CleanMax raises Rs 15 billion in pre-IPO round led by Temasek, Bain

CleanMax Enviro Energy Solutions has raised Rs 15 billion in a pre-initial public offering (IPO) funding round led by Temasek Holdings and Bain Capital, ahead of its planned market debut expected later this month.

The pre-IPO placement also saw participation from Steadview Capital, 360One and Steinberg India Emerging Opportunities Fund. Several family offices joined the round, including those linked to the Dalmia group, as well as the Jaisinghani and Taparia families through TrustGroup. Sources indicated that Temasek and Bain Capital will together hold around 10% of CleanMax following the transaction. Shares in this round were allotted at Rs 1,053 each.

The capital raise precedes the company’s proposed IPO, for which it has secured regulatory clearance for an updated Draft Red Herring Prospectus. The total targeted fundraising, including the pre-IPO placement, is about Rs 52 billion. In August 2025, CleanMax filed its initial Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for a public issue valued at Rs 5,200 crore.

CleanMax operates as a commercial and industrial (C&I) renewable energy provider with over 2.5 GW of operational, owned and managed capacity. Founded in 2010, the company has operations across India, the Middle East and Southeast Asia.

Recently, CEAT partnered with CleanMax Enviro Energy Solutions to develop hybrid renewable energy projects to supply power to its manufacturing facilities. The hybrid installations are expected to generate around 13.58 crore units of renewable power annually.

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