Clean Max Enviro Energy Solutions Files DRHP for ₹5,200 Crore IPO

Clean Max Enviro Energy Solutions Limited, a leading renewable energy provider for businesses in India, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company plans to raise a total of ₹5,200 crore through an Initial Public Offering (IPO).

Clean Max IPO Details

The Clean Max IPO includes:

• A fresh issue of equity shares worth ₹1,500 crore
• An offer-for-sale (OFS) by existing shareholders worth ₹3,700 crore

Key sellers in the OFS include:

• 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

Out of the fresh issue, around ₹1,125 crore will be used to repay debts, while the rest will go toward general corporate purposes.

The IPO will be managed by several leading investment banks, including Axis Capital, J.P. Morgan, BNP Paribas, HSBC, IIFL, Nomura, BOB Capital, and SBI Capital Markets. The registrar for the IPO is MUFG Intime India.

About Clean Max Enviro Energy Solutions

Founded in 2010, Clean Max focuses on providing Net Zero and decarbonisation solutions to large businesses. It serves commercial and industrial (C&I) customers like Amazon, Google, Apple, Cisco, and Equinix, among others.

As of March 31, 2025, the company had:

• 531 clients
• 1,127 signed power purchase agreements (PPAs)
• 77.28% of contracted capacity coming from repeat customers

As of July 31, 2025, Clean Max reported:

• Operational capacity: 2.54 GW
• Contracted capacity: 2.53 GW
• Projects under development: 5.07 GW

Clean Max Financial Performance

Clean Max saw a 12.98% rise in revenue from ₹1,425.31 crore in FY24 to ₹1,610.34 crore in FY25. The company also turned profitable in FY25, with a net profit of ₹27.84 crore.

Read more: Upcoming IPOs This Week: Gem Aromatics, Vikaram Solar IPO and 5 More Public Offering Set to Open.

Conclusion

Clean Max’s upcoming IPO signals the growing investor interest in the renewable energy sector, especially among companies serving data centers, tech firms, and large industries. With strong client partnerships and a rising focus on clean energy, Clean Max aims to use the IPO to expand and reduce debt.

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