CleanMax To Raise Rs 5,200 Cr Through IPO, DRHP Filed With SEBI

In order to raise Rs 5,200 crore through an initial public offering (IPO), CleanMax Enviro Energy Solutions, the largest commercial and industrial renewable energy supplier in India, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). With a face value of Rs 1, the initial public offering (IPO) consists of a mix of fresh share issuance up to Rs 1,500 crore and an offer-for-sale (OFS) by investors, promoters, and shareholders up to Rs 3,700 crore.

The offer for sale segment includes Kuldeep Pratap Jain selling up to Rs 321.37 crore, BGTF One Holdings (DIFC) Limited selling up to Rs 1970.83 crore, and KEMPINC LLP selling up to Rs 225.61 crore. Up to Rs 190.25 crore from DSDG Holdings APS and up to Rs 991.94 crore from Augment India I Holdings, LLC. The proceeds of the fresh issue segment, which is worth Rs 1,125 crore, would be used for general corporate purposes as well as the repayment and/or partial or complete prepayment of all or some of the company's and its subsidiaries' existing debts.

Clean Max Enviro Energy Solutions has also declared that it is in consultation with the book-running lead managers and may consider a further issue of specified securities, aggregating up to Rs 300 crore.

The offer is being made through the book-building procedure, with qualified institutional buyers receiving no more than 50% of the net offer and non-institutional and retail individual bids receiving no less than 15% and 35% of the net offer, respectively.

The offer's registrar is MUFG Intime India Private Limited, while the book-running lead managers are 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, and SBI Capital Markets Limited.

The equity shares of Clean Max Enviro Energy Solutions are proposed to be listed on BSE and NSE.

Financially speaking, Clean Max Enviro Energy Solutions' revenue from operations climbed from Rs 1,425.31 crore in fiscal 2024 to Rs 1,610.34 crore in fiscal 2025, a 12.98% rise. In the fiscal year 2025, the company's net profit increased to Rs 27.84 crore.

With more than 15 years of industry experience, CleanMax has been focusing on providing Net Zero and decarbonization solutions to the commercial and industrial sectors since its founding in 2010. As of March 31, 2025, CleanMax had 531 customers across 1,127 signed PPAs, giving it the largest customer base among C&I renewable energy businesses in India.

Furthermore, recurring customer demand accounted for 77.28% of its contracted capacity in fiscal 2025. CleanMax had 2.53 GW of committed capacity and 2.54 GW of operational capacity as of July 31, 2025. Additionally, as of July 31, 2025, it has 5.07 GW of projects in both the advanced stage and under-development capacity.

By March 31, 2025, CleanMax had one of the broadest global reaches, providing on-site solar in 21 Indian states as well as other countries, including the United Arab Emirates, Thailand, and Bahrain. For C&I clients, CleanMax also provides STU and CTU-linked farms with a combination of solar and wind power in 10 Indian states.