CleanMax gets Sebi nod for ₹5,200 crore IPO to curb debt and expand

CleanMax Enviro Energy Solutions has won regulatory approval to launch a ₹5,200 crore initial public offering, marking a major milestone for India's fast-growing commercial and industrial (C&I) renewable energy segment. The offer comprises a fresh issue of up to ₹1,500 crore and an offer-for-sale of up to ₹3,700 crore by promoters and existing shareholders, including BGTF One Holdings (DIFC), Augment India I Holdings, LLC, DSDG Holdings APS, KEMPINC LLP and founder Kuldeep Pratap Jain.

Proceeds from the fresh issue, expected to be about ₹1,125 crore after potential pre-IPO placement up to ₹300 crore, will be used to repay or prepay debt of the company and its subsidiaries, with the remainder earmarked for general corporate purposes. The company may also pursue a pre-IPO placement of up to ₹300 crore, which would reduce the fresh issue size.

The IPO will be conducted through a book-building route, with up to 50% of shares reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors, and 35% for retail investors. A reserved quota will be available for eligible employees at a discount. CleanMax, founded in 2010, has established itself as a leader in providing renewable power to corporate and industrial clients, through onsite installations and offsite projects.

As of July 31, 2025, CleanMax reported 2.54 GW of operational capacity and 2.53 GW of contracted capacity, with another 5.07 GW in advanced or under-development stages. The company serves 531 corporate customers across 1,127 power purchase agreements, underscoring the growing demand for clean energy in India.

With the Indian renewables market expanding, CleanMax's IPO is seen as a test of investor appetite for sustainability-linked infrastructure and corporate decarbonization solutions.

Cover image source: CleanMax receives Sebi nod to launch Rs 5,200 crore IPO 🔗

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