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 via an initial public offering (IPO) route.

The IPO, having a face value of ₹1, is a mix of fresh issue of shares by up to ₹1,500 crore and an offer for sale (OFS) of up to ₹3,700 crore by promoters, investors, and existing shareholders.

The company has reserved 50% of the net issue for qualified institutional buyers (QIB), up to 15% for non-institutional investors (NII), and 35% for retail individual bidders. The offer also includes a portion reserved for employees, which will be offered at a discount to eligible employees bidding in the issue.

Out of the fresh equity proceeds, ₹1,125 crore will be utilised for loans availed by the company and its subsidiaries. A part of the capital will be used for general corporate purposes.

According to the DRHP filed with Sebi, 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, the fresh issue size will be reduced.

Since its inception in 2010, CleanMax has been specialising in delivering Net Zero and decarbonisation solutions to the commercial and industrial sectors. Its renewable energy plants are strategically located in Maharashtra, Tamil Nadu, and Karnataka to ensure seamless supply to various technology clients.

As of July 31, 2025, the renewable energy firm 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 and under-development capacity as of July 31, 2025.

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 FY25 was attributable to demand from repeat customers.

CleanMax’s solutions include supply of renewable power (wind/solar/wind-solar), energy services and carbon credit solutions across data centres, AI and technology industries, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate and global capability centres.

With a market share of 12% of the annual open access renewable energy capacity additions in FY24 for C&I in the Indian market, it has a higher market share in the states of Gujarat and Karnataka, where the majority of its operational capacity was present during FY24.

The company’s key customer cohorts consist of players from the high growth industries of data centres, AI and technology, including Equinix, Amazon, Google, Apple, and 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., thw UAE, Thailand, and Bahrain. CleanMax also offers STU and CTU connected farms across 10 states in India with a mix of wind and solar for C&I customers.

On the financial front, revenue from operations increased by 12.98% from ₹1,425.31 crore in FY24 to ₹1,610.34 crore in FY25. The company turned profitable in FY25, with profit of ₹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.

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