CleanMax plans to float an initial public offering of Rs 31 billion (bn) on 23 February, the company said in a filing. The proposed offer will mark a major capital markets move by the renewable energy developer as it seeks to expand operations and strengthen its balance sheet. The filing indicated that the issue size reflects the company's capital raising plans for capacity addition and general corporate purposes. The proposed timetable indicates a focused push to secure long term capital for operational scaling.

The company said the sale will provide fresh equity to support growth and deleverage existing borrowings, while positioning it for larger project bids. Observers expect investor appetite for green assets to support the listing and help determine pricing, the filing suggested. The timeline set for the offer suggests the company aims to complete listing in the near term. Investor subscription patterns will be monitored closely during the bookbuilding window.

The share sale follows a trend of renewable energy firms tapping public markets to fund expansion and will attract attention from institutional investors and retail participants. The company will disclose further details on price band, bidding dates and allocation in subsequent filings, which investors will scrutinise to assess valuation. The move is likely to be watched by peers and policymakers tracking the clean energy transition. Market participants will evaluate the pricing in relation to renewable sector benchmarks and recent listings.

If the offer proceeds as planned, the funds are expected to bolster the company's pipeline and enable delivery of projects under construction, the filing added. Bankers and legal advisers are managing preparations, with bookbuilding and regulatory approvals forming part of the process. The timing comes amid a broader push for renewable capacity and increasing capital flows into sustainable infrastructure.