Clean Max Enviro Energy Solutions has finalized its anchor investment round, raising **Rs 921 crore** just days before its public debut. The anchor portion saw heavy participation from top-tier global and domestic entities, including Temasek Holdings, SBI Life Insurance, and the Abu Dhabi Investment Authority (ADIA). Domestic institutional investors dominated the anchor book with a **68%** share, while foreign institutional investors accounted for the remaining **32%**. A total of **87,46,437** shares were allotted to these participants at the upper price band of **Rs 1,053** per share. The **Rs 3,100 crore** IPO is scheduled to open for public subscription from **February 23 to February 25, 2026**. The price band has been established between **Rs 1,000 and Rs 1,053** per equity share. The offering is structured as a fresh issue of **Rs 1,200 crore** alongside an offer-for-sale (OFS) of **Rs 1,900 crore**. Notable sellers in the OFS include founder Kuldeep Jain and Brookfield-backed BGTF One Holdings. A primary objective of the fresh capital is debt reduction. The company plans to deploy **Rs 1,122.67 crore**—nearly **94%** of the fresh proceeds—to repay or prepay existing borrowings. Total debt for the company stood at approximately **Rs 10,121 crore** as of late **2025**, marking a significant increase from previous years. This deleveraging strategy aims to improve interest coverage and overall financial stability. CleanMax currently operates as India's largest renewable energy provider for the commercial and industrial (C&I) sector. As of October **2025**, the company manages **2.80 GW** of operational capacity, with another **3.17 GW** under contract for execution. Financial performance has shown a recent turnaround. For the first half of fiscal year **2026**, the company reported a net profit of **Rs 19 crore** on revenues of **Rs 939.53 crore**, maintaining the profitability trend established in fiscal year **2025**. Market conditions for renewable energy remain robust. India’s C&I solar installations are projected to reach between **30 GW and 35 GW** by the end of **2026**, driven by falling technology costs and rising corporate sustainability mandates. The stock is expected to list on the BSE and NSE on **March 2, 2026**. At the upper price band, the company’s market capitalization is estimated at **Rs 12,325 crore**.