Renewable energy company CleanMax Enviro Energy Solutions has fixed the price band for its upcoming initial public offering (IPO) at ₹1,000 to ₹1,053 per equity share. The issue will open for subscription on February 23, 2026, and close on February 25, 2026.
The company plans to raise ₹3,100 crore through a combination of a fresh issue of 11.4 million shares aggregating up to ₹1,200 crore and an offer for sale (OFS) of 18 million shares worth up to ₹1,900 crore.
Under the OFS, promoter shareholders Kuldeep Jain, BGTF One Holdings (DIFC), and KEMPINC LLP will dilute their stakes, along with investor shareholders Augment India I Holdings and DSDG Holding APS.
IPO Key Dates and Listing Timeline
The anchor investor portion will open on February 20, 2026. The basis of allotment is expected to be finalized on February 26, while the company’s shares are likely to list on both NSE and BSE on March 2, 2026.
From the fresh issue proceeds, ₹1,125 crore will be used toward repayment or prepayment of certain borrowings. The remaining funds will be allocated for general corporate purposes.
Market Position and Capacity
According to a CRISIL report, CleanMax Enviro is India’s largest commercial and industrial renewable energy provider. As of July 31, 2025, the company had 2.54 GW of operational, owned, and managed renewable energy capacity. Additionally, it has 2.53 GW of contracted capacity under execution, reflecting a strong project pipeline.
The company primarily caters to commercial and industrial clients seeking long-term renewable power solutions through rooftop solar, wind, and hybrid energy assets.
Financial Performance
For the six-month period ended September 30, 2025, CleanMax Enviro reported revenue from operations of ₹932.95 crore and a profit after tax (PAT) of ₹19 crore.
In FY25, revenue grew 7.6% year-on-year to ₹1,495.7 crore from ₹1,389.83 crore in FY24. EBITDA rose 37% to ₹1,015 crore compared to ₹741.57 crore in the previous fiscal. The company posted a PAT of ₹19.42 crore in FY25, marking a turnaround from a loss of ₹37.64 crore in FY24.
With improving profitability and a sizeable renewable portfolio, the IPO marks a significant milestone in CleanMax Enviro’s expansion strategy amid rising corporate demand for green energy.
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