This renewable energy company wants to raise ₹5,200cr via IPO
What's the story
Clean Max Enviro Energy Solutions has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company wants to raise ₹5,200 crore through this IPO. It will be a combination of a fresh issue of stocks worth up to ₹1,500 crore and an offer-for-sale (OFS) of shares worth ₹3,700 crore by promoters and selling shareholders.
OFS details
Major shareholders participating in OFS
The OFS will see shareholders offloading shares worth ₹321.37 crore by Kuldeep Pratap Jain, ₹1,970.83 crore by BGTF One Holdings (DIFC) Limited, ₹225.61 crore by KEMPINC LLP, ₹991.94 crore by Augment India I Holdings LLC, and ₹190.25 crore by DSDG Holdings APS. The proceeds from the fresh issue of up to ₹1,125 crore shall be used to repay debt as well as for general corporate purposes.
Management team
Book-running lead managers and registrar to the offer
The book-running lead managers for the IPO are Axis Capital, JP Morgan India Private Limited, BNP Paribas, and 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 also involved. MUFG Intime India Private Limited is the registrar to the offer.
Company overview
Largest C&I renewable energy provider in India
Founded in 2010, CleanMax has been offering Net Zero and decarbonization solutions for commercial and industrial (C&I) customers. The company is the largest C&I renewable energy provider in India with a customer base of 531 clients. It reported an operational capacity of 2.54GW and contracted capacity of 2.53GW as of July-end this year.
Financial growth
Financial performance and key customer segments
CleanMax's revenue from operations grew 12.98% from ₹1,425.31 crore in FY24 to ₹1,610.34 crore in FY25. The company turned profitable in FY25 with a net profit of ₹27.84 crore. Its key customer segments include fast-growing sectors like data centers, AI and technology with clients like Equinix, Amazon, Google, Apple and Cisco among others.