CleanMax Enviro Energy gets SEBI nod for ₹5,200 crore IPO; plans to file RHP soon

CleanMax Enviro Energy Solutions, the Brookfield Corp-backed renewable energy provider, has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The Mumbai-headquartered company had filed its draft red herring prospectus (DRHP) in August 2025 and has now begun investor roadshows. CleanMax plans to file its red herring prospectus (RHP) shortly.

The ₹5,200 crore IPO, with a face value of ₹1 per share, comprises a fresh issue of shares worth up to ₹1,500 crore and an offer-for-sale (OFS) of up to ₹3,700 crore by promoters and existing shareholders.

The OFS includes share sales of up to ₹321.37 crore by founder and MD Kuldeep Pratap Jain, ₹1,970.83 crore by BGTF One Holdings (DIFC) Ltd., ₹225.61 crore by KEMPINC LLP, ₹991.94 crore by Augment India I Holdings LLC, and ₹190.25 crore by DSDG Holdings APS.

The offer also includes a reservation for eligible employees, with a discount offered under the employee quota.

Proceeds of ₹1,125 crore from the fresh issue will be used for repayment or prepayment of borrowings by the company and its subsidiaries, and for general corporate purposes.

CleanMax may also consider a pre-IPO placement of up to ₹300 crore, not exceeding 20% of the fresh issue size. If undertaken, the size of the fresh issue will be reduced accordingly.

The IPO will be conducted through the book-building route, with up to 50% of the net offer reserved for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and 35% for retail investors.

Speaking to CNBC-TV18, Kuldeep Pratap Jain, Founder and Managing Director of CleanMax, said, "About 80% of the new volumes we build every year come from repeat business."

Founded in January 2011, CleanMax positions itself as a "net-zero partner" to corporates, providing renewable power solutions across industries. Jain added that while solar power has no cost of production, the cost lies in investment, with gross margins in the business at around 93%.

CleanMax counts global technology giants such as Equinix, Amazon, Google, Apple, and Cisco among its clients. It also serves sectors including infrastructure, manufacturing, airports, cement, steel, real estate, and global capability centres (GCCs).

As of July 31, 2025, the company had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, along with 5.07 GW under advanced stages of development.

According to a CRISIL report, CleanMax is one of the early movers in India's commercial and industrial (C&I) renewable energy space and holds a 12% market share in annual open-access renewable capacity additions (FY24).

The company enjoys a strong presence in Gujarat and Karnataka, which account for most of its operational portfolio.

Axis Capital, JPMorgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura India, BOB Capital Markets, and SBI Capital Markets are the book-running lead managers to the issue. MUFG Intime India is the registrar.

The equity shares are proposed to be listed on both the BSE and NSE.