CleanMax IPO: Temasek, Tata Investment and Other Marquee Investors Pour Rs 921 Crore into Anchor Round
CleanMax Enviro Energy Solutions, India's largest commercial and industrial renewable energy provider, has raised Rs 921 crore from anchor investors ahead of its Rs 3,100 crore IPO. The strong anchor round, featuring a blend of global heavyweights and leading domestic institutions, signals robust investor appetite for India's fast-growing clean energy sector.
Anchor Allotment Details
The company allotted 87,46,437 equity shares at Rs 1,053 per share to anchor investors on February 20, ahead of the public issue opening on February 23. The offer closes on February 25, with a price band of Rs 1,000 to Rs 1,053 per share.
Notable participants in the anchor round include:
- Temasek Holdings
- Tata Investment Corporation
- SBI Life Insurance and SBI General Insurance
- HDFC Mutual Fund and Franklin Templeton Mutual Fund
- Nomura Asset Management
- ADIA (Abu Dhabi Investment Authority)
- 360 One Mutual Fund
- Premji Invest, Eastspring, BNP and Trust Group
Of the total anchor allocation, 45,91,720 shares worth approximately Rs 483.51 crore — representing 52.5% of the anchor book — were allotted to key investors including Temasek, SBI Life, Nomura, HDFC Mutual Fund, Franklin Templeton, ADIA, Eastspring, 360 One, and SBI General Insurance.
Domestic vs. Foreign Institutional Breakdown
The anchor book saw a healthy mix of domestic and global institutional interest. Domestic institutions accounted for 68% of the anchor allocation, while foreign institutional investors made up the remaining 32% — reflecting broad-based confidence in CleanMax's business model and India's renewable energy growth story.
Pre-IPO Placement Already Completed
The anchor round follows a Rs 1,500 crore pre-IPO placement completed earlier in February. That round drew participation from investors including Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities Fund, Steadview Capital, and several prominent family offices, including those of the Dalmia group and the Jaisinghani and Taparia families.
IPO Structure
The Rs 3,100 crore IPO comprises:
- Fresh issue: Rs 1,200 crore
- Offer for sale (OFS): Rs 1,900 crore
The book-running lead managers include Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities, IIFL Capital Services, Nomura Financial Advisory, BOB Capital Markets, and SBI Capital Markets. MUFG Intime India is the registrar to the offer.
About CleanMax
Founded in 2010, CleanMax is recognised as India's largest commercial and industrial (C&I) renewable energy provider, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted capacity under execution as of October 31, 2025, as per a CRISIL report.
The company serves a diversified client base spanning data centres, AI and technology firms, cement, steel, FMCG, pharmaceuticals, and real estate. Its offerings include renewable power supply through long-term contracts, EPC services, operations and maintenance of solar, wind and hybrid plants, carbon credit solutions, and turnkey decarbonisation services.
Financial Performance
CleanMax's financials reflect a company on a strong growth trajectory:
- Revenue from operations: Rs 1,496 crore in FY25, up from Rs 1,390 crore in FY24 — a year-on-year growth of 8%.
- EBITDA: Jumped sharply to Rs 1,015 crore in FY25 from Rs 742 crore in FY24, marking a robust 37% increase and reflecting meaningfully improved operating efficiency.
With marquee institutional backing, strong financials, and a leadership position in India's C&I renewable energy segment, the CleanMax IPO is shaping up to be one of the more closely watched public issues of the year.
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