CleanMax’s INR 3,100 Crore IPO to Open for Subscription on February 23, 2026
Clean Max Enviro Energy Solutions’ INR 3,100 crore initial public offering (IPO) is set to open for subscription from February 23–25, 2026, with a price band of INR 1,000–1,053 per share.
February 18, 2026. By Mrinmoy Dey
The IPO comprises a fresh issue of up to INR 1,200 crore and an offer-for-sale up to INR 1,900 crore by promoter – Kuldeep Jain, BGTF One Holdings (DIFC), and KEMPINC LLP. Other investors selling shares in the IPO are Augment India I Holdings, LLC, and DSDG Holding APS.
According to the red herring prospectus (RHP), the proceeds from the fresh issue to the extent of INR 1,122.6 crore will be used for repayment and/or pre-payment, in part or in full, of all or certain outstanding borrowings of the company and/or its subsidiaries, and for general corporate purposes.
Axis Capital, J.P. 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 book-running lead managers and MUFG Intime India is the registrar of the offer.
The equity shares are proposed to be listed on BSE and NSE.
Ahead of the proposed IPO, the company successfully raised INR 1500 crore. The placement saw participation from long-term institutional investors including Jongsong Investments (an indirect wholly-owned subsidiary of Temasek Holdings), GSS India Opportunities AIF Scheme I (an affiliate of Bain Capital Special Situations), 360 ONE Special Opportunities Fund, Neo Digital Investments, Steadview Capital Mauritius and Select family offices.
CleanMax is also one of the early movers in the C&I renewable energy sector. It has 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.
Approximately 43 percent of the company’s portfolio caters to Data centre 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, the company stated. It also caters to large enterprises across sectors, including infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate and GCCs.
In FY25, the company reported Revenue from Operations of INR 1,495.70 crores, compared to INR 1,389.84 crore in FY24, reflecting a growth of INR 105.86 crores (7.62 percent YoY). EBITDA increased to INR 1,015.07 crore in FY25 from INR 741.57 crore in FY24, registering a strong growth of INR 273.50 crore (36.88 percent YoY).
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