CleanMax IPO: Temasek and Tata Investment are investing in an anchor round of Rs 921 crore, among others

Clean Max Enviro Energy Solutions has raised Rs 921 crore from key investors ahead of its Rs 3,100-crore IPO, with global and domestic institutions including Temasek Holdings and SBI Life Insurance prominently featured in the anchor book.The company informed the stock exchanges that it has allotted 87,46,437 shares at Rs 1,053 per share to anchor investors on February 20. The anchor portion represents a significant portion of the institutional interest ahead of the issue that opens for public subscription on February 23.

Investors who participated in the anchor round included Temasek Holdings, SBI Life Insurance, Nomura Asset Management, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, Eastspring, SBI General Insurance, Premji Invest, 360 One Mutual Fund, Trust Group, BNP and Tata Investment Corporation. Foreign institutional investors accounted for 32% of the anchor book, while domestic institutions accounted for 68%.Of the total anchor allocation, 45,91,720 shares were allotted to key investors including Temasek Holdings, SBI Life, Nomura Asset Management, Eastspring, HDFC Mutual Fund, Franklin Templeton Mutual Fund, 360 One Mutual Fund, SBI General and ADIA. This tranche amounted to approximately Rs 483.51 crore, representing 52.5% of the total anchor book.

The anchor round follows a Rs 1,500 crore pre-IPO placement completed earlier this month. On February 6, CleanMax raised capital from investors including Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities Fund, Steadview Capital and several family offices, including those of the Dalmia group, and the Jaisinghani and Taparia families.

Also read: Sebi approves 4 IPOs including Integris Medtech, Alpine Texworld and Anjali Labtech

The IPO includes a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. At the higher end of the price range of Rs 1,000 to Rs 1,053 per share, the total issue size is Rs 3,100 crore. The offer closes on February 25.

Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets and SBI Capital Markets are the lead managers. MUFG Intime India is the registrar of the offering.

CleanMax is India’s largest commercial and industrial renewable energy supplier, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted capacity in progress as of October 31, 2025, according to a CRISIL report.

Founded in 2010, the company focuses on delivering net-zero and low-carbon solutions to businesses including data centres, AI and technology companies, as well as infrastructure, cement, steel, FMCG, pharmaceutical and real estate clients.

The offering includes the supply of renewable energy through long-term contracts, engineering, procurement and construction services, and the operation and maintenance of solar, wind and hybrid installations, both on site and on sustainable farms developed by the company. It also provides carbon credit solutions and turnkey services for decarbonization of the economy.

Also read: Rs 4,300 crore IPO rush next week: Clean Max, PNGS Reva among 9 public offerings to hit the market

For FY25, CleanMax reported revenue from operations of Rs 1,496 crore, compared to Rs 1,390 crore in FY24, marking a year-on-year growth of 8%. EBITDA rose sharply to Rs 1,015 crore in FY25 compared to Rs 742 crore in the previous year, reflecting an increase of 37% and indicating improved operational performance.