- 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
CleanMax, recognized as India’s leading renewable energy provider for the commercial and industrial (C&I) sectors, has officially announced the price band for its highly anticipated Initial Public Offering (IPO). The company has fixed the price at ₹1,000 to ₹1,053 per equity share (face value of ₹1 each). This milestone maiden issue is set to open for public subscription on Monday, February 23, 2026, and will remain open until Wednesday, February 25, 2026. Prospective investors can participate with a minimum bid lot of 14 equity shares, with further investments available in multiples of 14 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 an addressable market for CleanMax.
About CleanMax :
Established in 2010, CleanMax has evolved into India’s premier renewable energy provider for the Commercial and Industrial (C&I) sector, specializing in comprehensive decarbonization and net-zero solutions. With nearly 15 years of operational expertise, the company manages a massive portfolio including 2.80 GW of operational capacity and an additional 3.17 GW in contracted projects. Its reach spans diverse high-growth sectors, from heavy industries like steel and cement to cutting-edge technology hubs, serving a blue-chip clientele that includes global giants such as Amazon, Apple, Google, and Cisco, alongside domestic leaders like Bajaj Auto and Bangalore International Airport.
The company’s success is built on an integrated, in-house business model that controls the entire project lifecycle—from land acquisition and financing to long-term asset management. This operational depth has fostered deep customer loyalty, with over 77% of contracted capacity in Fiscal 2025 coming from repeat clients, nearly all of whom maintain high credit ratings. Financially, CleanMax has demonstrated exceptional momentum, with revenue from power sales and EBITDA growing at a CAGR exceeding 50% over the last three fiscal years. Backed by major global investors like Brookfield and Temasek, CleanMax is strategically positioned to capitalize on the surging energy demands of India’s burgeoning data center and AI infrastructure.
