CleanMax IPO: Temasek, Tata Investment among others invest in Rs 921 crore anchor round

The company informed exchanges that it allotted 87,46,437 equity shares at Rs 1,053 per share to anchor investors on February 20. The anchor portion accounts for a significant chunk of the institutional interest ahead of the issue opening for public subscription on February 23.

Among the investors participating in the anchor round were Temasek Holdings, SBI Life Insurance, Nomura Asset Management, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, Eastspring, SBI General Insurance, Premji Invest, 360 One Mutual Fund, Trust Group, BNP and Tata Investment Corporation, among others. Foreign institutional investors accounted for 32% of the anchor book, while domestic institutions made up 68%.

Out of the total anchor allocation, 45,91,720 shares were allotted to key investors, including Temasek Holdings, SBI Life, Nomura Asset Management, Eastspring, HDFC Mutual Fund, Franklin Templeton Mutual Fund, 360 One Mutual Fund, SBI General and ADIA. This tranche amounted to approximately Rs 483.51 crore, representing 52.5% of the total anchor book.

The anchor round follows a Rs 1,500 crore pre-IPO placement completed earlier this month. On February 6, CleanMax raised capital from investors including Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities Fund, Steadview Capital and several family offices, including those of the Dalmia group, and the Jaisinghani and Taparia families.

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The IPO comprises a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. At the upper end of the price band of Rs 1,000 to Rs 1,053 per share, the total issue size stands at Rs 3,100 crore. The offer will close on February 25.

Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets and SBI Capital Markets are the book-running lead managers. MUFG Intime India is the registrar to the offer.

CleanMax is India’s largest commercial and industrial 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, according to a CRISIL report.

Founded in 2010, the company focuses on delivering net-zero and decarbonisation solutions to corporates, including data centres, AI and technology companies, as well as infrastructure, cement, steel, FMCG, pharmaceuticals and real estate clients.

Its offerings span renewable power supply through long-term contracts, engineering, procurement and construction services, and operations and maintenance of solar, wind and hybrid plants, both onsite and at company-developed renewable farms. It also provides carbon credit solutions and turnkey decarbonisation services.

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For FY25, CleanMax reported revenue from operations of Rs 1,496 crore, compared with Rs 1,390 crore in FY24, marking a year-on-year growth of 8%. EBITDA rose sharply to Rs 1,015 crore in FY25 from Rs 742 crore in the previous year, reflecting a 37% increase and indicating improved operating performance.