An IPO is a book-built issue in which Rs. 1,200 crore fresh issue and Rs. 1,900 crores included in the sale offer. The issue closes on February 25 with listing on BSE and NSE on March 2.
Investors can bid for a minimum of 14 shares and in multiples thereafter. At the upper price band, the minimum investment for retail investors is Rs. is 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 by 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 implementation.
The company supplies renewable power through long-term power purchase agreements and energy attribute purchase agreements. It also provides EPC services and operation and maintenance solutions for solar, wind and hybrid plants along with carbon credit services. Its client base includes technology companies, data centers, and traditional industrial and manufacturing companies.
For FY25, CleanMax has invested a total of Rs. 1,610 crore in revenue and Rs. 19 crores was reported as profit after tax. EBITDA in FY24 was Rs. 742 crores to Rs. 1,015 crore, indicating improvement in operating performance. By March 2025, the total debt will be Rs. 7,974 crores.
Out of the fresh issue proceeds, Rs. 1,123 crore will be used to repay or prepay outstanding borrowings of the company and certain subsidiaries, the rest will be earmarked for general corporate purposes.
A modest gray market premium suggests that while the renewable energy theme remains structurally attractive, expectations for near-term listing gains are muted. Investors’ attention will now turn to subscription trends in the institutional, retail and non-institutional segments during the three-day bidding window.
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