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New Delhi: CleanMax Enviro Energy Solutions, a leading commercial and industrial renewable energy solution provider in India, is coming up with an IPO to raise Rs 5200 crore from the equity markets.
As per the draft red herring prospectus (DRHP), the public issue comprises a fresh issue of shares worth Rs 1500 crore and an offer for sale (OFS) worth Rs 3700 crore by promoters and an investor shareholder. However, the tentative shares allotment and stock listing do not find any mention in the DRHP.
In the OFS segment, promoters of the company, like the founder, Kuldeep Pratap Jain, are offloading shares worth Rs 321 crore. Further, the shares worth Rs 1970.83 crore are being offloaded by the BGTF One Holdings Ltd. Additionally, offloading of shares worth Rs 225.1 crore by KEMPINC LLP, Rs 991.94 crore by Augment India I Holdings, LLC, and Rs 190.25 crore by DSDG Holdings APS is carried out in the IPO.
The company plans to use the proceeds worth Rs 1125 from the fresh issue to pay its debt. The remaining proceeds will go into the general corporate expenditure.
The green energy provider company is also considering the prospects of a pre-IPO worth Rs 300 crore. If successfully done, the fresh issue is set to get reduced.
The operational revenue of the company rose 13 percent to Rs 1610 crore in the fiscal year of 2025, FY25, up from Rs 1425.31 crore the company minted in the previous fiscal year of 2024, FY24. On the profit front, the company hoarded a net profit of Rs 27.84 crore in FY25.
Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets, IIFL Capital Services, Nomura Financial Advisory and Securities, BOB Capital Markets, and SBI Capital Markets are the lead running book managers of the IPO.
The company was founded in the year 2010. Clean Max has the expertise in helping their clients reach their net zero target and meet their decarbonization targets. It offers a sustainable renewable power supply in the form of wind, solar, and hybrid while simultaneously providing carbon credit solutions and energy services. As of July 31, 2025, the company has 2.54 GW of operational capacity and 2.53 GW of contracted capacity, in addition to 5.07 GW of projects in its future pipelines.
The company's clientele includes sectors spanning from data centers, AI, global capability centers (GCC), and tech to cement, steel, FMCG, and pharmaceuticals. In March 2025, the company developed geographically into one of the widest coverage onsite solar solution provider.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold and crypto assets.)
