By IPOMarket Editorial Team · Published: May 18, 2026 · Last updated: May 18, 2026
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
Singapore's sovereign wealth fund Temasek Holdings and global private equity major Bain Capital have anchored a ₹1,500 crore pre-IPO round in Clean Max Enviro Energy Solutions Limited ("CleanMax") — India's largest pure-play commercial and industrial (C&I) renewable energy company. The round closed just days before CleanMax opens its ₹3,100 crore IPO on February 23, 2026 at a price band of ₹1,000-1,053 per equity share, making it one of the most heavily institutionally-validated renewable energy listings of the year.
Temasek alone subscribed ₹760 crore across primary and secondary tranches — its largest single Indian renewables cheque to date and a clear conviction signal on India's behind-the-meter clean-power story. For retail investors evaluating the upcoming public issue, the CleanMax IPO is shaping up as a referendum on whether the C&I renewables thesis deserves a premium multiple over utility-scale solar peers.
About CleanMax Enviro Energy Solutions
Headquartered in Mumbai and founded in 2011, CleanMax has built India's deepest behind-the-meter renewables franchise — selling clean power directly to corporate customers under long-dated power purchase agreements (PPAs). The model is structurally different from utility-scale developers (Adani Green, ReNew Power, Azure Power) who bid for tariffed projects from state distribution companies.
Core business
- Behind-the-meter rooftop solar — captive solar on corporate factory and office rooftops.
- Open-access wind and solar parks — third-party power supply to corporate offtakers under group-captive structures.
- Hybrid solar-wind farms in Maharashtra, Karnataka, Tamil Nadu and Rajasthan.
- International footprint — Thailand and UAE C&I solar.
Operating scale (as of October 31, 2025)
- Operational, owned and managed capacity: 2.80 GW.
- Contracted but yet-to-execute capacity: 3.17 GW.
- Corporate customers: 500+ including Apple, Google, Amazon, Meta, Equinix and major Indian conglomerates.
- PPA tenor: typically 15-25 years.
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ~₹1,000 cr | ~₹575 cr | Loss |
| FY24 | ~₹1,425 cr | ₹741.57 cr | (₹37.64 cr) |
| FY25 | ~₹1,610 cr | ₹1,015.07 cr | ₹19.42 cr |
CleanMax has compounded revenue at 27% CAGR and EBITDA at 58% CAGR from FY23 to FY25 — and crucially turned profitable in FY25 after the FY24 loss, a step-change that reframes the eventual P/E multiple at IPO.
CleanMax IPO Details
| Detail | Information |
|---|---|
| IPO Status | Open (subscription window Feb 23-25, 2026) |
| Issue Size | ₹3,100 crore |
| Fresh Issue | ₹1,200 crore |
| Offer for Sale (OFS) | ₹1,900 crore |
| Price Band | ₹1,000 – ₹1,053 per share |
| Face Value | ₹2 per equity share |
| Open Date | February 23, 2026 |
| Close Date | February 25, 2026 |
| Listing Exchanges | NSE + BSE |
| Anchor Allocation (raised) | ₹921 crore |
| Pre-IPO Round (closed) | ₹1,500 crore (Temasek, Bain Capital, Steadview, Steinberg, 360One) |
| Indian Legal Counsel | Cyril Amarchand Mangaldas |
Pre-IPO round detail
| Investor | Amount | Tranche |
|---|---|---|
| Temasek Holdings | ₹760 cr | Primary + Secondary |
| Bain Capital | ₹350 cr | Secondary |
| Steadview Capital | ₹140 cr | Secondary |
| Steinberg India Emerging Opportunities Fund | ₹50 cr | Secondary |
| 360One | ₹50 cr | Secondary |
| Total | ₹1,500 cr | — |
Track the live IPO GMP for CleanMax Energy IPO on our GMP page and compare against the broader upcoming IPOs in 2026 pipeline.
How Will CleanMax Use IPO Proceeds?
CleanMax's ₹1,200 crore fresh issue is allocated across three priorities:
- Repayment/prepayment of borrowings — ~₹600-700 crore. The single largest use. CleanMax has carried meaningful project-level debt to fund its 2.80 GW build-out; deleveraging at IPO releases interest cost and improves PAT optics.
- Investment in subsidiary CleanMax Power for new capacity build-out — ~₹300-400 crore. Direct funding for project-level equity in the contracted 3.17 GW backlog.
- General corporate purposes — balance. Working capital, technology investments and inorganic opportunities.
The ₹1,900 crore OFS allows existing investors — Augment Infrastructure (anchor PE backer since 2018-19), the founders and early VC participants — to partially exit. The mix of fresh issue and OFS is balanced (~39% / 61%) — not so OFS-heavy as to raise concerns about sponsor cash-out.
Analyst take: The fund-use plan is operationally credible. Deleveraging at IPO is the right priority for an asset-heavy renewables business, and capacity build funding ensures the 3.17 GW contracted backlog converts to revenue without external equity dilution.
Financial Performance & Valuation
Revenue growth — durable
CleanMax's revenue trajectory (₹1,000 cr → ₹1,425 cr → ₹1,610 cr) reflects a CAGR materially ahead of most listed Indian renewables. The growth is locked in by long-dated PPAs — meaning revenue visibility is structurally higher than tariff-based utility solar peers.
EBITDA margin — exceptional
FY25 EBITDA of ₹1,015 crore on revenue of ₹1,610 crore implies an EBITDA margin of ~63% — at the high end of global renewable IPP comparables, reflecting the high-yield economics of C&I PPAs versus low-tariff utility solar.
PAT — transition year
FY24 PAT was a loss of ₹37.64 crore. FY25 turned positive at ₹19.42 crore. The transition is real but the FY25 PAT base is small — implying that IPO valuation will lean on EV/EBITDA rather than P/E.
Valuation framing
At the upper price band of ₹1,053, implied market cap is in the ₹40,000-45,000 crore range (subject to final equity dilution). On FY25 EBITDA of ₹1,015 crore, the EV/EBITDA multiple is meaningfully above listed Indian renewables but below selected global C&I solar comparables. The premium is justified by:
- Higher PAT trajectory as deleveraging plays out.
- Customer quality (Apple, Google, Amazon, Meta in the customer book).
- Lower regulatory risk vs utility-scale tariff-driven peers.
Peer comparison (illustrative)
| Company | Revenue Model | FY25 EBITDA Margin | Listed |
|---|---|---|---|
| Adani Green Energy | Utility tariff | ~80%+ | Yes |
| ReNew Power (NASDAQ) | Utility tariff | ~70% | Yes (US) |
| Suzlon Energy | Turbine manufacturer | ~14% | Yes |
| CleanMax Enviro | C&I PPA | ~63% | IPO |
Read the latest CleanMax Energy GMP for real-time secondary market signals on listing-day positioning.
Industry Outlook — C&I Renewables in India
India's commercial and industrial renewable energy market is the country's fastest-growing power category:
- Total C&I renewables capacity: ~50 GW today, projected to reach 200+ GW by 2030 on RE100/net-zero commitments by global corporates operating in India.
- Open-access policy reforms post-2022 dramatically eased corporate procurement of third-party clean power.
- Behind-the-meter rooftop segment is forecast to grow at 25%+ CAGR through the decade.
- Carbon pricing — Indian Carbon Credit Trading Scheme (CCTS) commencing operationalisation through 2026, creating an additional revenue pool for CleanMax-type developers.
CleanMax's positioning as the dominant pure-play C&I developer gives it first-mover advantages on the long-dated customer pipeline. Competitors include Tata Power Renewable, Amplus Solar (PETRONAS group), Fourth Partner Energy and Avaada — but none have CleanMax's scale + customer concentration with global tech.
Key Risks to Consider
- PPA tenor mismatch. PPAs are 15-25 years but project debt is typically refinanced — interest rate cycles materially affect equity returns. A rising rate environment compresses spread.
- Counterparty concentration. Large customer share (Apple, Google, Amazon) is both strength and risk — any contractual renegotiation, brownfield exit by a major customer would compress revenue.
- Regulatory cycle. Open-access charges, banking and wheeling regulations vary state-by-state; adverse policy changes in Maharashtra, Karnataka or Tamil Nadu would directly hit operating economics.
- Capacity execution risk. The 3.17 GW contracted-yet-to-execute pipeline must be built on time and budget; cost overruns directly impact PPA project IRRs.
- Premium valuation. IPO valuation implies meaningful upside to listed Indian renewables — any FY26 earnings shortfall could trigger sharp re-rating downward.
Should You Apply for CleanMax Energy IPO?
Bull case
- Pre-IPO institutional validation (₹1,500 crore from Temasek, Bain, Steadview, Steinberg, 360One) is rare for any Indian listing.
- ₹921 crore anchor round demonstrates strong domestic institutional demand pre-subscription.
- Transition to FY25 profitability removes the historical "loss-making startup" overhang.
- Differentiated C&I positioning offers durable margin premium versus utility-scale peers.
- ESG mandates from global allocators support long-term yield-buyer demand post-listing.
Bear case
- IPO valuation appears full — limited room for multiple expansion on FY25 earnings base.
- 61% OFS share signals significant existing-investor cash-out at IPO.
- Renewables IPO performance globally has been mixed in 2024-26 cycle.
- Interest rate exposure on a leveraged balance sheet.
- Customer concentration with hyperscalers — any single account loss is material.
Who this IPO suits
- Long-term investors (3-5 year horizon) building exposure to India's energy transition theme may consider CleanMax as a core C&I renewables holding.
- Listing-gain seekers should size positions cautiously given the rich pre-IPO valuation — listing-day pop may be moderate rather than explosive.
- Income/yield investors should wait for post-listing dividend policy clarity before sizing.
Closing Takeaways
- CleanMax's ₹3,100 crore IPO opens February 23, 2026 at a price band of ₹1,000-1,053 — the largest pure-play C&I renewables listing in India.
- Pre-IPO round of ₹1,500 crore from Temasek (₹760 cr), Bain Capital, Steadview, Steinberg and 360One.
- FY25 financials: revenue ₹1,610 cr, EBITDA ₹1,015 cr (63% margin), PAT ₹19.42 cr (vs FY24 loss).
- Operational capacity 2.80 GW, contracted backlog 3.17 GW.
Track allotment and listing on our IPO allotment page, monitor real-time movement on live IPO GMP, and compare with peers on the upcoming IPOs in 2026 tracker.
Frequently Asked Questions
When does the CleanMax Energy IPO open? The CleanMax Enviro Energy IPO opens for subscription on February 23, 2026 and closes on February 25, 2026.
What is the CleanMax IPO price band? The price band is ₹1,000 to ₹1,053 per equity share with a face value of ₹2 per share.
How much did Temasek invest in the CleanMax pre-IPO? Temasek invested ₹760 crore — its largest single Indian renewables cheque to date — across primary and secondary tranches.
What is the total CleanMax pre-IPO round size? The pre-IPO round aggregated ₹1,500 crore from Temasek (₹760 cr), Bain Capital (₹350 cr), Steadview Capital (₹140 cr), Steinberg India (₹50 cr) and 360One (₹50 cr).
What is CleanMax's operational capacity? 2.80 GW of operational, owned and managed capacity, plus 3.17 GW contracted-yet-to-execute as of October 31, 2025.
Who are CleanMax's largest customers? CleanMax serves 500+ corporate customers including Apple, Google, Amazon, Meta and Equinix under long-term PPA arrangements.
Is CleanMax profitable? Yes. CleanMax transitioned to profitability in FY25, reporting PAT of ₹19.42 crore versus a loss of ₹37.64 crore in FY24.
What are the IPO listing exchanges? The shares will list on both NSE and BSE after the subscription window closes on February 25, 2026.
How does CleanMax differ from Adani Green or ReNew Power? CleanMax is a C&I (commercial and industrial) developer selling directly to corporates on long-term PPAs (15-25 years), whereas Adani Green and ReNew primarily bid for tariffed utility-scale projects with state distribution companies. CleanMax's customer revenue is structurally more PPA-locked and less regulatory-sensitive.
What is the anchor allocation size? ₹921 crore was already raised from anchor investors ahead of the public subscription opening.
Last reviewed: May 18, 2026 by IPOMarket Editorial Team.