The offering consists of a fresh issue of shares worth approximately 12 billion rupees ($132.3 million) alongside a secondary sale of 19 billion rupees by existing shareholders, including founder Kuldeep Jain. According to the company’s prospectus, shares are priced between 1,000 and 1,053 rupees. Clean Max has already secured significant institutional support, allocating 30% of the total offering to cornerstone investors such as Singapore’s Temasek and the Abu Dhabi Investment Authority.

Management intends to deploy the proceeds toward debt reduction and general corporate operations. The move comes as Clean Max solidifies its position as a preferred green energy partner for multinational corporations. By transitioning from private backing to public markets, the firm aims to scale its infrastructure to meet the growing demand for sustainable power solutions across the subcontinent.

Capitalizing on a Record IPO Wave

The listing arrives during a period of unprecedented growth for Indian capital markets. Data from Ernst & Young indicates that India recorded more IPOs in the first three quarters of 2025 than any other global market. Clean Max joins a pipeline of multibillion-dollar listings, supported by a banking syndicate that includes Axis Capital, J.P. Morgan, and BNP Paribas.