Clean Max IPO: Shares of India's biggest renewable energy supplier
Clean Max Enviro Energy Solutions just pulled in ₹3,100 crore through its IPO: ₹1,200 crore from new shares and ₹1,900 crore from existing ones.
The offer ran from February 23 to 25 with shares priced between ₹1,000 and ₹1,053.
While the IPO was slightly under full subscription overall (0.94 times), institutional investors showed strong interest at 2.83 times.
Shares hit the BSE and NSE on March 2, 2026.
What does Clean Max do?
Clean Max is India's biggest supplier of renewable energy to businesses and factories. It has been operating for over a decade, offering solar, wind, and hybrid power through long-term contracts.
Their business also covers engineering services and carbon credits—basically helping companies get greener while saving on energy costs.
Growth plans ahead
The company plans to use the IPO proceeds mainly to repay borrowings; separately, it aims to add about 1,500 megawatts of contracted capacity.
Their big goal: grow annual earnings (EBITDA) from ₹1,800 crore now to ₹3,000 crore by fiscal 2027, all while keeping steady income thanks to long-term deals with a mix of customers.