Upcoming IPO: Clean Max Enviro Energy Set Price Band at ₹1,000 to ₹1,053 Per Share

Clean Max Enviro Energy Solutions has unveiled the price band for its upcoming initial public offering (IPO), which will open for subscription on February 23 and close on February 25. The company will mobilise anchor investor participation on February 20 ahead of the issue opening.

Share allotment is expected to be finalised by February 26, and Clean Max shares are scheduled to list on the stock exchanges on March 2.

Clean Max Enviro Energy IPO Details

The IPO price band has been set at ₹1,000 to ₹1,053 per equity share. Investors can apply for a minimum lot of 14 shares, with bids accepted in multiples thereafter. Shares worth up to ₹30 crore have been earmarked for employees, who will be offered a ₹100 per share discount on the final issue price.

At the upper end of the price band, the company aims to raise ₹3,100 crore. The issue comprises:

• A fresh issue of ₹1,200 crore, and
• An offer for sale (OFS) of 1.80 crore equity shares by existing shareholders.

The total issue size has been scaled down from the earlier proposed ₹5,200 crore, as outlined in draft papers filed in August 2025. 

The IPO is being managed by Axis Capital, JP Morgan India, HSBC Securities and Capital Markets India, IIFL Capital Services, Nomura Financial Advisory and Securities India, BOB Capital Markets, and SBI Capital Markets.

Under the offer for sale component, promoters Kuldeep Jain, BGTF One Holdings DIFC (a Brookfield entity), and KEMPINC LLP, along with investors Augment India I Holdings and DSDG Holding APS, will offload shares.

Use of Proceeds

Of the ₹1,200 crore fresh issue proceeds, ₹1,122.6 crore will be utilised towards debt repayment, with the balance allocated for general corporate purposes. Funds raised through the OFS will go directly to the selling shareholders.

Pre-IPO Fundraising

Earlier this month, the company secured ₹1,185 crore ahead of the IPO, including ₹296.8 crore via a pre-IPO placement. Participants in this round included Temasek Holdings through Jongsong Investments and Bain Capital Advisors, among others.

On February 6, as part of the fresh issue, the company allotted 28.19 lakh shares worth ₹296.8 crore to Jongsong Investments at ₹1,053 per share.

On the same day, BGTF One Holdings DIFC and KEMPINC LLP divested 84.34 lakh shares, representing a 7.94% stake for ₹888.1 crore at the same price. Buyers included Jongsong Investments, Bain Capital Advisors-managed GSS India Opportunities AIF Scheme I, Neo Digital Investments, Anjali Ashutosh Taparia, and Aruna Sanjeev Taparia.

Following these transactions:

• BGTF’s stake reduced to 31.42% from 39.58%
• KEMPINC’s holding declined to 12.86% from 14.06%

Also Read: Upcoming IPOs This Week (Feb 16–Feb 20): Gaudium IVF Mainboard Issue and 2 SME IPOs to Open

About Clean Max Enviro Energy Limited

Clean Max provides renewable power, energy services, and carbon credit solutions to data centres, AI and technology companies, and commercial and industrial enterprises. It competes with listed players such as ACME Solar Holdings, NTPC Green Energy, and Adani Green Energy.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.