Cleanmax IPO- A Premium For Quality Customers, Investors and Future Prospects

CleanMax Enviro Energy, India’s largest commercial and industrial (“C&I”)renewable energy provider has fixed the price band of Rs 1,000 /- to Rs 1,053 /- per Equity Share of face value ₹ 1/- each for its maiden initial public offer. The long awaited IPO was probably timed to come when the firm can show some profits, as it has for FY 25, besides a semblance of normalcy in the market after the convulsions caused by multiple issues.  It will also add a top class green stock in the C&I segment finally to the mix, as most of the current developers have government led PPAs.

 The Initial Public Offering of the Company will open on February 23, 2026, for subscription and close on February 25, 2026.

Funds Being Raised and Proceeds Of IPO

The IPO is a combination of a fresh issue (of up to Rs 1,200 crores) and an offer-for-sale up to Rs 1,900 crore by promoters - Kuldeep Jain, BGTF One Holdings (DIFC) Limited, and KEMPINC LLP. Other investors selling are- Augment India I Holdings, LLC, and DSDG Holding APS.

 The proceeds from the fresh issue to the extent of Rs 1,122.6 crore will be used for repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company and/or their subsidiaries, and for general corporate purposes.  

Ahead of the proposed IPO, the Company successfully raised INR 1500 Crore from a clutch of investors including Singapore's Temasek Holdings, Steadview Capital, Bain Capital and others, reflecting the strong belief in its core fundamentals and management quality.

CleanMax Strengths- Blue Chip Customers

CleanMax comes with a formidable reputation to the market, no doubt. It is India’s largest commercial and industrial focused (“C&I”) renewable energy provider with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted, yet to be executed capacity, as of October 31, 2025, according to the CRISIL Report.

Since inception in 2010, CleanMax has focused on the C& I segment, that offers better margins, and in the case, also a very high proportion of clients with a credit rating of A or higher. That compoares favourably with many peers in India that are locked onto state and central utility buyers, that, while offering sovereign adjacent credit worthiness, also offer lower margins and payment issues. With customers across data centres, AI and technology industries, and large enterprises across sectors including infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate and GCCs., CleanMax's high quality private sector centric portfolio offers a more predictable earnings profile certainly.  

 CleanMax’s technology customers include Amazon, Apple, CISCO, Equinix and Google, among others and Conventional C&I customers include Apar Industries Limited, Bajaj Auto Limited, Bangalore International Airport Limited, BASF India Limited, Concord Biotech Limited, Grasim Industries Limited (Birla Paints Division), Sansera Engineering, Sona Comstar and Welspun Living, among others.

 As of September 30, 2025, the company had 555 customers, with 77.28% of its Contracted Capacity for the Fiscal 2025 attributable to repeat customers. Its PPA portfolio has a weighted average tenure of 22.85 years and a weighted average lock-in periods of 16.86 years. It has also built a small international footprint.

Peer Comparison

In fact, when we look at the ask from CleanMax, a comparison on metrics like PE doesn't make sense fo the green energy IPO, and we found a valuation per GW of operational capacity to be much more interesting. This is also where you understand just why a key emerging competitor, ReNew Energy Global wants to delist from NASDAQ and probably list here in India.  

When we compare the two firms, CleanMax is asking for a meaningful premium despite its smaller scale and lower growth, justified only by superior counterparty quality. As always, comparisons with the heavyweight in India, Adani Green are superfluous as Adani Green's valuations remain above most pay grades to comprehend. But it's worth noting that AGEL does plan on growing at a much faster rate and has over 6x more operational capacity. 

Against NTPC Green as well, CleanMax offers better customer quality and less regulatory risk, but NTPC Green has sovereign backing and a much larger pipeline at a similar or higher multiple — meaning both stocks are "quality over growth" plays, with NTPC Green's recent de-rating near 52-week lows making it a much more interesting option for investors.

Prospects

As we see it, the IPO will be a play on CleanMax's long term experience in the C&I sector that is set to grow strongly, and its ability to sustain growth and margins in a market where competition will rise. Its ability in particular to quickly get on top of large BESS projects will be crucial  going ahead. Firms like ReNew, Adani Green and many others are also focused on the segment now. These firms have formidable execution skills built over much larger portfolios, and eventually, will offer strong comparisons for investment as well. ReNew for instance will covet the premium valuation CleanMax gets in India markets, and will surely make a move to revive its delisting plans unless the NASDAQ market rerates the firm soon. 
We won't be surprised if the CleanMax IPO draws the kind of moderate oversubsription and interest that the much larger NTPC Green IPO generated for instance, but as an established, quality player, the IPO will sail through thanks to institutional interest. Strictly for investors with a long term horizon.