Athira Sethu
Kochi, 23 Feb 2026
Brookfield-backed renewable energy company CleanMax Enviro Energy Solutions has raised ₹921 crore from anchor investors ahead of the launch of its ₹3,100 crore initial public offering (IPO), which opens today and closes on February 25. The Mumbai-based firm allotted shares at the upper end of its price band of ₹1,000–₹1,053 per share, drawing participation from 41 anchor investors, including leading domestic mutual funds, insurance companies, and global institutions.
Anchor Fundraising Details
| Particulars | Details |
| Total Anchor Amount Raised | ₹921 crore |
| Date of Allocation | February 20 |
| Equity Shares Allotted | 87.46 lakh shares |
| Number of Anchor Investors | 41 |
| Allocation Price | ₹1,053 per share |
Among the anchor investors, Zulia Investments, SBI Life Insurance, Nomura India Investment Fund Mother Fund, and Eastspring Investments emerged as the largest participants. Each subscribed to 6.31 lakh shares valued at ₹66.5 crore.
Of the total anchor allocation, 18.99 lakh shares were distributed among six domestic mutual funds, including HDFC Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, and Franklin India.
Insurance companies also saw strong participation. SBI Life Insurance, IndiaFirst Life Insurance, Canara HSBC Life Insurance, and Bharti AXA Life Insurance together acquired 14.86 lakh shares worth ₹156.5 crore.
Global institutional names such as Abu Dhabi Investment Authority, Susquehanna Pacific, Societe Generale, Citigroup Global Markets, and Moon Capital Trading also featured in the anchor book.
IPO Structure
| Component | Amount (₹ crore) |
| Fresh Issue | 1,200 |
| Offer for Sale (OFS) | 1,900 |
| Total Issue Size | 3,100 |
| Employee Reservation | ₹30 crore (₹100 discount per share) |
Under the offer for sale, promoters including Kuldeep Jain, KEMPINC, Brookfield’s entity BGTF One Holdings (DIFC), Augment India I Holdings, and DSDG Holding APS will dilute part of their stakes.
The company has reserved 50% of the net issue for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail individual investors.
Use of Proceeds
| Purpose | Amount (₹ crore) |
| Debt Repayment/Prepayment | 1,125 |
| General Corporate Purposes | Remaining amount |
According to its draft red herring prospectus (DRHP), the bulk of the fresh issue proceeds will be used to repay or prepay outstanding borrowings of the company and its subsidiaries.
Operational Snapshot (as of July 31, 2025)
| Metric | Capacity |
| Operational Capacity | 2.54 GW |
| Contracted Capacity | 2.53 GW |
| Projects at Advanced Stage | 5.07 GW |
Founded in 2010, CleanMax provides net-zero and decarbonisation solutions to commercial and industrial (C&I) customers. As of March 31, 2025, the company had 531 customers and 1,127 signed power purchase agreements (PPAs). Notably, 77.28% of its contracted capacity in FY25 came from repeat clients, reflecting strong customer retention.
