CleanMax Enviro Energy Solutions, recognized as India’s largest commercial and industrial (C&I) renewable energy provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) worth ₹5,200 crore.
IPO Structure and Offer Details
The CleanMax IPO, with a face value of ₹1 per share, will be a combination of:
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A fresh issue of shares worth up to ₹1,500 crore
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An offer for sale (OFS) of up to ₹3,700 crore by existing promoters, investors, and shareholders
As per SEBI’s guidelines, the allocation structure includes:
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50% reserved for Qualified Institutional Buyers (QIBs)
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15% reserved for Non-Institutional Investors (NIIs)
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35% reserved for retail investors
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An additional portion set aside for employees, who will be offered shares at a discount
Utilization of IPO Proceeds
According to the DRHP, CleanMax plans to use ₹1,125 crore from the fresh issue proceeds to repay loans availed by the company and its subsidiaries. The remaining capital will be deployed for general corporate purposes, supporting the company’s growth and expansion strategy.
The filing also mentions a potential pre-IPO placement of up to ₹300 crore. If this option is exercised, the size of the fresh issue will be adjusted accordingly.
CleanMax: Driving India’s Renewable Energy Transition
Founded in 2010, CleanMax Enviro Energy Solutions has been at the forefront of providing Net Zero solutions and decarbonisation services to India’s commercial and industrial sectors. The company operates renewable energy plants across Maharashtra, Tamil Nadu, and Karnataka, catering to major technology and industrial clients.
As of July 31, 2025:
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The company had an operational capacity of 2.54 GW
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A contracted capacity of 2.53 GW
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And 5.07 GW of projects under advanced stages of development
This strong project pipeline highlights CleanMax’s ability to scale operations and meet India’s growing demand for sustainable energy.
Market Leadership and Customer Base
CleanMax holds a leading market share among C&I renewable energy providers in India, supported by:
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531 customers across diverse industries
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1,127 signed power purchase agreements (PPAs) as of March 31, 2025
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A strong customer loyalty rate, with 77.28% of FY25 contracted capacity attributed to repeat clients
This wide base of recurring customers underlines the company’s reputation and reliability in delivering cost-effective renewable energy solutions.
