Clean energy solutions provider Clean Max Enviro Energy Solutions’ (CleanMax) ₹31 billion (~$340.92 million) initial public offering (IPO) was subscribed 0.94 times at the end of the bidding window on February 25, 2026.

The price band was set at ₹1,000 (~$11) to ₹1,053 (~$12) per equity share with a face value of ₹1 (~$0.011).

The IPO saw bids for 20.57 million shares out of the 21.8 million shares on offer.

The offer was made through the book-building process, in which not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders, respectively.

Qualified institutional buyers led the demand, with the portion receiving 2.83 times bids, followed by non-institutional investors at a subscription rate of 54% and retail individual investors at 6%. The employees’ portion was subscribed to 0.1 times.

The shares are likely to be listed on the BSE and NSE on March 2, 2026.

Ahead of the IPO, CleanMax raised ₹9.21 billion (~$101.27 million) from anchor investors on February 20, 2026, by allocating 8.7 million equity shares at ₹1,053 (~$12) per share.

Out of the total allocation of equity shares to anchor investors, 4.59 million equity shares were allocated to Temasek Holdings, SBI Life, Nomura Asset Management, Eastspring, HDFC Mutual Fund, Franklin Templeton Mutual Fund, 360 One Mutual Fund, SBI General, and ADIA, amounting to ₹4.84 billion (~$53.22 million), making up 52.5% of the total anchor book size.

Foreign institutional investors accounted for 32% of the anchor book, while domestic institutional investors accounted for 68%.

In August, CleanMax submitted a draft red herring prospectus to raise ₹52 billion (~$571.8 million) through an IPO.

The net proceeds amounting to ₹11.3 billion (~$124.26 million) were to be allocated for repayment and/or prepayment, partially or fully, of the company’s outstanding borrowings, including borrowings from Nomura Capital (India) and Nomura Investments (Singapore). The remaining funds were to be utilized for general corporate purposes.

Earlier this month, CleanMax also raised ₹15 billion (~$164.94 million) in a pre-IPO round with 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, Jaisinghani, and Taparia families.

CleanMax has a portfolio of 2.8 GW of operational renewable energy projects, owned and managed by the company. It also has 3.17 GW of projects yet to be contracted and executed.