Clean Max Enviro IPO: Temasek and ADIA to Invest, Issue Opens February 23

Clean Max Enviro Energy Solutions Limited is scheduled to launch its Initial Public Offering (IPO) on February 23, 2025. According to a report by Bloomberg, global investment giants Temasek Holdings Pte and the Abu Dhabi Investment Authority (ADIA) are planning to participate in the public issue as cornerstone investors. Cornerstone investors are typically institutional players who receive guaranteed allocations in exchange for committing to hold shares for a specific duration, while domestic institutional entities, including HDFC Asset Management Company Limited and SBI Life Insurance Company, have also expressed significant interest in the offering.

IPO Structure and Financial Targets

The company aims to raise approximately ₹3,100 crore through this public issue. 14 crore shares valued at ₹1,200 crore. 80 crore shares worth ₹1,900 crore from existing shareholders. The company has earmarked shares worth approximately ₹930 crore specifically for anchor investors. Notably, Clean Max Enviro Energy Solutions successfully raised ₹1,500 crore in a pre-IPO placement last week, indicating strong demand from private institutional circles.

Key Dates and Listing Details

The subscription window for the IPO will remain open from February 23 to February 25, 2025. The price band for the issue has been fixed between ₹1,000 and ₹1,053 per share, with a minimum lot size of 14 shares. The basis of allotment is expected to be finalized on February 26, and the shares are slated to be listed on the BSE and NSE on March 2, 2025. The offering is structured to allocate 50% of the shares to Qualified Institutional Buyers (QIB), 35% to retail investors, and 15% to Non-Institutional Investors (NII).

Financial Performance and Debt Profile

35 crore for the half-year ended September 2025, with a net profit of ₹19 crore. 43 crore. 46 crore as of the latest reporting period. The company, which counts Brookfield Corp among its major backers, operates extensively in the renewable energy sector and is focusing on deleveraging its balance sheet.

Utilization of Proceeds and Management

The net proceeds from the fresh issue of shares will be primarily utilized for the full or partial repayment of existing borrowings. The remaining funds are intended for general corporate purposes and to support future growth initiatives. Axis Capital Ltd is serving as the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar, while according to company officials, the public listing is a strategic move to optimize the capital structure and enhance the company's visibility in the global renewable energy market.