Clean Max Enviro Energy Solutions, India’s largest commercial and industrial renewable energy provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹5,200 crore through an Initial Public Offering (IPO).

The IPO, with a face value of ₹1, is a mix of fresh issue of shares up to ₹ 1,500 crore and an offer-for-sale up to ₹ 3,700 crore by promoters, investors selling shareholders. The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.

The offer for Sale consists of shareholders selling up to ₹ 321.37crore by Kuldeep Pratap Jain, up to ₹1970.83 crore by BGTF One Holdings (DIFC) Limited, up to ₹ 225.61 crore by KEMPINC LLP. Up to ₹ 991.94 crore by Augment India I Holdings, LLC, and up to ₹ 190.25 crore by DSDG Holdings APS.

The proceeds from its fresh issuance worth ₹ 1,125 crore will be utilised for repayment and/or pre-payment, in part or full of all or certain outstanding borrowings of the Company and/or its Subsidiaries; and general corporate purposes.

The company, in consultation with the book-running lead managers, may consider a further issue of specified securities, aggregating up to ₹300 crore. The pre-IPO placement, if undertaken, shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders, respectively.

As of July 31, 2025, CleanMax had 2.54 GW of operational capacity, and 2.53 GW of contracted capacity. Further, it also has 5.07 GW of projects under advanced stage capacity & under-development capacity (as of July 31, 2025).

Since its inception in 2010, CleanMax has been specializing in delivering Net Zero and decarbonisation solutions to the commercial and industrial sectors, backed by over 15 years of industry expertise.

CleanMax holds a leading position with the largest customer base amongst C&I renewable energy players in India with 531 customers across 1,127 signed PPAs (as of March 31, 2025). Further, 77.28% of its Contracted Capacity in Fiscal 2025 being attributable to demand from repeat customers.

CleanMax’s solutions include supply of renewable power (wind/solar/wind-solar), energy services & carbon credit solutions across data centres, AI & technology industries, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate and global capability centres. From “Onsite” installations at client premises to “Offsite” projects at CleanMax-owned renewable farms (contracted through bilateral PPAs), CleanMax’s expertise spans across providing energy contracting, engineering, procurement and construction (“EPC”) services, to operation and maintenance (“O&M”) services.

One of the early movers in the C&I renewable energy sector in India, CleanMax has played a key role in shaping the evolution of the industry and its operating models (CRISIL Report). With a market share of 12% of the annual open access renewable energy capacity additions in Fiscal 2024 for C&I in the Indian market, it has higher market share in the states of Gujarat and Karnataka, where the majority of its Operational Capacity was present during Fiscal 2024.

Its key customer cohorts consist of players from high growth industries of data centres, AI and technology, including Equinix, Amazon, Google, Apple, Cisco among others.  Further, CleanMax caters to clients across infrastructure, manufacturing, airports, cement, steel, real estate and GCCs. As of March 31, 2025, CleanMax had one of the widest geographical coverages offering onsite solar in 21 states in India and international locations i.e., UAE, Thailand and Bahrain. CleanMax also offers STU and CTU connected farms across ten states in India with a mix of wind and solar for C&I customers.

Its renewable energy plants are strategically located in Maharashtra, Tamil Nadu, and Karnataka to ensure seamless supply to various technology clients.

CleanMax is ranked first and second by Global Real Estate Sustainability Benchmark (“GRESB”) for adopting the best ESG practices throughout its value chain. This positions CleanMax as a company dedicated to sustainability principles.

Clean Max Enviro Energy Solutions’ revenue from operations increased by 12.98 % from ₹ 1,425.31 crore in Fiscal 2024 to ₹1,610.34 crore in Fiscal 2025. The company has turned profitable [PAT] in the fiscal 2025 to Rs 27.84 crore

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 are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.

DRHP Link: https://www.bseindia.com/corporates/download/12756/IPO%20Prior/CleanmaxDRHP_20250817213140.pdf