CleanMax sets Rs 1,000–1,053 IPO price band; issue opens February 23

CleanMax Enviro Energy has fixed a price band of Rs 1,000 to Rs 1,053 per share for its initial public offering (IPO). The issue will open for subscription on February 23, 2026, and close on February 25, marking a listing focused on the private-sector renewable energy market.

The IPO comprises a fresh issue of shares worth up to Rs 1,200 crore and an offer-for-sale (OFS) of up to Rs 1,900 crore. Promoters Kuldeep Jain, BGTF One Holdings (DIFC) Limited, and KEMPINC LLP are participating in the OFS along with investors Augment India I Holdings, LLC and DSDG Holding APS. From the fresh issue proceeds, about Rs 1,122.6 crore has been allocated toward partial or full repayment of outstanding borrowings of the company and its subsidiaries, with the remaining funds intended for general corporate purposes. Ahead of the IPO, CleanMax completed a Rs 1,500 crore pre-IPO placement from institutional investors Temasek Holdings, Steadview Capital, and Bain Capital.

As of October 31, 2025, CleanMax reported operational, owned, and managed capacity of 2.80 GW and an additional 3.17 GW under contract pending execution, according to CRISIL. Since its establishment in 2010, the company has focused exclusively on the commercial and industrial (C&I) segment, which typically provides higher margins than utility-scale projects.

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