Up to 50 percent of the issuance is reserved for QIBs, while not less than 35 percent is reserved for retail and the balance 15 percent for non-institutional or HNIs.
Of the fresh issue, approximately ₹1,122.6 crore will finance repayment or prepayment of certain borrowings of the company and subsidiaries, with the balance earmarked for general corporate purposes. Total loans stood at ₹8,078 crore as of March 2025.
Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, on Friday raised ₹921 crore from major investors by allotting 87,46,437 shares at ₹1,053 each.
Foreign and domestic institutions that participated in the anchor portion included Temasek Holdings, Nomura Asset Management, Eastspring, SBI Life, Tata Investment Corp, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI General, Premji Invest, 360 One Mutual Fund, according to a circular uploaded on BSE’s website.
Ahead of the proposed IPO, the company had raised ₹1,500 crore through a pre-IPO placement from institutional investors including Jongsong Investments Pte Ltd – an indirect, wholly owned subsidiary of Temasek Holdings – besides funds like GSS India Opportunities AIF Scheme I, 360 ONE Special Opportunities Fund and Steadview Capital Mauritius Ltd.
Clean Max Enviro Energy Solutions Private Ltd 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.
Founded in 2010, CleanMax has more than 15 years of experience delivering Net Zero and decarbonization solutions to enterprise customers. Unlike utility-scale renewable energy developers who participate in competitive tenders with state-owned distribution companies, CleanMax follows a customer-specific contracting model, entering into long-term agreements directly with business consumers. This approach enables tailor-made sustainable energy solutions and long-term visibility of contracted revenues.
In terms of industry position, CleanMax had a market share of around 8 percent in annual open access renewable capacity expansion in FY25 (12 percent in FY24), with a particularly strong share in states such as Gujarat and Karnataka, reflecting its leadership in the C&I open access segment in India.
Brokers’ views:
SBI Securities: Clean Max is India’s largest C&I renewable energy services provider, with a market share of ~8 percent. The company is a net-zero partner for companies that consume 50 percent of India’s total energy and have an estimated market size of ₹3 lakh crore. The company benefits from premium energy rates compared to utilities as the average ticket size is ~13 MW. The company has a capital efficient (GB/EBITDA) model with one of the lowest net debt/adj. EBITDA of ~4.8xv/s industry >6x. At ~7.5 percent in Mar’23, green procurement penetration for enterprises is expected to reach 20 percent in FY30, indicating scalability for the business. At the top price band of ₹1,053, the issue is valued at FY25 and annualized 1HFY26 EV/EBITDA multiples of 21.7x and 16.3x, respectively, based on post-issue capital.
ICICI Direct: Operating revenue/EBITDA has grown at a CAGR of ~27%/~55% over FY23-FY25. • We assign an UNRATED rating to Clean Max Enviro Energy Solutions Limited.
Published on February 23, 2026
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