- Price band of Rs 1,000– Rs 1,053 per Equity Share bearing face value of Re 1 each (“Equity Shares”)
- Bid/Offer Opening Date – February 23, 2026 and Bid/Offer Closing Date February 25, 2026.
- Minimum Bid Lot is 14 Equity Shares and in multiples of 14 Equity Shares thereafter
Ahmedabad, February 19, 2026: CleanMax, India’s largest commercial and industrial (“C&I”) renewable energy provider has fixed the price band of Rs 1,000 /- to Rs 1,053 /- per Equity Share of face value Rs 1/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the Company will open on February 23, 2026, for subscription and close on February 25, 2026. Investors can bid for a minimum of 14 Equity Shares and in multiples of 14 Equity Shares thereafter.
The IPO is a fresh issue of up to Rs 1,200 crore and an offer-for-sale up to Rs 1,900 crore by promoter – Kuldeep Jain, BGTF One Holdings (DIFC) Limited, and KEMPINC LLP. Other investors selling – Augment India I Holdings, LLC, and DSDG Holding APS.The proceeds from the fresh issue to the extent of Rs 1,122.6 crore will be used for repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company and/or their subsidiaries, and for general corporate purposes.
Ahead of the proposed IPO, the Company successfully raised INR 1500 Crore.The placement saw participation from long-term institutional investors including Jongsong Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings Private Limited, GSS India Opportunities AIF Scheme I, an affiliate of Bain Capital Special Situations, 360 ONE Special Opportunities Fund, Neo Digital Investments Limited, Steadview Capital Mauritius Limited &Select family offices.
The participation of global institutional investors reflects continued confidence in CleanMax’s business model and long-term growth prospects in India’s commercial and industrial renewable energy segment.
CleanMax is also one of the early movers in the C&I renewable energy sector and has played a key role in shaping the evolution of the industry and its operating models
Approximately 43% of the Company’s portfolio caters to Data center and AI customers. As data centres and AI infrastructure expand rapidly across India, the demand for reliable, cost-effective and sustainable power solutions continues to accelerate, making it anaddressable market for CleanMax.
For the year ended 31 March 2025 (FY25), the Company reported Revenue from Operations of Rs 1,495.70 crores, compared to Rs 1,389.84 crores in FY24, reflecting a growth of Rs 105.86 crores (7.62% YoY). EBITDA increased to Rs 1,015.07 crores in FY25 from Rs 741.57 crores in FY24, registering a strong growth of Rs 273.50 crores (36.88% YoY), indicating significant improvement in operating performance.
Axis Capital Limited, J.P. Morgan India Private Limited, BNP Paribas, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.
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 less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
