CleanMax gets Sebi nod for Rs 5,200 crore IPO, eyes debt reduction and growth push

Clean Max Enviro Energy Solutions, one of India’s largest commercial and industrial (C&I) renewable energy suppliers, has received Sebi’s approval to launch its IPO worth Rs 5,200 crore. Better known as CleanMax, the company provides sustainable energy and low-carbon solutions to major corporate and industrial customers across India and select overseas markets.The IPO includes a fresh issue of shares worth Rs 1,500 crore and an offer-for-sale (OFS) of up to Rs 3,700 crore by existing shareholders and promoters including BGTF One Holdings (DIFC), Augment India I Holdings, LLC, DSDG Holdings APS, KEMPINC LLP and founder Kuldeep Pratap Jain.

According to the company’s draft documents, the proceeds from the fresh issue, around Rs 1,125 crore, will be used to repay or prepay the debts of the company and its subsidiaries, while the rest will go towards general corporate purposes. The company could also explore a pre-IPO placement of up to Rs 300 crore, which if undertaken, will reduce the size of the fresh issue.The public offer will be made through the bookbuilding route, whereby a maximum of 50% of the shares will be reserved for qualified institutional buyers (QIBs), a minimum of 15% for non-institutional investors and 35% for retail investors. CleanMax will also offer a reserved quota for eligible employees, who will receive discounted shares.

CleanMax’s upcoming IPO marks another milestone for India’s fast-growing renewable energy sector, especially in the commercial and industrial segments, where it has built a leading position. Founded in 2010, the company has grown into India’s top player in this space, delivering clean power through both on-site customer installations and off-site renewable farms owned by CleanMax.

As of July 31, 2025, CleanMax had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, with a further 5.07 GW in advanced or development stages. The company serves 531 business customers through 1,127 power purchase agreements (PPAs), with approximately 77% of contracted capacity in FY25 coming from repeat customers – a sign of strong customer loyalty and satisfaction. CleanMax’s client list includes big technology and industrial names such as Amazon, Google, Apple, Cisco and Equinix, in addition to clients in the cement, steel, airport, FMCG and real estate sectors. It offers hybrid energy solutions in both solar and wind-solar energy, along with energy services and carbon credits, aimed at helping companies achieve their ‘Net Zero’ goals. According to CRISIL, the company has a 12% market share in annual open access to renewable energy capacity in India’s C&I segment in FY24. The company has a particularly strong presence in Gujarat and Karnataka, which account for a major portion of its operational capacity.

CleanMax also has an international footprint, with on-site solar operations in the UAE, Thailand and Bahrain. The sustainable energy parks are strategically located across ten Indian states and provide a stable power supply to various industrial and technological hubs.

On the financial front, CleanMax reported a 12.98% increase in revenue to Rs 1,610 crore in FY25, compared to Rs 1,425 crore in FY24, while turning profitable with a net profit of Rs 27.84 crore in the same period. The company’s performance underlines a transition to steady, sustainable growth as the adoption of renewable energy sources in the corporate sector accelerates.

CleanMax’s strong ESG focus has also earned the company global recognition; it ranks first and second globally on the GRESB (Global Real Estate Sustainability Benchmark) for its environmental, social and governance practices.

The IPO will be managed by a consortium of leading investment banks including Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura, BOB Capital Markets and SBI Capital Markets, with MUFG Intime India as registrar. The shares are proposed to be listed on BSE and NSE.