Overview
- Bidding runs February 23–25 with anchor on February 20 and listing slated for March 2, as grey market quotes near Rs 9 suggest limited listing gains.
- The offer comprises a Rs 1,200 crore fresh issue and a Rs 1,900 crore offer-for-sale by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC), KEMPINC LLP, Augment India I Holdings, and DSDG Holdings APS.
- About Rs 1,125 crore of the primary proceeds will be used to repay debt, with the balance for general corporate purposes, aligning with guidance to allocate roughly three-quarters to deleveraging.
- Pre-IPO placements brought in institutional capital including a Rs 296.8 crore allotment to Temasek’s Jongsong Investments at Rs 1,053 per share, with Bain Capital also participating.
- Clean Max serves C&I clients such as major data-centre and technology firms, reporting 2.54 GW operational and 2.53 GW contracted capacity as of mid-2025 and a surge in data/AI-linked contracts to about 2,300 MW by late 2025.