Kuldeep Jain Outlines Growth Vision Ahead of CleanMax IPO, Targets Scale-Up in India’s C&I Renewable Market
CleanMax Unveils ₹3,100-Crore IPO; Leadership Highlights Renewable & Data Centre Growth Strategy in Ahmedabad
CleanMax Fixes ₹1,000–₹1,053 Price Band as IPO Opens February 23; Management Emphasises Expansion Plans
Bilkul Bazaar | By Rafat Quadri
Ahmedabad | 20 Feb 2026
CleanMax Enviro Energy Solutions Limited announced the opening of its Initial Public Offering (IPO), scheduled to begin on February 23, 2026, with the company’s senior leadership engaging with media representatives in Ahmedabad on Thursday to outline growth plans, financial strength and strategic direction.
The IPO price band has been fixed at ₹1,000 – ₹1,053 per equity share (face value Re 1 each). The issue will close on February 25, 2026, and investors can bid for a minimum of 14 equity shares and in multiples thereafter.
The public issue comprises a fresh issue of up to ₹1,200 crore and an offer-for-sale of up to ₹1,900 crore by existing shareholders and promoters. Proceeds from the fresh issue will primarily be used toward repayment or prepayment of borrowings and for general corporate purposes.
Management Interaction in Ahmedabad
During a media interaction held in Ahmedabad on Thursday, company leadership highlighted CleanMax’s position in India’s fast-growing commercial and industrial renewable energy market, its expanding customer base, and the increasing demand from data centres and AI-led industries.
Kuldeep Jain, Managing Director, CleanMax, said:
“This IPO marks an important milestone in CleanMax’s journey. Over the last decade and a half, we have built a strong foundation in India’s commercial and industrial renewable energy space. The funds raised will strengthen our balance sheet and enable us to scale faster as businesses increasingly transition toward sustainable and net-zero energy solutions.”
He added that India’s growing digital economy and rapid expansion of data centres present a significant opportunity for long-term growth.
Strong Investor Interest & Growth Outlook
Ahead of the IPO, the company raised ₹1,500 crore from long-term institutional investors, including affiliates of global investment firms and sovereign-backed entities, reflecting confidence in the company’s business model.
CleanMax currently has 2.80 GW operational capacity and 3.17 GW contracted capacity pending execution, positioning it as a leading player in India’s C&I renewable energy sector.
Approximately 43% of the company’s portfolio caters to data centre and AI customers—segments expected to see strong energy demand growth in coming years.
Financial Performance Highlights
For FY25 (ended March 31, 2025), the company reported:
Revenue from operations: ₹1,495.70 crore (up 7.62% YoY)
EBITDA: ₹1,015.07 crore (up 36.88% YoY)
The company also highlighted improving profitability metrics, strong repeat-customer contribution, and long-tenure power purchase agreements supporting stable cash flows.
CFO on Financial Discipline
Speaking at the interaction, Nikunj Ghodawat, Chief Financial Officer, CleanMax, said:
“Our focus has been on disciplined growth and building a resilient operating model. The improvement in EBITDA and capital efficiency reflects execution strength. The IPO proceeds will help us optimize leverage and support future expansion while maintaining financial prudence.”
Issue Structure & Advisors
The IPO is being offered through a book-building process, with allocation split among Qualified Institutional Buyers, Non-Institutional Investors, and Retail Investors as per regulatory guidelines.
The equity shares are proposed to be listed on BSE and NSE.
Book-running lead managers include Axis Capital, J.P. Morgan India, BNP Paribas, HSBC Securities, IIFL Capital Services, Nomura India, BOB Capital Markets, and SBI Capital Markets.
Company Overview Founded in 2010, CleanMax specializes in renewable energy power supply, net-zero solutions, and decarbonization services for industries ranging from technology and data centres to manufacturing, infrastructure and pharmaceuticals. The company serves major global and Indian enterprises and has developed end-to-end capabilities spanning project development, financing, EPC and asset management.
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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