New Delhi, February 23 The initial public offering (IPO) of Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, received 34% subscription on the first day of share sale on Monday.
According to NSE data, the company's IPO received bids for 75,07,654 shares against 2,18,23,329 shares on offer.
The portion for qualified institutional buyers was subscribed 1.03 times, while the quota for non-institutional investors received 20% subscription. The retail individual investors portion garnered only 2% subscription.
Clean Max Enviro Energy Solutions said on Friday that it has raised Rs 921 crore from anchor investors.
The Rs 3,100 crore IPO will conclude on February 25.
The company has fixed a price band of Rs 1,000-1,053 per share, valuing it at Rs 12,325 crore at the upper end.
The proposed issue comprises a fresh issue of shares worth up to Rs 1,200 crore and an offer-for-sale (OFS) of shares valued at Rs 1,900 crore by promoters and an investor shareholder.
The IPO size has been reduced from Rs 5,200 crore planned earlier, according to the preliminary papers filed in August 2025.
The OFS consists of the offloading of shares by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS.
Proceeds from the fresh issue amounting to Rs 1,125 crore will be used to repay debt, while the balance will go towards general corporate purposes.
Ahead of the proposed IPO, the company had raised Rs 1,500 crore.
CleanMax will make its stock market debut on March 2.
Founded in 2010, CleanMax specializes in net zero and decarbonization solutions for C&I customers. Its offerings include renewable power supply – wind, solar, hybrid – energy services, and carbon credit solutions.
As of July 31, 2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, in addition to 5.07 GW of projects under advanced stage and under development.
The company serves clients across sectors such as data centers, AI and technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centers. Its projects range from onsite installations at client facilities to offsite projects through bilateral power purchase agreements.
According to a Crisil report, CleanMax held a 12% share of annual open access renewable energy capacity additions in the C&I market in FY24, with a strong presence in Gujarat and Karnataka. Its key clients include Equinix, Amazon, Google, Apple, and Cisco.
By March 2025, the company had established one of the widest geographical coverages for onsite solar in 21 Indian states and expanded operations internationally to the UAE, Thailand, and Bahrain. Its renewable energy plants in Maharashtra, Tamil Nadu, and Karnataka cater to leading technology customers.
Financially, CleanMax's revenue from operations rose 13% to Rs 1,610.34 crore in FY25 from Rs 1,425.31 crore in FY24, while the company turned profitable, reporting a net profit of Rs 27.84 crore in FY25.
