Clean Max Enviro Energy Solutions files DRHP with Sebi to launch Rs 5,200 crore IPO
Homegrown renewable energy sector player Clean Max Enviro Energy Solutions has filed its draft paper (DRHP) with the Sebi to launch its IPO.
- Aug 18, 2025,
- Updated Aug 18, 2025 2:05 PM IST
Clean Max Enviro Energy Solutions, a prominent player in India's renewable energy sector, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The company plans to raise Rs 5,200 crore through an initial public offering (IPO). This move includes a fresh issue of shares worth Rs 1,500 crore and an offer-for-sale up to Rs 3,700 crore.
The offer for sale involves several stakeholders. Kuldeep Pratap Jain will sell shares worth Rs 321.37 crore, while BGTF One Holdings (DIFC) will sell up to Rs 1,970.83 crore. Other stakeholders include KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS, contributing to the offer-for-sale portion.
Proceeds from the fresh issuance, amounting to Rs 1,125 crore, will be used for repaying or pre-paying borrowings and for general corporate purposes. The IPO also includes a reservation for eligible employees, who will get a discount during the bidding process.
Clean Max is considering a pre-IPO placement that could raise an additional Rs 300 crore. This placement will not exceed 20% of the fresh issue size. If completed, the fresh issue size will be adjusted accordingly.
Financially, Clean Max has shown growth, with revenue from operations increasing by 12.98% from Rs 1,425.31 crore in fiscal 2024 toRs 1,610.34 crore in Fiscal 2025. The company posted a profit after tax of Rs 27.84 crore in Fiscal 2025, marking its profitability.
The IPO is being managed by an array of lead managers, including Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities, and others. The equity shares will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The allocation for the IPO follows a book-building process. Not more than 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail individual investors.
Since its founding in 2010, Clean Max has specialised in delivering "Net Zero" and decarbonisation solutions to commercial and industrial sectors. The company offers a wide range of services from "Onsite" installations to "Offsite" projects, including "EPC" and "O&M" services.
Clean Max holds a significant market position with 12% market share in open access renewable energy capacity additions for C&I sectors in India. The company has a strategic presence with projects in Maharashtra, Tamil Nadu, and Karnataka.
The company has expanded its geographical reach, offering onsite solar solutions in 21 states across India and in international locations such as the UAE, Thailand, and Bahrain. Clean Max also provides STU and CTU connected farms across ten states in India with a mix of wind and solar energy solutions for C&I customers. Its renewable energy plants are strategically located to ensure seamless supply to various technology clients.
The company's commitment to sustainability is recognised globally, as Clean Max is ranked by "GRESB" for adopting exemplary ESG practices. This dedication positions Clean Max as a leader in sustainability principles, ensuring a positive impact on the environment through its comprehensive renewable energy solutions.
Moreover, Clean Max's ability to cater to high-growth industries such as data centres, AI, and technology, including major clients like Equinix, Amazon, Google, and Apple, underscores its pivotal role in the renewable energy landscape. This strategic alignment with key industry players not only bolsters its market presence but also enhances its capacity to drive innovation and sustainability across sectors.
Clean Max Enviro Energy Solutions, a prominent player in India's renewable energy sector, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The company plans to raise Rs 5,200 crore through an initial public offering (IPO). This move includes a fresh issue of shares worth Rs 1,500 crore and an offer-for-sale up to Rs 3,700 crore.
The offer for sale involves several stakeholders. Kuldeep Pratap Jain will sell shares worth Rs 321.37 crore, while BGTF One Holdings (DIFC) will sell up to Rs 1,970.83 crore. Other stakeholders include KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS, contributing to the offer-for-sale portion.
Proceeds from the fresh issuance, amounting to Rs 1,125 crore, will be used for repaying or pre-paying borrowings and for general corporate purposes. The IPO also includes a reservation for eligible employees, who will get a discount during the bidding process.
Clean Max is considering a pre-IPO placement that could raise an additional Rs 300 crore. This placement will not exceed 20% of the fresh issue size. If completed, the fresh issue size will be adjusted accordingly.
Financially, Clean Max has shown growth, with revenue from operations increasing by 12.98% from Rs 1,425.31 crore in fiscal 2024 toRs 1,610.34 crore in Fiscal 2025. The company posted a profit after tax of Rs 27.84 crore in Fiscal 2025, marking its profitability.
The IPO is being managed by an array of lead managers, including Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities, and others. The equity shares will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The allocation for the IPO follows a book-building process. Not more than 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail individual investors.
Since its founding in 2010, Clean Max has specialised in delivering "Net Zero" and decarbonisation solutions to commercial and industrial sectors. The company offers a wide range of services from "Onsite" installations to "Offsite" projects, including "EPC" and "O&M" services.
Clean Max holds a significant market position with 12% market share in open access renewable energy capacity additions for C&I sectors in India. The company has a strategic presence with projects in Maharashtra, Tamil Nadu, and Karnataka.
The company has expanded its geographical reach, offering onsite solar solutions in 21 states across India and in international locations such as the UAE, Thailand, and Bahrain. Clean Max also provides STU and CTU connected farms across ten states in India with a mix of wind and solar energy solutions for C&I customers. Its renewable energy plants are strategically located to ensure seamless supply to various technology clients.
The company's commitment to sustainability is recognised globally, as Clean Max is ranked by "GRESB" for adopting exemplary ESG practices. This dedication positions Clean Max as a leader in sustainability principles, ensuring a positive impact on the environment through its comprehensive renewable energy solutions.
Moreover, Clean Max's ability to cater to high-growth industries such as data centres, AI, and technology, including major clients like Equinix, Amazon, Google, and Apple, underscores its pivotal role in the renewable energy landscape. This strategic alignment with key industry players not only bolsters its market presence but also enhances its capacity to drive innovation and sustainability across sectors.