SEBI Clears CleanMax’s Rs 5,200 Crore IPO; Here’s What Makes It Unmissable

Clean Max Enviro Energy Solutions, India's largest commercial and industrial renewable energy provider, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

A mix of fresh shares up to Rs 1,500 crore and an offer-for-sale up to Rs 3,700 crore by promoters, investors selling shareholders, make up the IPO, which has a face value of Rs 1. A subscription reservation by eligible employees is also included in the offer.

The offer for sale (OFS) segment of Clean Max IPO consists of shareholders selling up to Rs 321.37crore by Kuldeep Pratap Jain, up to Rs 1970.83 crore by BGTF One Holdings (DIFC) Limited, up to Rs 225.61 crore by KEMPINC LLP. Up to Rs 991.94 crore by Augment India I Holdings, LLC, and up to Rs 190.25 crore by DSDG Holdings APS.

The Rs 1,125 crore in proceeds from its IPO would be used for general corporate objectives as well as the full or partial repayment of all or some of the company's and its subsidiaries' existing debts. The corporation may contemplate issuing further securities totaling up to Rs 300 crore after consulting with the book-running lead managers. The pre-IPO placement, if undertaken, shall not exceed 20% of the size of the fresh issue and if such placement is completed, the fresh issue size will be reduced.

The offer is being made through the book-building procedure, with qualified institutional buyers receiving a maximum of 50% of the net offer and non-institutional and retail individual bids receiving a minimum of 15% and 35%, respectively. From Rs 1,425.31 crore in fiscal 2024 to Rs 1,610.34 crore in fiscal 2025, Clean Max Enviro Energy Solutions' revenue from operations rose by 12.98%. In the fiscal year 2025, the firm generated a profit [PAT] of Rs 27.84 crore.

The offer's registrar is MUFG Intime India Private Limited, while the book-running lead managers are Axis Capital Limited, J.P. Morgan India Private Limited, BNP Paribas, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited. It has been proposed that the equity shares of the company will be listed on the NSE and BSE.

As of March 31, 2025, CleanMax had 531 clients across 1,127 signed PPAs, giving it the largest customer base among C&I renewable energy companies in India. Additionally, demand from returning clients accounted for 77.28% of its Contracted Capacity in fiscal 2025. Equinix, Amazon, Google, Apple, Cisco, and other companies from the rapidly expanding data center, artificial intelligence, and technology sectors make up its main clientele. Additionally, CleanMax serves customers in the GCCs, manufacturing, airports, cement, steel, real estate, and infrastructure.

As of March 31, 2025, CleanMax has one of the largest geographic reach, providing onsite solar in 21 Indian states as well as overseas locations including Bahrain, Thailand, and the United Arab Emirates.