CleanMax's ₹3,100cr IPO now open: Should you subscribe?
What's the story
CleanMax Enviro Energy Solutions has launched its ₹3,100 crore initial public offering (IPO) today. The issue consists of a fresh issue worth ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore. The company plans to use the proceeds mainly to reduce debt. At the upper end of the price band of ₹1,053 per share, the 0.4% GMP translates into a notional premium of around ₹4 per share.
Investment breakdown
Issue details
The IPO will close on February 25, with shares expected to list on the BSE and NSE on March 2. Investors can bid for a minimum of 14 shares and in multiples thereafter. At the upper price band, retail investors need to invest at least ₹14,742. Up to 50% of the issue is reserved for qualified institutional buyers (QIBs), at least 35% for retail investors and at least 15% for non-institutional investors.
Company profile
About the company
As of July 2025, CleanMax had 2.54 GW of operational capacity and another 2.53 GW contracted capacity under execution. The company provides renewable power through long-term PPAs and energy attribute purchase agreements (EAPAs). It also provides EPC services for solar, wind, hybrid plants as well as carbon credit services. Its customers include tech firms, data centers as well as traditional industrial manufacturing companies.
Financial overview
Financials and debt situation
For FY25, CleanMax reported a total income of ₹1,610 crore and a profit after tax of ₹19 crore. EBITDA improved to ₹1,015 crore from ₹742 crore in FY24. As of March 2025, total borrowings stood at ₹7,974 crore. Of the fresh issue proceeds, ₹1,123 crore will go toward repaying or prepaying outstanding borrowings while the rest will be used for general corporate purposes.