Clean Max Enviro Energy Solutions Ltd., backed by Brookfield, is preparing a downsized mainboard IPO tentatively scheduled for 20 Feb – 24 Feb 2026. The expected issue size is ₹3,000 Cr, focusing on commercial and industrial renewable energy customers, with India’s largest C&I player status as of March 2025 per CRISIL. This reflects a reduction from the original ₹5,200 Cr DRHP filed in August 2025, amid market caution and pre-IPO placements up to ₹1,500 Cr led by Temasek and Bain in early February 2026. The registrar is Link Intime India Pvt Ltd.
IPO Timeline and Dates
SEBI approved the DRHP on 30 Oct 2025, after initial filing on 16 Aug 2025 and updates in December 2025. Tentative dates include IPO open on 20 Feb 2026, close on 24 Feb 2026 (4 days), allotment ~3 Feb 2026 (1 week post-close), and listing on NSE/BSE by T+4 around late Feb/early Mar 2026.
Issue Size
Total size set at ₹3,000 Cr (≈$360M), down from ₹1,500 Cr fresh + ₹3,700 Cr OFS.[user-provided] Fresh issue (₹400–600 Cr) targets ₹1,125 Cr debt repayment and growth; OFS by promoters/investors like Brookfield (42.9% pre-IPO).
| 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 | 3,000 | $360M equivalent[user-provided] |
| Pre-IPO Placement | Up to 300 (or ₹1,500 recent) | Reduces fresh size if pursued |
Lot Sizes (Indicative)
Await RHP (expected 1-2 weeks pre-open, ~early Feb 2026); standard norms apply.
| Category | Min Lot Size | Min Investment (est. ₹200/share) |
|---|---|---|
| Retail (RII) | 1 lot (~70 shares) | ₹14,000 |
| NII/HNI | 14 lots | ₹2 lakh |
| QIB | No min | Institutional tranche (50%) |
DRHP & RHP Files
| DRHP FILE | View |
| RHP FILE | View |
RHP: Expected late Feb 2026 with price band, lots.
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.
