The IPO is a book-built issue comprising a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. The issue closes on February 25, with listing scheduled for March 2 on the BSE and NSE.
Investors can bid for a minimum of 14 shares and in multiples thereafter. At the upper price band, the minimum investment for retail investors stands at Rs 14,742. Up to 50% of the issue is reserved for qualified institutional buyers, at least 35% for retail investors and at least 15% for non-institutional investors.
According to a CRISIL report, CleanMax is India’s largest commercial and industrial renewable energy provider as of March 31, 2025. As of July 2025, it had 2.54 GW of operational, owned and managed capacity and an additional 2.53 GW of contracted capacity under execution.
The company supplies renewable power through long-term power purchase agreements and energy attribute purchase agreements. It also offers EPC services and operations and maintenance solutions for solar, wind and hybrid plants, along with carbon credit services. Its client base includes technology companies, data centres and traditional industrial and manufacturing firms.
For FY25, CleanMax reported total income of Rs 1,610 crore and a profit after tax of Rs 19 crore. EBITDA rose to Rs 1,015 crore from Rs 742 crore in FY24, reflecting improved operating performance. Total borrowings stood at Rs 7,974 crore as of March 2025.
Of the fresh issue proceeds, Rs 1,123 crore will be used to repay or prepay outstanding borrowings of the company and certain subsidiaries, with the remainder allocated towards general corporate purposes.The modest grey market premium suggests that while the renewable energy theme remains structurally attractive, expectations of near-term listing gains are muted. Investor focus will now shift to subscription trends across institutional, retail and non-institutional segments during the three-day bidding window.