backed Clean Max Enviro Energy fixes price band for its ₹3,100 crore IPO

Brookfield-backed Clean Max Enviro Energy fixes price band for its ₹3,100 crore IPO At the upper price band, Clean Max Enviro Energy aims to raise ₹3,100 crore. This comprises a fresh issue of ₹1,200 crore and an offer for sale of 1.80 crore equity shares. By Meghna Sen Mumbai-based Clean Max Enviro Energy Solutions has announced the price band for its initial public offering (IPO), which will open for subscription on February 23 and close on February 25. The company will raise funds from anchor investors on February 20. The price band has been fixed at ₹1,000-₹1,053 per equity share. Investors can bid for a minimum lot of 14 shares and in multiples thereafter. Shares worth up to ₹30 crore have been reserved for employees, who will receive a ₹100 per share discount to the final issue price. At the upper end of the band, the company aims to raise ₹3,100 crore. This comprises a fresh issue of ₹1,200 crore and an offer for sale of 1.80 crore equity shares. At this price, Clean Max Enviro Energy will command a post-listing market capitalisation of ₹12,325 crore. The overall offer size has been reduced from the earlier planned ₹5,200 crore, as per the preliminary papers filed in August 2025. Under the OFS, promoters Kuldeep Jain, Brookfield's BGTF One Holdings DIFC and KEMPINC LLP, along with investors Augment India I Holdings and DSDG Holding APS, will offload shares. Earlier this month, the company raised ₹1,185 crore ahead of the IPO, including ₹296.8 crore through a pre-IPO placement. Investors in this round included Temasek Holdings through Jongsong Investments and Bain Capital Advisors, among others. As part of the fresh issue, the company on February 6 allotted 28.19 lakh shares worth ₹296.8 crore at ₹1,053 apiece to Jongsong Investments. On the same day, BGTF One Holdings DIFC and KEMPINC LLP sold 84.34 lakh shares, representing a 7.94% stake, worth ₹888.1 crore at the same price to a group of investors including Jongsong Investments, Bain Capital Advisors-managed GSS India Opportunities AIF Scheme I, Neo Digital Investments, Anjali Ashutosh Taparia and Aruna Sanjeev Taparia. Following these transactions, BGTF's stake declined to 31.42% from 39.58%, while KEMPINC's holding fell to 12.86% from 14.06%. Clean Max, which provides renewable power, energy services and carbon credit solutions to data centres, AI and technology companies, as well as commercial and industrial enterprises, competes with listed peers such as ACME Solar Holdings, NTPC Green Energy and Adani Green Energy. The company plans to utilise ₹1,122.6 crore from the fresh issue proceeds towards debt repayment, with the remaining amount earmarked for general corporate purposes. Funds raised through the OFS will go to the selling shareholders. In a February 8 notice to investors, the company clarified that the pre-IPO proceeds would be fully used for general corporate purposes. The IPO is being managed by Axis Capital, JP Morgan India, HSBC Securities and Capital Markets India, IIFL Capital Services, Nomura Financial Advisory and Securities India, BOB Capital Markets and SBI Capital Markets. The company will finalise IPO share allotment by February 26, while CleanMax shares will be available for trading on the bourses effective March 2.