CleanMax Files DRHP with SEBI for ₹5,200 Crore IPO

19 Aug 2025 , 03:21 PM

Clean Max Enviro Energy Solutions Ltd., India’s largest commercial and industrial (C&I) renewable energy provider, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹5,200 crore through an initial public offering (IPO).

The issue, with a face value of ₹1 per share, comprises a fresh issue of equity shares worth ₹1,500 crore and an offer for sale (OFS) of up to ₹3,700 crore by promoters and investors. A portion of the IPO will be reserved for eligible employees, who will also be offered a discount on subscriptions under the employee quota.

Offer for Sale (OFS)
The OFS will see:

• Kuldeep Pratap Jain selling shares worth up to ₹321.37 crore

• BGTF One Holdings (DIFC) Ltd. selling up to ₹1,970.83 crore

• KEMPINC LLP selling up to ₹225.61 crore

• Augment India I Holdings LLC offloading up to ₹991.94 crore

• DSDG Holdings APS selling up to ₹190.25 crore

Use of Proceeds
Net proceeds from the fresh issue, amounting to about ₹1,125 crore, will be used for repayment or pre-payment of borrowings of the company and its subsidiaries, and for general corporate purposes.

The company may also consider a pre-IPO placement of up to ₹300 crore. If undertaken, the fresh issue size will be reduced accordingly. The IPO will be conducted through the book-building process, with up to 50% of the net offer reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors, and 35% for retail investors.

Company Overview
Founded in 2010, CleanMax specialises in net zero and decarbonisation solutions for C&I clients. As of July 31, 2025, the company had an operational capacity of 2.54 GW, contracted capacity of 2.53 GW, and a pipeline of 5.07 GW at advanced stages of development.

With a strong track record, CleanMax serves 531 customers across 1,127 signed power purchase agreements (PPAs). Repeat clients contributed over 77% of contracted capacity in FY25. Its customer base spans data centres, AI and technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centres.

IPO Management
The book-running lead managers to the issue are Axis Capital, J.P. Morgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura Financial Advisory, BOB Capital Markets, and SBI Capital Markets. MUFG Intime India is acting as the registrar. The equity shares will be listed on both the BSE and NSE.

For feedback and suggestions, write to us at [e-mail]