The initial public offer (IPO) of Clean Max Enviro Energy Solutions 2,05,69,556 received bids for 75,07,654 shares as against 2,18,23,329 shares on offer. The issue was subscribed 0.94 times.
The Qualified Institutional Buyers (QIB) category was subscribed 2.83 times, the Non-Institutional Investors category was subscribed 0.54 times, and the Retail Individual Investors category was subscribed 0.06 times.
The issue opened for bidding on 23 February 2026 and it closed on 25 February 2026. The price band of the IPO is fixed between Rs 1,000 and 1,053 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.
The issue comprised fresh equity shares, aggregating Rs 1,200 crore, and an offer-for-sale (OFS) of equity shares, aggregating Rs 1,900 crore. The OFS by the promoters includes equity shares aggregating Rs 216.799 crore by Kuldeep Jain, Rs 903.898 crore by BGTF One Holdings, and Rs 73 crore by KEMPINC LLP. The OFS by selling shareholders aggregates Rs 541.921 crore, and by DSDG Holdings Rs 164.382 crore.
Of the net proceeds, Rs 1122.674 crore will be used for repayment and/or prepayment, in part or full, of all or certain outstanding borrowings and/or certain subsidiaries, and the balance for general corporate purposes. Total borrowings stood at Rs 10,121.46 crore as of 30 September 2025.
Ahead of the IPO, Clean Max Enviro Energy Solutions, on 20 February 2026, raised Rs 920.99 crore from anchor investors by allotting 87.46 lakh shares at Rs 1,053 each to 41 anchor investors.
CleanMax is India's largest commercial and industrial (C&I) renewable energy provider, with a 2799 MW operational capacity portfolio as of 31 October 2025. Additionally, a capacity of 3,044 MW was in an advanced stage, 3,172 MW was contracted, and 1,914 MW was under development.
With 15 years of experience since inception, CleanMax specializes in delivering net zero and decarbonization solutions, including supplying renewable power and energy services and carbon credit solutions across data centers, AI and technology industries, and C&I enterprises across a range of sectors, including infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate, and global capability centers.
The company’s expertise spans across providing energy contracting, engineering, procurement and construction (EPC) services, and operation and maintenance (O&M) services of renewable energy plants, including solar, wind and hybrid plants, within the customer‘s premises (onsite) and within in-house-developed renewable energy (solar, wind, and hybrid) farms (offsite).
Renewable energy power sales revenue as a percentage of revenue from operations amounted to 77.09% and 74.03% in H1FY2026 and FY 2025.
For the six months ended 30 September 2025, the firm recorded a consolidated net profit of Rs 15.44 crore and income from operations of Rs 932.95 crore.