Upcoming IPO: Clean Max Enviro Energy Solutions files DRHP with SEBI for ?5,200 crore IPO

Clean Max Enviro Energy Solutions, a leading player in India’s commercial and industrial (C&I) renewable energy sector, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ?5,200 crore through an IPO.?

IPO Structure and Details

• The proposed issue is a combination of a fresh issue of ?1,500 crore and an Offer For Sale (OFS) of up to ?3,700 crore to be offloaded by promoters and investors, including Kuldeep Jain, BGTF One Holdings (DIFC) Limited, KEMPINC LLP, Augment India I Holdings LLC, and DSDG HOLDING APS.?
• 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.?
• MUFG Intime India Private Limited is the registrar for the IPO.

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Utilisation of Funds

The net proceeds from the fresh issue will be used to repay/prepay the company’s outstanding borrowings and for general corporate purposes.?

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Financial Performance

For the FY ended March 31, 2025, Clean Max’s revenue from operations stood at ?1,495.70 crore, up 7.61% from ?1,389.84 crore in the previous fiscal year ended March 31, 2024.

After being at a loss of ?376.43 crore in FY 2024 and ?594.73 crore in FY 2023, the company turned profitable in the financial year ended March 31, 2025, and reported a restated profit of ?194.29 crore.?

Company Profile?

Clean Max Enviro Energy Solutions is India’s largest commercial and industrial (“C&I”) renewable energy provider (as of March 31, 2025). The company delivers Net Zero11 and decarbonization solutions, including supplying renewable power and energy services

and carbon credit solutions.?

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