Clean Max Enviro files updated DRHP with Sebi; IPO planned for 3rd week of December

Mumbai-based Clean Max Enviro Energy Solutions has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi), moving a step closer to launching its initial public offering (IPO).

According to sources, the company's IPO, valued at Rs 5,200 crore, is expected to open in the third week of December 2025. The company had earlier received final approval from the capital markets regulator for its Draft Red Herring Prospectus (DRHP) on November 10, 2025.

The proposed IPO comprises a fresh issue of equity shares aggregating to Rs 1,500 crore and an offer for sale (OFS) of shares worth Rs 3,700 crore by promoters and existing investors.

The promoter selling shareholders include Kuldeep Jain, BGTF One Holdings (DIFC) Ltd and KEMPINC LLP. Other shareholders participating in the OFS are Augment India I Holdings, LLC and DSDG Holding.

Out of the fresh issue proceeds, Rs 1,125 crore will be utilised for repayment or prepayment of certain outstanding borrowings of the company, while the remaining funds will be deployed for general corporate purposes.

Clean Max Enviro is a commercial and industrial (C&I) renewable energy provider. As per a CRISIL report, it is the largest C&I renewable energy company in India as of March 31, 2025.

The company had an operational, owned and managed renewable energy capacity of 2.54 gigawatts (GW) as of March 31, 2025. In addition, it had a contracted capacity of 2.53 GW, which was yet to be executed as of July 31, 2025.

With nearly 15 years of operating history, the company provides net-zero and decarbonisation solutions. Its offerings include supply of renewable power, energy services and carbon credit solutions.

Clean Max's customer base spans data centres, artificial intelligence and technology companies, as well as commercial and industrial enterprises across various sectors, including infrastructure, cement, steel, manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres.