CleanMax files DRHP with SEBI for ₹5,200 crore IPO

Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy provider, on Monday said it has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹5,200 crore through an Initial Public Offering (IPO).

The IPO, with a face value of ₹1, is a mix of fresh issue of shares up to ₹ 1,500 crore and an offer-for-sale up to ₹ 3,700 crore by promoters, investors selling shareholders, according to the official press release.

It added that the proceeds from its fresh issuance worth ₹1,125 crore will be utilised for repayment or pre-payment, in part or full, of all or certain outstanding borrowings of the company or its subsidiaries, and general corporate purposes. The release added that the company, in consultation with the book-running lead managers, might consider a further issue of specified securities, aggregating up to ₹300 crore. “The pre-IPO placement, if undertaken, will not exceed 20 per cent of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced,” it said.The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.As of July 31, 2025, CleanMax had 2.54 GW of operational capacity, and 2.53 GW of contracted capacity. Further, it also has 5.07 GW of projects under advanced stage capacity and under-development capacity. Since its inception in 2010, According to the release, the company’s revenue from operations increased by 12.98 per cent from ₹1,425.31 crore in FY24 to ₹1,610.34 crore in FY25. The company has turned profitable in the FY25 to Rs 27.84 crore. The offer for sale consists of shareholders selling up to ₹321.37 crore by Kuldeep Pratap Jain, up to ₹1970.83 crore by BGTF One Holdings, up to ₹225.61 crore by KEMPINC. Up to ₹991.94 crore by Augment India I Holdings, and up to ₹190.25 crore by DSDG Holdings APS.

The Offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not less than 15 per cent and 35 per cent of the net offer is assigned to non-institutional and retail individual bidders, respectively.

Axis Capital, J P Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets are the book-running lead managers and MUFG Intime India is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.