Clean Max Enviro Energy Solutions Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
Clean Max Enviro Energy Solutions is launching an IPO with a face value of Re 1, which consists of a fresh issue of shares amounting to ₹1,500 crore and an offer-for-sale of up to ₹3,700 crore by promoters and selling shareholders.
In the offer for sale, shareholders are selling amounts including ₹321.37 crore by Kuldeep Pratap Jain, ₹1,970.83 crore by BGTF One Holdings (DIFC) Limited, ₹225.61 crore by KEMPINC LLP, ₹991.94 crore by Augment India I Holdings, LLC, and ₹190.25 crore by DSDG Holdings APS.
The funds raised from the fresh issuance of ₹1,125 crore will be used to repay debts, as well as for general corporate purposes.
The book-running lead managers for the IPO 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, with MUFG Intime India Private Limited serving as the registrar for the offer.
Company details
Since its founding in 2010, CleanMax has focused on providing Net Zero and decarbonization solutions for the commercial and industrial sectors, drawing on over 15 years of industry experience.
CleanMax is a leader in the field, boasting the largest customer base among C&I renewable energy providers in India, with 531 clients and 1,127 signed PPAs as of March 31, 2025. Additionally, 77.28% of its contracted capacity in Fiscal 2025 comes from returning customers.
As of July 31, 2025, CleanMax reported an operational capacity of 2.54 GW and a contracted capacity of 2.53 GW. Moreover, the company has 5.07 GW of projects in advanced stages and under development (as of July 31, 2025).
The main customer groups include rapidly growing industries such as data centers, AI, and technology, featuring companies like Equinix, Amazon, Google, Apple, and Cisco, among others. CleanMax also serves clients across sectors such as infrastructure, manufacturing, airports, cement, steel, real estate, and GCCs.
Clean Max Enviro Energy Solutions witnessed a 12.98% rise in revenue from operations, increasing from ₹1,425.31 crore in Fiscal 2024 to ₹1,610.34 crore in Fiscal 2025. The company achieved profitability (PAT) in Fiscal 2025 with a net profit of ₹27.84 crore.
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