CleanMax Pioneers Renewable Growth with Rs 921 Crore Anchor Investment Boost

CleanMax Enviro Energy Solutions, a leading renewable energy provider, announced on Friday that it has raised Rs 921 crore from anchor investors prior to its initial public offering (IPO), which opens for public subscription on February 23. The IPO is expected to close on February 25.

The funding round attracted significant participation from both foreign and domestic institutions, including renowned names like Temasek Holdings and HDFC Mutual Fund. CleanMax has allocated 87,46,437 equity shares to these investors, priced at Rs 1,053 each. The IPO has been downsized from an initial plan of Rs 5,200 crore to Rs 3,100 crore. This comprises a fresh issue of Rs 1,200 crore and an offer-for-sale of Rs 1,900 crore, with proceeds partly directed towards debt repayment.

Founded in 2010, CleanMax has established itself as a key player in the decarbonisation and net zero solution space, with projects totalling more than 10 GW across various stages of development. The company caters to high-profile clients such as Amazon and Google, and by 2025 solidified its presence across 21 Indian states and international projects in the UAE, Thailand, and Bahrain. Financial performance in FY25 saw revenues climb 13% to Rs 1,610.34 crore, marking a profitable phase with net profits of Rs 27.84 crore.