Clean Max Enviro Energy Solutions’ initial public offering (IPO) received 34% subscription on the first day of share sale, according to NSE data, as the company aims to raise Rs 3,100 crore. The IPO, which began on Monday, saw bids for 75,07,654 shares against 2,18,23,329 shares on offer.

Subscription Breakdown by Investor Category

The IPO’s subscription varied significantly across different investor categories. The portion allocated for qualified institutional buyers (QIBs) was subscribed 1.03 times, while the non-institutional investors’ quota received only 20% subscription. Retail individual investors, however, saw a meager 2% subscription, indicating a lack of retail interest in the offering.

Clean Max Enviro Energy Solutions had earlier raised Rs 921 crore from anchor investors on Friday, according to the company’s statement. The IPO, which was initially planned for a larger size of Rs 5,200 crore, has now been scaled down to Rs 3,100 crore, as per preliminary papers filed in August 2025.

Funds Allocation and Share Structure

The proposed issue includes a fresh issue of shares worth up to Rs 1,200 crore and an offer-for-sale (OFS) of shares valued at Rs 1,900 crore by promoters and an investor shareholder. The OFS will involve the offloading of shares by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS.

Of the proceeds from the fresh issue, Rs 1,125 crore will be used to repay debt, while the remaining amount will be allocated for general corporate purposes. The company had previously raised Rs 1,500 crore ahead of the IPO.

Company Profile and Market Position

Founded in 2010, Clean Max Enviro Energy Solutions specialises in net zero and decarbonisation solutions for commercial and industrial (C&I) customers. Its offerings include renewable power supply—wind, solar, hybrid—energy services, and carbon credit solutions.

As of July 31, 2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, in addition to 5.07 GW of projects under advanced stage and under development. It serves clients across sectors such as data centres, AI and technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centres.

According to a Crisil report, CleanMax held a 12% share of annual open access renewable energy capacity additions in the C&I market in FY24, with a strong presence in Gujarat and Karnataka. Its key clients include Equinix, Amazon, Google, Apple, and Cisco.

By March 2025, the company had established one of the widest geographical coverages for onsite solar in 21 Indian states and expanded operations internationally to the UAE, Thailand, and Bahrain. Its renewable energy plants in Maharashtra, Tamil Nadu, and Karnataka cater to leading technology customers.

The company’s financial performance has shown improvement, with revenue from operations rising 13% to Rs 1,610.34 crore in FY25 from Rs 1,425.31 crore in FY24. CleanMax also reported a net profit of Rs 27.84 crore in FY25, marking a profitable year.

CleanMax is set to make its stock market debut on March 2. The IPO will conclude on February 25, with the price band fixed at Rs 1,000-1,053 per share, valuing the company at Rs 12,325 crore at the upper end of the range.