CleanMax Enviro’s ₹3,100-crore IPO to open Feb 23 at ₹1,000-1,053 price band

CleanMax Enviro Energy Solutions’ ₹3,100-crore initial public offering is scheduled to open for subscription on February 23 at a price band of ₹1,000-1,053 per equity share. The renewable energy company has already raised ₹1,500 crore through a pre-IPO placement from institutional investors, including Jongsong Investments Pte Ltd — an indirect, wholly owned subsidiary of Temasek Holdings — alongside funds such as GSS India Opportunities AIF Scheme I, 360 ONE Special Opportunities Fund, and Steadview Capital Mauritius Ltd. Corporate green push drives timing The IPO assumes significance as corporate India accelerates its adoption of renewable energy to meet sustainability targets, with data centres powering AI and cloud computing emerging as particularly voracious consumers of green power. The issue closes on February 25, comprising a fresh issue of equity shares aggregating up to ₹1,200 crore and an offer for sale of up to ₹1,900 crore by promoters Kuldeep Jain, BGTF One Holdings (DIFC) Ltd and KEMPINC LLP, as well as selling shareholders Augment India I Holdings LLC and DSDG Holding APS. Bids can be placed for a minimum of 14 shares and in multiples thereof. Debt reduction takes priority Of the fresh issue proceeds, approximately ₹1,122.6 crore will fund repayment or prepayment of certain borrowings of the company and its subsidiaries, with the balance earmarked for general corporate purposes. CleanMax’s total borrowings stood at ₹8,078 crore as of March 2025. In FY25, the company reported revenue from operations of ₹1,495.7 crore, up 7.62 per cent year on year. EBITDA rose sharply by 36.88 per cent to ₹1,015.07 crore, while it posted a profit after tax of ₹19.43-27.84 crore, reversing a loss of ₹37.64 crore in FY24. 2.8 GW operational, data centres key clients CleanMax, which operates in the commercial and industrial renewable energy space, had an operational, owned-and-managed capacity of 2.80 GW as of October 31, 2025, complemented by an additional 3.17 GW of contracted capacity. The company develops renewable energy plants to supply power to corporate customers under long-term power purchase agreements, with a weighted-average tenure of 22.85 years. About 43 per cent of its portfolio serves data centre and artificial intelligence customers. Its client roster spans automotive majors such as Maruti Suzuki, Honda, Bajaj Auto, TVS, and Suzuki India, alongside technology companies such as Amazon, Apple, Cisco, Equinix, and Google. As of September 30, 2025, 77.28 per cent of its FY25 contracted capacity came from repeat customers. Incorporated in 2010, CleanMax provides net-zero and decarbonisation solutions across project development, land acquisition, EPC, financing and asset management. Published on February 17, 2026