India’s largest commercial and industrial renewable energy provider, Clean Max Enviro Energy Solutions, on Monday (August 18), 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 IPO, with a face value of ₹1, is a mix of fresh issue of shares of up to ₹1,500 crore and an offer for sale (OFS) of up to ₹3,700 crore by promoters, investors, and selling shareholders. The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.
The OFS will see Kuldeep Pratap Jain selling shares worth up to ₹321.37 crore; a ₹1,970.83-crore sell-off by BGTF One Holdings (DIFC) Limited; up to ₹225.61 crore by KEMPINC LLP; up to ₹991.94 crore by Augment India I Holdings, LLC; and up to ₹190.25 crore by DSDG Holdings APS.
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The proceeds from its fresh issuance worth ₹1,125 crore will be utilised for repayment and/or pre-payment, in part or in full, of all or certain outstanding borrowings of the company and/or its subsidiaries, and general corporate purposes.
The company, in consultation with the book-running lead managers, may consider a further issue of specified securities, aggregating up to ₹300 crore. The pre-IPO placement, if undertaken, will not exceed 20% of the size of the fresh issue. If such a placement is completed, the fresh issue size will be reduced.
The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and at least 15% and 35% of the net offer are assigned to non-institutional and retail individual bidders, respectively.
About CleanMax
As of July 31, 2025, CleanMax had 2.54 GW of operational capacity and 2.53 GW of contracted capacity. Further, it also has 5.07 GW of projects under advanced stage capacity and under-development capacity (as of July 31, 2025)
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Since its inception in 2010, CleanMax has been specialising in delivering net zero and decarbonisation solutions to the commercial and industrial sectors, backed by over 15 years of industry expertise.
CleanMax holds a leading position with the largest customer base amongst C&I renewable energy players in India. It has 531 customers across 1,127 signed PPAs (as of March 31, 2025). Further, 77.28% of its contracted capacity in fiscal 2025 is attributable to demand from repeat customers.
CleanMax’s solutions include supply of renewable power (wind/solar/wind-solar), energy services and carbon credit solutions across data centres, AI & technology industries, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate and global capability centres.
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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 are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.
