IPO Corner: Clean Max Enviro Energy Solutions Ltd.

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 ₹ 1/- each for its maiden initial public offer. The Initial Public Offering 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.

• Issue Opens: February 23, 2026
• Issue Closes: February 25, 2026
• Face Value: Rs 1 each
• Price Band: Rs 1000 – 1053 per share
• Lot Size: 14 Shares
• Listing: BSE NSE

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 Rs 1500 Crore. 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.

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.

For the year ended 31 March 2025 (FY25), the Company reported Revenue from Operations of ₹1,495.70 crores, compared to ₹1,389.84 crores in FY24, reflecting a growth of ₹105.86 crores (7.62% YoY). EBITDA increased to ₹1,015.07 crores in FY25 from ₹741.57 crores in FY24, registering a strong growth of ₹273.50 crores (36.88% YoY), indicating significant improvement in operating performance.