CleanMax files draft papers with SEBI for ₹5,200 crore IPO

Clean Max Enviro Energy Solutions, a Commercial and Industrial (C&I) renewable energy provider, has filed draft papers with markets regulator SEBI, seeking approval to raise ₹5,200 crore through an Initial Public Offering (IPO).

The proposed issue comprises a fresh issue of shares worth up to ₹1,500 crore and an Offer For Sale (OFS) of shares valued at ₹3,700 crore by promoters and an investor shareholder, according to the Draft Red Herring Prospectus (DRHP).

The OFS consists of the offloading of shares worth ₹321.37 crore by founder Kuldeep Pratap Jain, ₹1,970.83 crore by BGTF One Holdings (DIFC) Ltd, ₹225.61 crore by KEMPINC LLP, ₹991.94 crore by Augment India I Holdings, LLC, and ₹190.25 crore by DSDG Holdings APS.

As per the draft papers filed on Saturday, proceeds from the fresh issue amounting to ₹1,125 crore will be used to repay debt, while the balance will go towards general corporate purposes.

The company may also consider a pre-IPO placement of up to ₹300 crore, which would proportionally reduce the fresh issue size.

Founded in 2010, CleanMax specialises in net zero and decarbonisation solutions for C&I customers. Its offerings include renewable power supply –wind, solar, hybrid– energy services, and carbon credit solutions.

As of July 31, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, in addition to 5.07 GW of projects under advanced stage and under development.

The company serves clients across sectors such as data centres, AI and technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centres. Its projects range from onsite installations at client facilities to offsite projects through bilateral power purchase agreements.

According to a Crisil report, CleanMax held a 12 per cent share of annual open access renewable energy capacity additions in the C&I market in FY24, with a strong presence in Gujarat and Karnataka. Its key clients include Equinix, Amazon, Google, Apple, and Cisco.

By March 2025, the company had established one of the widest geographical coverages for onsite solar in 21 Indian states and expanded operations internationally to the UAE, Thailand, and Bahrain. Its renewable energy plants in Maharashtra, Tamil Nadu, and Karnataka cater to leading technology customers.

Financially, CleanMax’s revenue from operations rose 13 per cent to ₹1,610.34 crore in FY25 from ₹1,425.31 crore in FY24, while the company turned profitable, reporting a net profit of ₹27.84 crore in FY25.

Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets, IIFL Capital Services, Nomura Financial Advisory and Securities, BOB Capital Markets, and SBI Capital Markets have been appointed as the lead managers for the IPO.

Published on August 18, 2025