010, CleanMax specializes in net zero and decarbonisation solutions for C&I customers. Its services include renewable energy supply from wind, solar, and hybrid sources, energy management services, and carbon credit solutions. As of July 2025, the company had an operational capacity of 2.54 GW, contracted capacity of 2.53 GW, and over 5 GW of projects at advanced or developmental stages.
The company caters to a broad range of industries, including data centres, AI and technology firms, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centres. Its projects include onsite installations at client facilities as well as offsite initiatives through bilateral power purchase agreements. According to a Crisil report, CleanMax accounted for 12 per cent of annual open access renewable energy capacity additions in the C&I segment during FY24, with strong operations in Gujarat and Karnataka. Prominent clients include Equinix, Amazon, Google, Apple, and Cisco.
By March 2025, CleanMax had established a presence for onsite solar installations across 21 Indian states and expanded internationally to the UAE, Thailand, and Bahrain. Its renewable energy plants in Maharashtra, Tamil Nadu, and Karnataka continue to serve leading technology customers. Financially, the company reported a revenue increase of 13 per cent in FY25 to INR 1,610.34 crore, up from INR 1,425.31 crore in FY24, while achieving a net profit of INR 27.84 crore.
Source PTI
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