CleanMax Secures SEBI Nod for INR 5,200 Crore IPO

Clean Max Enviro Energy Solutions (CleanMax), a renewable energy player in the commercial and industrial (C&I) segment, has received SEBI’s approval to launch its INR 5,200 crore IPO comprising a fresh issue of INR 1,500 crore and offer for sale of INR 3,700 crore by existing shareholders.

November 11, 2025. By Mrinmoy Dey

Clean Max Enviro Energy Solutions (CleanMax), a renewable energy company focusing on the commercial and industrial (C&I) sector, has secured final approval from the Securities and Exchange Board of India (SEBI) to launch its INR 5,200 crore initial public offering (IPO).

The proposed issue consists of a fresh share sale of up to INR 1,500 crore and an offer-for-sale (OFS) of up to INR 3,700 crore by existing shareholders. The selling shareholders include Kuldeep Pratap Jain (INR 321.37 crore), BGTF One Holdings (INR 1,970.83 crore), KEMPINC (INR 225.61 crore), Augment India I Holdings (INR 991.94 crore), and DSDG Holdings APS (INR 190.25 crore).

Of the fresh issue, proceeds worth INR 1,125 crore will be used to repay or prepay borrowings, either fully or partially, while the remaining funds will be allocated for general corporate purposes. The company may also explore a pre-IPO placement of up to INR 300 crore, and the fresh issue will be adjusted accordingly.

The IPO will follow the book-building process, with not more than 50 percent reserved for qualified institutional buyers (QIBs), at least 15 percent allocated to non-institutional investors, and 35 percent set aside for retail investors.

The IPO is being managed by Axis Capital, J.P. Morgan India, BNP Paribas, HSBC Securities, IIFL Capital Services, Nomura, BOB Capital Markets, and SBI Capital Markets, while MUFG Intime India will serve as the registrar.

As of July 31, 2025, CleanMax had an operational capacity of 2.54 GW and a contracted capacity of 2.53 GW. In addition, it has 5.07 GW of projects at advanced and under-development stages. The company has built a strong base of 531 customers through 1,127 power purchase agreements (PPAs) across sectors such as technology, infrastructure, manufacturing, airports, cement, steel, real estate, and global capability centres (GCCs). Its key clients include Amazon, Google, Apple, Cisco, and Equinix, among others.

The company has also shown strong financial improvement. Revenue from operations rose 12.98 percent to INR 1,610.34 crore in FY25, compared with INR 1,425.31 crore in FY24. CleanMax reported a profit after tax of INR 27.84 crore in FY25, marking a turnaround from earlier losses. Its renewable energy projects are strategically located in Maharashtra, Tamil Nadu, and Karnataka to support its expanding C&I demand base.

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