Clean Max Enviro Energy Solutions, India’s largest commercial and industrial renewable energy provider, has raised INR 921 crore from anchor investors ahead of its initial public offering that opens for public subscription today (Feb. 23, 2026). The company informed the bourses that it allocated 87,46,437 equity shares at INR 1,053 per share on Feb. 20, 2026, to anchor investors.
Foreign and domestic institutions who participated in the anchor were Temasek Holdings, SBI Life, Nomura Asset Management, HDFC Mutual Fund, ADIA, Franklin Templeton MF, Eastspring, SBI General, Premji Invest, 360 One Mutual Fund, Trust Group, BNP, Tata Investment Corp among others. Foreign institutional investors comprised 32% of the book, while domestic institutional investors comprised 68%.
Out of the total allocation of 87,46,437 equity shares to anchor investors, 45,91,720 equity shares were allocated to Temasek Holdings, SBI Life, Nomura Asset Management, Eastspring, HDFC Mutual Fund, Franklin Templeton Mutual Fund, 360 One Mutual Fund, SBI General and ADIA, amounting to INR 483.51 crore, i.e., 52.5% of the total anchor book size.
On Feb. 6, 2026 CleanMax also raised INR 1500 crore pre-IPO with investors including Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities fund, Steadview capital, and several family offices, including the Dalmia group, Jaisinghani and Taparia families.
Axis Capital, J.P. Morgan India, BNP Pariba, HSBC Securities and Capital Markets (India), IIFL Capital Services (formerly known as IIFL Securities), Nomura Financial Advisory and Securities (India), BOB Capital Markets and SBI Capital Markets are the book-running lead manager; and MUFG Intime India (formerly Link Intime India) is the registrar of the offer.
IPO details
The IPO comprises a fresh issue for INR 1,200 crore and an offer-for-sale for INR 1,900 crores. The IPO price band is set at INR 1,000 -1,053 per share. Investors can bid for a minimum of 14 equity shares and in multiples of 14 equity shares thereafter.
The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders, respectively.
The company intends to utilize INR 11,22.67 crore from the net proceeds for repayment of its certain outstanding borrowings and the balance for general corporate purposes.
CleanMax has 2.8 GW of operational, owned and managed capacity and 3.17 GW of contracted, yet to be executed capacity, as of Oct. 31, 2025, according to the CRISIL Report.
For the year ended March 31, 2025 (FY25), the company reported revenue from operations of INR 1,495.70 crore, compared to INR 1,389.84 crore in FY24, reflecting a growth of INR 105.86 crore (7.62% YoY). EBITDA increased to INR 1,015.07 crore in FY25 from INR 741.57 crores in FY24, registering a strong growth of INR 273.50 crore (36.88% YoY).
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