Clean Max Enviro Energy raises Rs 921 crore via anchor book ahead of Rs 3,100-crore IPO

Clean Max Enviro Energy IPO News

• Clean Max Enviro Energy Solutions Rs 3,100-crore IPO to open on February 23 and close on February 25
• IPO consists of fresh issue of Rs 1,200 crore, and offer for sale of Rs 1,900 crore
• Price band for the offer at Rs 1,000-1,053 per share

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Brookfield-backed renewable energy provider Clean Max Enviro Energy Solutions on February 20 has raised nearly Rs 921 crore from 41 anchor investors ahead of its Rs 3,100-crore initial share sale. The IPO will open for public subscription on February 23 and close on February 25.

The company is raising Rs 1,200 crore by issuing fresh shares, while promoters and investors will be selling shares worth Rs 1,900 crore via offer-for-sale.

Promoters Kuldeep Jain, KEMPINC, Brookfield's entity BGTF One Holdings (DIFC), and investors Augment India I Holdings, and DSDG Holding APS are the selling shareholders in the offer-for-sale. The price band for the offer is Rs 1,000-1,053 per share.

Clean Max Enviro Energy on Friday has finalised allocation of 87.46 lakh equity shares to 41 anchor investors at the upper price band.

Zulia Investments, SBI Life Insurance, Nomura India Investment Fund Mother Fund, and Eastspring Investments were the largest investors in the company through the anchor book, each picking up 6.31 lakh shares worth Rs 66.5 crore.

Marquee global names such as Abu Dhabi Investment Authority, Susquehanna Pacific, Societe Generale, Citigroup Global, and Moon Capital Trading also participated in the anchor book.

“Out of the total allocation of 87.46 lakh equity shares to anchor investors, 18.99 lakh shares were allocated to six domestic mutual funds, including HDFC Mutual Fund, PGIM India, Trust Mutual Fund, and Franklin India,” Clean Max Enviro Energy Solutions said.

Insurance firms — SBI Life Insurance, IndiaFirst Life Insurance, Canara HSBC Life Insurance, and Bharti AXA Life Insurance — also acquired 14.86 lakh shares worth Rs 156.5 crore in the anchor book.

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Mumbai-based Clean Max Enviro Energy that provides commercial and industrial renewable energy, and carbon credit solutions intends to spend Rs 1,122.6 crore of the proceeds from the fresh issue for repayment of nearly 11 percent of its outstanding borrowings, and utilise remainder funds for general corporate purposes.

It had outstanding borrowings of Rs 10,261.1 crore on a consolidated basis as of September 2025.

Clean Max with 2.80 GW of operational, owned and managed capacity, and 3.17 GW of contracted, yet to be executed capacity as of October 2025, provides energy contracting, engineering, procurement and construction (EPC) services, and operation and maintenance (O&M) services of renewable energy plants including solar, wind and hybrid plants.

On the financial front, it has recorded profit of Rs 19 crore in six months period ended September 2025, growing nearly three-fold from Rs 6.5 crore in corresponding period of previous fiscal. Revenue during the same period increased nearly 38 percent to Rs 933 crore, up from Rs 676.5 crore.

Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets are acting as the merchant banker for the Clean Max Enviro Energy Solutions IPO.