SEBI Approves IPO Plans of Nephrocare Health Services and Clean Max Enviro Energy Solutions

The Securities and Exchange Board of India (SEBI) has approved the draft papers of Nephrocare Health Services and Clean Max Enviro Energy Solutions, allowing both companies to move forward with their initial public offering (IPO) plans. The approvals mark an important step toward fund mobilisation in their respective sectors.

SEBI Approval Timeline

According to SEBI’s latest updates, the regulator issued its observation letter for Clean Max Enviro Energy Solutions on October 30, followed by Nephrocare Health Services on November 4.

The issuance of an observation letter by SEBI indicates that a company has received regulatory clearance to proceed with its IPO within one year from the date of the approval.

Both companies had filed their draft red herring prospectus (DRHP) earlier this year, seeking to raise funds through a combination of fresh share issuance and offer-for-sale components.

Clean Max Enviro Energy Solutions IPO Details

Clean Max Enviro Energy Solutions, a renewable energy company backed by Brookfield and Augment Infrastructure Partners, had filed its draft IPO papers with SEBI on August 16, 2025. The Mumbai-based company plans to raise approximately 5,200 crore rupees through the IPO.

Of the total issue size, 1,500 crore rupees will be raised through the issue of fresh shares, while existing shareholders will sell shares worth 3,700 crore rupees via an offer-for-sale.

As per the draft documents, promoters collectively hold 73.81% of the company’s equity, while public shareholders own 24.75%. Brookfield Corporation’s BGTF One Holdings (DIFC) is the largest promoter shareholder with a 42.87% stake, followed by Augment India I Holdings with 19.96% and Kuldeep Jain with 11.34%.

Clean Max Enviro Energy Solutions is one of India’s leading renewable energy providers, offering clean power solutions to commercial and industrial clients. The company’s proposed IPO aims to strengthen its balance sheet, fund new projects, and provide partial exits to existing investors.

Nephrocare Health Services IPO Details

Nephrocare Health Services, Asia’s largest dialysis service provider operating under the brand NephroPlus, had filed its DRHP with SEBI on July 25, 2025. The company is backed by investors including BVP Trust, Investcorp, and Edoras Investment Holdings.

The proposed IPO will comprise a fresh issue of shares worth 353.4 crore rupees and an offer-for-sale of 1.27 crore equity shares by existing shareholders, including Investcorp, Healthcare Parent, Edoras Investment Holdings, International Finance Corporation (IFC), and 360 ONE.

Nephrocare Health Services aims to use the proceeds from the fresh issue to expand its dialysis network, enhance technological capabilities, and repay certain borrowings.

The company operates dialysis centres across multiple Indian cities and has established a strong presence in South Asia, offering advanced treatment services and patient care in the chronic kidney disease segment.

Read More: SEBI Digital Gold Advisory.

Conclusion

SEBI’s approval for the IPOs of Nephrocare Health Services and Clean Max Enviro Energy Solutions highlights growing investor interest in both the healthcare and renewable energy sectors. With both companies now eligible to launch their offerings within the next one year, the upcoming IPOs are expected to draw attention from institutional and retail investors alike.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.