Clean Max Enviro Energy Solutions, India’s largest commercial and industrial renewable energy provider, has raised INR 921 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription, February 23, 2026. The company informed the bourses that it allocated 87,46,437 equity shares at INR 1,053 per share on February 20, 2026, to anchor investors.
The anchor book drew in a mix of institutional investors from both inside and outside the country, such as Temasek Holdings, SBI Life, Nomura Asset Management, HDFC Mutual Fund, ADIA, Franklin Templeton MF, Eastspring, SBI General, Premji Invest, 360 One Mutual Fund, Trust Group, BNP, Tata Investment Corp, and many more. Foreign institutional investors made up 32% of the anchor book, while domestic investors made up 68%.
Out of the total allocation, 45,91,720 equity shares were allotted to top investors such as Temasek Holdings, SBI Life, Nomura Asset Management, Eastspring, HDFC Mutual Fund, Franklin Templeton Mutual Fund, 360 One Mutual Fund, SBI General and ADIA, amounting to INR 483.51 crore, i.e., 52.5% of the total anchor book size.
Earlier, on February 6, 2026, Clean Max had raised INR 1,500 crore pre-IPO from investors including Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities fund, Steadview Capital, and family offices such as the Dalmia group, Jaisinghani, and Taparia families.
IPO Details:
- Fresh issue: INR 1,200 crore
- Offer-for-sale: INR 1,900 crore
- Price band: INR 1,000 – 1,053 per share
- Minimum bid: 14 equity shares (in multiples of 14)
- Allocation: Max 50% for qualified institutional buyers, 15% for non-institutional bidders, 35% for retail investors
The company plans to use INR 11,22.67 crore from net proceeds to pay off some of its outstanding debts, and the rest will be used for general business needs.
Operational and Financial Highlights:
- Operational, owned, and managed capacity: 2.8 GW
- Contracted but yet-to-be-executed capacity: 3.17 GW (as of October 31, 2025)
- FY25 revenue: INR 1,495.70 crore, up from INR 1,389.84 crore in FY24 (7.62% YoY)
- FY25 EBITDA: INR 1,015.07 crore, up from INR 741.57 crore (36.88% YoY)
This strategic IPO and anchor funding strengthen Clean Max Enviro Energy’s position as one of India’s top renewable energy providers. It will help the company grow, pay off its debts, and reach its expansion goals.
This IPO should help Clean Max’s renewable energy projects move faster and make its finances stronger.
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