The Brookfield-backed renewable energy company Clean Max Enviro Energy Solutions Ltd. is getting ready for a smaller public offering called Clean Max IPO. The company hopes to raise $350–400 million (about ₹2,900–3,300 crore) in early 2026. This green energy company focuses on commercial and industrial customers. According to CRISIL, it is India’s largest in its segment as of March 2025. It wants to take advantage of businesses’ need for clean power while cutting back on its original ₹5,200 crore plan filed in the August 2025 DRHP. Investors are interested in the mix of high EBITDA margins and strategic backers, but there are still risks to execution in renewables. The registrar is www.linkintime.co.in
IPO Timeline and Dates
In November 2025, SEBI gave Clean Max Enviro Energy Solutions the go-ahead for its DRHP. Soon after, the company filed an updated version. However, the most recent reports from Bloomberg say that the launch will be in February 2026 with a smaller ticket size. Roadshows have started, putting this mainboard IPO in a good position to be completed quickly after it gets the green light, thanks to India’s strong pipeline of renewable energy projects.
| Event | Expected Timeline / Status |
|---|---|
| DRHP Filing | August 2025 (updated Dec 2025); SEBI nod Nov 2025 |
| IPO Open Date | February 2026 (tentative, post roadshows) |
| IPO Close Date | 3 working days after open |
| Allotment Date | ~1 week post-close |
| Listing Date | T+4 or earlier on NSE/BSE |
Issue Size
The smaller IPO is a sign of careful sizing because the market started off slowly in January 2026. It went from ₹1,500 crore in new issues and ₹3,700 crore in OFS in the DRHP. The new money will mostly go toward paying off debt (₹1,125 crore set aside for this purpose), with the rest going toward growth and business needs. There may also be a pre-IPO placement of up to ₹300 crore.
| Component | Size (₹ Cr) Approx. | Notes |
|---|---|---|
| Fresh Issue | 400–600 | Debt repayment focus |
| Offer for Sale (OFS) | 2,500–2,700 | By promoters/investors |
| Total Issue Size | 2,900–3,300 | $350–400M equivalent |
| Pre-IPO Placement | Up to 300 | If pursued, reduces fresh size |
Lot Sizes by Category
Lot details await RHP disclosure, but standard mainboard norms apply with retail-friendly sizing for broad participation in this green energy play.
Investor Category Lots (Indicative)
| Category | Min Lot Size | Min Investment (est. ₹200/share) | Max Lots |
|---|---|---|---|
| Retail (RII) | 1 lot (~70 shares) | ₹14,000 | As per cap |
| NII/HNI | 14 lots | ₹2 lakh | Uncapped |
| QIB | No min | Institutional tranche | 50% net offer |
DRHP & RHP Files
| DRHP FILE | View |
| RHP FILE | View |
RHP filing expected in 1–2 weeks before IPO open (tentative late Feb 2026), including price band, final lot sizes, and allotment details.
Promoter Holdings and OFS
Brookfield (42.9% as of Aug 2025) anchors ownership, with Augment at ~20%; OFS sellers include founder Kuldeep Pratap Jain and entities like BGTF One Holdings, KEMPINC LLP, Augment India I, DSDG Holdings.
Pre/Post-IPO Holdings Snapshot
| Shareholder | Stake % (Pre) | OFS Exposure (₹ Cr) |
|---|---|---|
| Brookfield Corp | 42.9 | Partial via affiliates |
| Augment Infrastructure | ~20 | 991.94 |
| Founder K.P. Jain | Minor | 321.37 |
| Others (BGTF, KEMPINC) | Balance | ~2,378 total OFS |
Clean Max Enviro Energy Solutions Limited Company Information
Clean Max Enviro Energy Solutions Private Limited is the leader in India’s corporate and industrial (C&I) renewable energy market. They provide customized clean power solutions like rooftop solar, open-access wind, and hybrid projects to big companies like Reliance, JSW, HUL, and Vedanta. Kuldeep Pratap Singh Jain started the company in 2008. By March 2025, it had grown to be India’s largest C&I player, with more than 3 GW of operational capacity, according to CRISIL ratings. The company focuses on long-term power purchase agreements (PPAs) that guarantee stable revenue visibility. It is based in Mumbai and has subsidiaries that handle development, operations, and maintenance. Since 2023, it has been backed by the big global company Brookfield.
The business model is doing well because more and more companies want to meet their ESG goals and RE100 commitments. The company offers end-to-end services, from site assessment to commissioning, and 24/7 monitoring through its own platform. Clean Max’s portfolio includes rooftop solar (the most common type), ground-mounted solar, wind, and hybrids. More than 80% of its revenue comes from captive and open-access models that let companies get power directly without going through the grid. Strategic acquisitions and Brookfield’s ₹4,000 crore investment have sped up its pipeline to 6 GW. This puts it in a good position to take advantage of India’s green transition in the commercial and industrial sectors, which is expected to reach 50 GW or more by 2030.
Clean Max is doing better financially, with annualized revenue of ₹1,496 crore in FY25 (up 7.7% YoY) and EBITDA margins rising to 68% because of better use of capacity and more efficient operations. PAT is still low at ₹19 crore because of high capital expenditures, but the company will become more profitable as it pays off its debts with money from its IPO. Its net worth will rise to ₹2,563 crore and its assets under management will reach ₹13,279 crore. Brookfield owns 42.9%, along with other investors like Augment. This lets the company grow quickly without losing control of the founders.
Clean Max wants to pay off its debts, invest in new projects, and grow through acquisitions to reach 10 GW by the end of the decade. This will take advantage of India’s push for 500 GW of non-fossil capacity. There are risks involved in land acquisition and PPA renewals, but Brookfield’s expertise in infrastructure and its focus on top corporations give it a strong advantage in the fragmented C&I space.
Financial Statements
Clean Max shows robust revenue scaling in C&I renewables, with FY25 annualized revenue at ₹1,496 Cr (up from ₹929 Cr FY23) and EBITDA margins improving to 68% amid operational leverage.
Key Financials (Annualized Basis)
| Metric | FY25 (Ann.) | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 1,495.70 | 1,389.84 | 929.58 |
| EBITDA (₹ Cr) | 1,015.07 | 741.57 | 405.92 |
| PAT (₹ Cr) | 19.43 | -37.64 | -59.47 |
| EBITDA Margin % | 67.87 | 53.36 | 43.67 |
| PAT Margin % | 1.30 | -2.71 | -6.40 |
| EPS (₹) | 2.88 | -3.94 | -9.01 |
| Assets (₹ Cr) | 13,279 | 9,077 | 7,000 |
| Net Worth (₹ Cr) | 2,563 | 1,833 | 1,211 |
| Debt (₹ Cr) | 7,974 | 5,515 | 3,843 |
Valuation Insights
Valuation to hinge on renewables multiples (8–12x EV/EBITDA peers), with debt reduction boosting appeal; DRHP implied upper band eyes premium for scale and Brookfield pedigree.
Valuation Metrics (Indicative)
| Multiple | Clean Max Est. | Peer Avg. |
|---|---|---|
| EV/EBITDA FY25 | 10–12x | 9–11x |
| P/B | 2–3x | 1.5–2.5x |
| Implied m-cap | ₹8,000–10,000 Cr | – |
Peer Comparison
Peers in C&I/renewables trade at solid multiples; Clean Max’s margins stand out.
Peers Table
| Company | Revenue FY25 (₹ Cr) | EBITDA % | Debt/Equity | Notes |
|---|---|---|---|---|
| Clean Max | 1,496 | 68% | 3.1x | C&I focus, Brookfield |
| Tata Power REN | ~5,000 | 25–30% | 1.5x | Larger, diversified |
| Adani Green | 10,000+ | 80%+ | High | Utility-scale leader |
| ReNew Power | 4,000 | 70% | 2x | Global infra player |
Clean Max Enviro GMP
No active grey market yet pre-RHP, but early sentiment points to positive GMP (₹20–30 est.) on Brookfield backing and green theme, though muted by size cut.
IPO Review: Strengths and Risks
Clean Max dominates C&I renewables with captive solar/wind for corporates, high margins, and Brookfield scale-up; risks include execution delays and policy shifts.
Pros & Cons
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Strengths: Top C&I player, 68% margins, debt paydown, strong bankers
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Risks: High debt (₹8k Cr), profitability turnaround, competition from IPPs
Suitable for green infra believers.
Anchor Investors
Anchor tranche (up to 60% QIB) expected to draw global infra funds, SWFs, and DIIs; specifics post roadshows.
Merchant Bankers
Strong lineup from DRHP handles the marquee deal.
Clean Max Energy Company Contact Details
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Registered Office Address: 4th Floor, Om Plaza, Vasanji Lalji Road, Opp. Kandivli Station, Kandivli (West), Mumbai, Maharashtra 400067, India
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Alternate/Corporate Office: Unit No. 33 & 34, 1st Floor, The Peach Tree Complex, Sushant Lok Phase-1, Gurugram, Haryana 122002
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CIN: U93090MH2010PLC208425
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Phone: +91-22-26593535 or +91-22-4017 9000
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Email: info@cleanmax.com; Company Secretary: ullash.parida@cleanmax.com
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Website: www.cleanmax.com
Registrar Details
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Registrar Name: MUFG Intime India Pvt Ltd (now Link Intime India Pvt Ltd)
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Address: C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai, Maharashtra 400083
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Phone: +91-8108114949 (IPO Helpdesk); +91-22-49186270 (Bonds/Public Issues)
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Email: cleanmax.ipo@in.mpms.mufg.com or ipo.helpdesk@linkintime.co.in
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Website for Allotment: www.linkintime.co.in
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
