CleanMax Enviro Energy Solutions, India’s largest commercial and industrial (C&I) renewable energy provider, has taken a major step towards its public listing. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹5,200 crore through an Initial Public Offering (IPO). The issue will be a mix of fresh equity shares and an Offer for Sale (OFS) by existing shareholders and promoters.
The proposed IPO will have a face value of ₹1 per share. The offering includes:
Fresh issue of up to ₹1,500 crore
Offer for Sale (OFS) of up to ₹3,700 crore by existing investors, promoters, and shareholders
The OFS component will see significant stakes offloaded by various investors:
Kuldeep Pratap Jain – up to ₹321.37 crore
BGTF One Holdings (DIFC) Limited – up to ₹1,970.83 crore
KEMPINC LLP – up to ₹225.61 crore
DSDG Holdings APS – up to ₹190.25 crore
Augment India I Holdings, LLC – up to ₹991.94 crore
Out of the fresh issue proceeds worth ₹1,125 crore, CleanMax intends to use the funds for:
Repayment and/or prepayment of certain debts of the company and its subsidiaries
General corporate purposes to strengthen its balance sheet
Additionally, CleanMax has announced it may consider a pre-IPO placement of up to ₹300 crore, in consultation with its lead managers.
The IPO will follow the book-building process with the following allocation criteria:
Qualified Institutional Buyers (QIBs): Not more than 50% of the net offer
Non-Institutional Investors (NIIs): Not less than 15% of the net offer
Retail Investors: Not less than 35% of the net offer
The registrar for the IPO is MUFG Intime India Private Limited. The book-running lead managers include:
Axis Capital Limited
J.P. Morgan India Private Limited
BNP Paribas
HSBC Securities and Capital Markets (India) Private Limited
IIFL Capital Services Limited
Nomura Financial Advisory and Securities (India) Private Limited
BOB Capital Markets Limited
SBI Capital Markets Limited
The company’s equity shares are proposed to be listed on both the BSE and NSE.
CleanMax has reported strong financial growth in recent years.
Revenue from operations increased from ₹1,425.31 crore in FY2024 to ₹1,610.34 crore in FY2025, representing a 12.98% growth.
Net profit surged to ₹27.84 crore in FY2025, showing improved profitability and operational efficiency.
Founded in 2010, CleanMax has emerged as India’s leading C&I renewable energy solutions provider with a focus on Net Zero and decarbonization solutions.
As of March 31, 2025:
The company had 531 customers under 1,127 signed PPAs (Power Purchase Agreements) – the largest customer base in India’s C&I renewable sector.
77.28% of contracted capacity came from repeat customers, highlighting strong long-term relationships.
It had 2.53 GW of committed capacity and 2.54 GW of operational capacity.
By July 31, 2025, CleanMax had a project pipeline of 5.07 GW, including both advanced-stage and under-development projects.
CleanMax has one of the widest international footprints among Indian renewable energy companies.
It offers on-site solar solutions across 21 Indian states.
Its global presence extends to the UAE, Thailand, and Bahrain.
It also develops STU and CTU-linked solar and wind farms in 10 Indian states for C&I clients.
Conclusion
CleanMax’s IPO filing marks a significant milestone in its growth journey. With a strong financial track record, a robust customer base, and ambitious renewable energy projects, the company is well-positioned to capitalize on India’s growing push towards clean and sustainable energy.
The ₹5,200 crore IPO will not only provide funds for expansion but also reinforce CleanMax’s leadership in the C&I renewable energy sector.