CleanMax Files DRHP With SEBI, Plans ₹5,200 Crore IPO

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.

IPO Structure

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

Utilisation of Proceeds

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.

IPO Book-Building Process

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.

Financial Performance

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.

Business Overview

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.

Global Presence

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.