CleanMax receives Sebi nod to launch Rs 5,200 crore IPO
The IPO, with a face value of Re 1 per share, comprises a fresh issue of up to Rs 1,500 crore and an offer for sale (OFS) of up to Rs 3,700 crore by promoters and existing shareholders.
- Nov 10, 2025,
- Updated Nov 10, 2025 6:12 PM IST
Clean Max Enviro Energy Solutions Ltd, the country's largest commercial and industrial (C&I) renewable energy provider, has received final approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO) worth Rs 5,200 crore.
The IPO, with a face value of Re 1 per share, comprises a fresh issue of up to Rs 1,500 crore and an offer for sale (OFS) of up to Rs 3,700 crore by promoters and existing shareholders. The offer includes a reservation for eligible employees, with a discount offered to them.
Under the OFS, promoter Kuldeep Pratap Jain will sell shares worth up to Rs 321.37 crore, BGTF One Holdings (DIFC) Ltd Rs 1,970.83 crore, KEMPINC LLP Rs 225.61 crore, Augment India I Holdings LLC Rs 991.94 crore and DSDG Holdings APS Rs 190.25 crore.
Proceeds from the fresh issue, amounting to Rs 1,125 crore, will be used to repay or prepay certain outstanding borrowings of the company and its subsidiaries, and for general corporate purposes. The company may also consider a pre-IPO placement of up to Rs 300 crore; if undertaken, the size of the fresh issue will be reduced accordingly.
The IPO will be conducted through the book-building process, with up to 50 per cent of the offer reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors.
As of July 31, 2025, CleanMax had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, along with 5.07 GW under development. Founded in 2010, the company provides renewable power (solar, wind and hybrid), energy services, and carbon credit solutions to clients across data centres, AI and technology, cement, steel, manufacturing, FMCG and real estate sectors.
CleanMax serves 531 customers through 1,127 power purchase agreements and operates across 21 Indian states and international markets, including the UAE, Thailand and Bahrain. The company's plants are primarily located in Maharashtra, Tamil Nadu and Karnataka.
Ranked first and second by GRESB for ESG performance, CleanMax reported a 12.98 per cent rise in revenue to Rs 1,610.34 crore in FY25, turning profitable with a PAT of Rs 27.84 crore.
Axis Capital, JP Morgan India, BNP Paribas, HSBC, IIFL, Nomura, BOB Capital and SBI Capital Markets are the book-running lead managers, while MUFG Intime India is the registrar. The shares are proposed to be listed on BSE and NSE.
Clean Max Enviro Energy Solutions Ltd, the country's largest commercial and industrial (C&I) renewable energy provider, has received final approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO) worth Rs 5,200 crore.
The IPO, with a face value of Re 1 per share, comprises a fresh issue of up to Rs 1,500 crore and an offer for sale (OFS) of up to Rs 3,700 crore by promoters and existing shareholders. The offer includes a reservation for eligible employees, with a discount offered to them.
Under the OFS, promoter Kuldeep Pratap Jain will sell shares worth up to Rs 321.37 crore, BGTF One Holdings (DIFC) Ltd Rs 1,970.83 crore, KEMPINC LLP Rs 225.61 crore, Augment India I Holdings LLC Rs 991.94 crore and DSDG Holdings APS Rs 190.25 crore.
Proceeds from the fresh issue, amounting to Rs 1,125 crore, will be used to repay or prepay certain outstanding borrowings of the company and its subsidiaries, and for general corporate purposes. The company may also consider a pre-IPO placement of up to Rs 300 crore; if undertaken, the size of the fresh issue will be reduced accordingly.
The IPO will be conducted through the book-building process, with up to 50 per cent of the offer reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors.
As of July 31, 2025, CleanMax had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, along with 5.07 GW under development. Founded in 2010, the company provides renewable power (solar, wind and hybrid), energy services, and carbon credit solutions to clients across data centres, AI and technology, cement, steel, manufacturing, FMCG and real estate sectors.
CleanMax serves 531 customers through 1,127 power purchase agreements and operates across 21 Indian states and international markets, including the UAE, Thailand and Bahrain. The company's plants are primarily located in Maharashtra, Tamil Nadu and Karnataka.
Ranked first and second by GRESB for ESG performance, CleanMax reported a 12.98 per cent rise in revenue to Rs 1,610.34 crore in FY25, turning profitable with a PAT of Rs 27.84 crore.
Axis Capital, JP Morgan India, BNP Paribas, HSBC, IIFL, Nomura, BOB Capital and SBI Capital Markets are the book-running lead managers, while MUFG Intime India is the registrar. The shares are proposed to be listed on BSE and NSE.