However, grey market premiums are only indicative of demand in the unlisted market and can change rapidly.
Aditya Birla Money has recommended “subscribe for long-term” to the issue. At the upper price band, the IPO is valued at 16x EV/EBITDA, which the brokerage considers expensive.However, it said that the company operates in a significantly underpenetrated industry. Renewable energy penetration in the C&I segment stood at 7.4% in FY23 and is projected to rise to 20% by FY30.
This would require 15-18 GW of annual capacity additions, translating into a 22-24% CAGR in installed capacity.
SBI Securities did not assign a rating to the IPO but said Clean Max is India’s largest C&I renewable energy service provider with a market share of 8%. It highlighted the company’s capital-efficient GB/EBITDA model and one of the lowest net debt to adjusted EBITDA ratios of 4.8x versus over 6x for the industry. Green sourcing penetration among corporates stood at 7.5% in March 2023 and is expected to reach 20% by FY30, indicating scalability.
Clean Max Enviro raises ₹921 cr from anchor investors
Ahead of the issue launch, Clean Max Enviro raised ₹921 crore from anchor investors. Participants included Temasek Holdings, SBI Life, Nomura Asset Management, HDFC Mutual Fund, ADIA and Franklin Templeton MF, among others.
The company had earlier raised ₹1,500 crore in a pre-IPO round from investors such as Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities Fund, Steadview Capital, and several family offices including those of the Dalmia Group, and the Jaisinghani and Taparia families.
The price band has been fixed at ₹1,000-₹1,053 per equity share. Investors can bid for a minimum lot of 14 shares and in multiples thereafter.Shares worth up to ₹30 crore have been reserved for employees, who will receive a ₹100 per share discount to the final issue price.
At the upper end of the price band, the company aims to raise ₹3,100 crore, comprising a fresh issue of ₹1,200 crore and an offer for sale of 1.80 crore equity shares.
At this valuation, Clean Max Enviro Energy Solutions will command a post-listing market capitalisation of ₹12,325 crore.
The overall offer size has been reduced from the earlier planned ₹5,200 crore, as per the draft papers filed in August 2025.
Under the OFS, promoters Kuldeep Jain, Brookfield’s BGTF One Holdings DIFC and KEMPINC LLP, along with investors Augment India I Holdings and DSDG Holding APS, will offload shares.
Clean Max provides renewable power, energy services and carbon credit solutions to data centres, AI and technology companies, as well as commercial and industrial enterprises.
It competes with listed peers such as ACME Solar Holdings, NTPC Green Energy and Adani Green Energy.
The company plans to utilise ₹1,122.6 crore from the fresh issue proceeds towards debt repayment, with the balance earmarked for general corporate purposes. Proceeds from the OFS will go to the selling shareholders.
In a February 8 notice to investors, the company clarified that the pre-IPO proceeds would be fully deployed towards general corporate purposes.
The IPO is being managed by Axis Capital, JP Morgan India, HSBC Securities and Capital Markets India, IIFL Capital Services, Nomura Financial Advisory and Securities India, BOB Capital Markets and SBI Capital Markets.
The basis of allotment is expected to be finalised on February 26, and the shares are likely to list on the bourses on March 2.
