NEW DELHI: Clean Max Enviro Energy Solutions, a leading Commercial and Industrial (C&I) renewable energy provider, has filed draft papers with SEBI to raise ₹5,200 crore through an Initial Public Offering (IPO).
The IPO will include a fresh issue of shares worth up to ₹1,500 crore and an Offer for Sale (OFS) of ₹3,700 crore by promoters and investors, as per the Draft Red Herring Prospectus (DRHP).
- OFS breakup:
- Founder Kuldeep Pratap Jain – ₹321.37 crore
- BGTF One Holdings (DIFC) Ltd – ₹1,970.83 crore
- KEMPINC LLP – ₹225.61 crore
- Augment India I Holdings, LLC – ₹991.94 crore
- DSDG Holdings APS – ₹190.25 crore
From the fresh issue, ₹1,125 crore will be used for debt repayment and the remainder for general corporate purposes. The company may also explore a pre-IPO placement of up to ₹300 crore, which would proportionally reduce the fresh issue size.
Founded in 2010, CleanMax offers net-zero and decarbonisation solutions for C&I customers, including wind, solar, hybrid power, energy services, and carbon credit solutions.
As of July 31, 2025, CleanMax had 2.54 GW operational capacity, 2.53 GW contracted capacity, and another 5.07 GW under development. It serves diverse sectors such as data centres, AI and tech, cement, steel, FMCG, pharma, real estate, and global capability centres, through both onsite and offsite renewable projects.
According to Crisil, CleanMax captured a 12% share of open access renewable capacity additions in FY24, with a stronghold in Gujarat and Karnataka. Key clients include Equinix, Amazon, Google, Apple, and Cisco.
By March 2025, the company had one of the widest onsite solar footprints in India (21 states) and expanded overseas to the UAE, Thailand, and Bahrain.
On the financial front, CleanMax’s revenue grew 13% YoY to ₹1,610.34 crore in FY25 from ₹1,425.31 crore in FY24. It also turned profitable, posting a net profit of ₹27.84 crore in FY25.
The IPO will be managed by Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities, IIFL Capital Services, Nomura, BOB Capital Markets, and SBI Capital Markets.
