Lucknow: CleanMax Enviro Energy Solutions Limited (“CleanMax”), India’s largest commercial and industrial (C&I) renewable energy provider, has announced the price band for its upcoming Initial Public Offering (IPO) at ₹1,000 to ₹1,053 per Equity Share of face value ₹1 each.
The IPO will open for subscription on February 23, 2026, 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 Structure
The IPO comprises:
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A fresh issue of equity shares aggregating up to ₹1,200 crore; and
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An offer for sale (OFS) of up to ₹1,900 crore by existing shareholders.
The promoter selling shareholders include Kuldeep Jain, BGTF One Holdings (DIFC) Limited, and KEMPINC LLP. Other investors participating in the OFS are Augment India I Holdings, LLC, and DSDG Holding APS.
Utilisation of Proceeds
From the fresh issue proceeds, approximately ₹1,122.6 crore will be utilised towards repayment and/or pre-payment, in full or part, of certain outstanding borrowings of the company and its subsidiaries. The remaining funds will be used for general corporate purposes.
Pre-IPO Fundraising and Institutional Backing
Ahead of the IPO, CleanMax successfully raised ₹1,500 crore from leading long-term institutional investors. The placement witnessed participation from prominent global investors, including:
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Jongsong Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings Private Limited
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GSS India Opportunities AIF Scheme I, an affiliate of Bain Capital Special Situations
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360 ONE Special Opportunities Fund
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Neo Digital Investments Limited
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Steadview Capital Mauritius Limited
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Select family offices
The participation of marquee global investors underscores strong confidence in CleanMax’s business model and long-term growth trajectory within India’s rapidly expanding C&I renewable energy segment.
Industry Position and Growth Focus
CleanMax is regarded as one of the early pioneers in India’s C&I renewable energy space and has played a significant role in shaping the sector’s operating models and adoption trends. The company provides renewable power solutions to commercial and industrial clients, enabling them to transition to cost-effective and sustainable energy sources.
Notably, approximately 43% of CleanMax’s portfolio serves data centre and AI customers, a segment witnessing accelerated growth across India. With the rapid expansion of data centres and artificial intelligence infrastructure, demand for reliable, scalable, and sustainable power solutions is rising sharply — positioning CleanMax to capitalise on this expanding addressable market.
As India intensifies its focus on clean energy and corporate decarbonisation, CleanMax’s upcoming public issue marks a significant milestone in its growth journey, offering investors an opportunity to participate in the evolving renewable energy landscape.
