Clean Max Enviro Energy Solutions, a leading commercial and industrial (C&I) renewable energy developer. As the company prepares for its upcoming IPO, it has raised INR 1,185 crore in a pre-IPO placement. CleanMax Pre-IPO round saw participation from global heavyweights, including Singapore’s Temasek Holdings and Bain Capital. Following the funding, the company was valued at ~INR 12,200 crore.
CleanMax Pre-IPO Round: Key Highlights
CleanMax pre-IPO placement was a mix of fresh equity issuance and a secondary stake sale by existing promoters and investors:
- Temasek Holdings: Investing through its subsidiary, Jongsong Investments, Temasek infused INR 760 crore and grabbed a 6.79% stake. This includes INR 296.8 crore in fresh shares and the remainder via secondary purchases from Brookfield’s BGTF One Holdings.
- Bain Capital: The global private investment firm acquired a 3.13% stake for INR 350 crore.
- Other Participants: Neo Digital Investments, along with individual investors Anjali and Aruna Taparia, also picked up minority stakes in this round.
Business Overview and Scale
According to the DRHP, CleanMax had 2.54 GW of operational, owned, and managed capacity as of 31 July 2025, with 2.53 GW contracted but yet to be executed and 5.07 GW at advanced or under-development stages. Revenue from operations rose 13% year-on-year to INR 1,610.34 crore in FY25 (from INR 1,425.31 crore in FY24), with the company reporting a INR 27.84 crore profit after tax in FY25. The customer base spans data centers, technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centers.
Conclusion
CleanMax pre-IPO placement is a huge success. The company has received an investment of INR 1,185 crore with participation from major investors like Temasek and Bain Capital, and this has sent a positive signal to the market. This investment has confirmed the company’s value at INR 12,200 crore. Now, with the debt repayment plan ready and SEBI approval secured, CleanMax IPO could become a significant secure energy option for investors by 2026.
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