Clean Max Enviro IPO opens today

Clear Max Enviro Vitality Options’ ₹3,100 crore preliminary public providing (IPO) opens at this time to the general public for subscription at a worth band of ₹1,000-1,053. The IPO closes on February 25. The IPO includes a recent problem value as much as ₹1,200 crore and an offer-for-sale (OFS) of shares valued at ₹1,900 crore by promoters Kuldeep Jain, BGTF One Holdings (DIFC) Ltd and KEMPINC LLP, in addition to promoting shareholders Increase India I Holdings LLC and DSDG Holding APS. Bids might be positioned for no less than 14 shares.

As much as 50 per cent of the difficulty has been reserved for QIBs, whereas not lower than 35 per cent is reserved for retail and the steadiness 15 per cent for non-institutional or HNIs.

Of the recent problem, roughly ₹1,122.6 crore will fund the compensation or prepayment of sure borrowings of the corporate and subsidiaries, with the steadiness earmarked for common company functions. Its complete borrowings stood at ₹8,078 crore as of March 2025.

Clear Max Enviro Vitality Options, a industrial and industrial renewable power supplier, on Friday raised ₹921 crore from anchor buyers by allotting 87,46,437 fairness shares at ₹1,053 apiece.

International and home establishments who participated within the anchor portion included Temasek Holdings, Nomura Asset Administration, Eastspring, SBI Life, Tata Funding Corp, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, SBI Basic, Premji Make investments, 360 One Mutual Fund, based on a round uploaded on BSE’s web site.

Forward of the proposed IPO, the corporate had raised ₹1,500 crore by a pre-IPO placement from institutional buyers, together with Jongsong Investments Pte Ltd — an oblique, wholly owned subsidiary of Temasek Holdings — alongside funds resembling GSS India Alternatives AIF Scheme I, 360 ONE Particular Alternatives Fund, and Steadview Capital Mauritius Ltd.

Clear Max Enviro Vitality Options Non-public Ltd is India’s largest industrial and industrial (C&I) renewable power supplier, with 2.80 GW of operational, owned and managed capability and three.17 GW of contracted yet-to-be-executed capability as of October 31, 2025.

Included in 2010, CleanMax has over 15 years of expertise in delivering Internet Zero and decarbonisation options to company clients. In contrast to utility-scale renewable builders that take part in aggressive tenders with state-owned distribution firms, CleanMax follows a customer-specific contracting mannequin, getting into into long-term agreements instantly with company shoppers. This method permits customised renewable power options and long-term contracted income visibility.

By way of trade place, CleanMax held round 8 per cent market share in annual open-access renewable capability additions in FY25 (12 per cent in FY24), with notably robust share in states like Gujarat and Karnataka, reflecting its management within the C&I open-access phase in India.

Brokers’ views:

SBI Securities: Clear Max is India’s largest C&I renewable power service supplier with market share of ~8 per cent. The corporate is web zero associate to corporates which eat 50 per cent of India’s complete energy having an estimated market measurement of ₹3 lakh crore. The corporate enjoys premium energy tariff vs utilities as common ticket measurement is ~13 MW. The corporate has capital environment friendly (GB/EBITDA) mannequin with one of many lowest Internet Debt/Adj. EBITDA of ~4.8x v/s trade >6x. The inexperienced sourcing penetration for corporates at ~7.5 per cent in Mar’23 is predicted to the touch 20 per cent by FY30, indicating scalability for the enterprise. At higher worth band of ₹1,053, the difficulty is valued at FY25 and annualised 1HFY26 EV/EBITDA a number of of 21.7x and 16.3x respectively primarily based on post-issue capital.

ICICI Direct: Firm income/EBITDA has grown at a CAGR of ~27%/~55% over FY23-FY25. • We assign UNRATED ranking on Clear Max Enviro Vitality Options Restricted.

Revealed on February 23, 2026