CleanMax Enviro Energy Solutions, a leading commercial and industrial (C&I) renewable energy provider in India, has announced that its initial public offering (IPO) worth INR 3,100 crore will open for subscription from February 23 to February 25, 2026. The company has set the IPO price band at ₹1,000 to ₹1,053 per share as it prepares to raise capital from public markets.
The offer consists of a fresh issue of up to ₹1,200 crore along with an offer-for-sale (OFS) of up to ₹1,900 crore by existing shareholders, including promoters Kuldeep Jain, BGTF One Holdings (DIFC), and KEMPINC LLP, as well as investor selling shareholders Augment India I Holdings and DSDG Holding APS.
Proceeds from the fresh issue will mainly be used to repay or pre-pay outstanding borrowings and for general corporate purposes. The company’s equity shares are proposed to be listed on both the BSE and NSE.
Ahead of the IPO, CleanMax raised INR 1,500 crore from long-term institutional investors, including Temasek’s subsidiary Jongsong Investments, Bain Capital affiliates, Steadview Capital Mauritius, and other family offices.
CleanMax is an early mover in India’s C&I renewable energy sector, with around 2.80 GW of operational capacity and 3.17 GW of contracted capacity yet to be executed as of October 31, 2025. Its portfolio serves a wide range of large enterprise customers, including data centres, infrastructure, manufacturing, FMCG, and real estate sectors.
In the financial year 2024–25, the company reported revenue of ₹1,495.70 crore, up from ₹1,389.84 crore the previous year, while EBITDA saw strong growth, increasing to ₹1,015.07 crore.
