Ahead of the opening of its initial public offering (IPO) today, Brookfield-backed renewable energy company CleanMax Enviro Energy Solutions mobilised around ₹921 crore from anchor investors on February 20. The Mumbai-based company is looking to raise ₹3,100 crore through the IPO route at a price band of ₹1,000-₹1,053 per share. The issue will close on February 25.

As per exchange data, the company allotted 87.46 lakh equity shares to 41 anchor investors at the upper end of the price band. Among the anchor participants, Zulia Investments, SBI Life Insurance, Nomura India Investment Fund Mother Fund, and Eastspring Investments emerged as the largest investors, each subscribing to 6.31 lakh shares valued at ₹66.5 crore.

Of the total anchor allocation, 18.99 lakh shares were distributed to six domestic mutual funds, including HDFC Mutual Fund, PGIM India, Trust Mutual Fund, and Franklin India.

From the insurance space, 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.

Several prominent global institutions, including Abu Dhabi Investment Authority, Susquehanna Pacific, Societe Generale, Citigroup Global, and Moon Capital Trading, also featured in the anchor book.

Here’s all you need to know about the CleanMax IPO:

CleanMax’s IPO comprises a fresh issue of ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore by existing shareholders. The company has also reserved shares worth up to ₹30 crore for employees, who will receive them at a ₹100 per share discount to the final issue price.

Under the OFS, promoters Kuldeep Jain, KEMPINC, Brookfield's entity BGTF One Holdings (DIFC), and investors Augment India I Holdings and DSDG Holding APS are offloading their stakes in the company.

The company has reserved 50% of the issue for qualified institutional buyers (QIBs), while 15% and 35% of the net offer are earmarked for non-institutional investors (NIIs) and retail individual investors (RIIs), respectively.

According to its DRHP, around ₹1,125 crore from the fresh issue will be used to repay or prepay certain outstanding borrowings of the company and its subsidiaries, with the remainder allocated for general corporate purposes.

As of July 31, 2025, CleanMax had an operational capacity of 2.54 gigawatts (GW), a contracted capacity of 2.53 GW, and 5.07 GW of projects at advanced stages of development. Founded in 2010, the company provides net-zero and decarbonisation solutions to commercial and industrial (C&I) customers, leveraging over 15 years of sector expertise.

CleanMax holds a leading position in India’s C&I renewable energy market, with 531 customers across 1,127 signed power purchase agreements (PPAs) as of March 31, 2025. Notably, 77.28% of its contracted capacity in FY25 came from repeat clients, underscoring strong customer retention.

Meanwhile, shares of CleanMax were trading at a premium of ₹4 in the grey market, indicating a likely listing price of around ₹1,057, up 0.38% over the issue price.

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