Brookfield-backed Clean Max Enviro Energy Solutions is gearing up to launch its ₹5,200 crore initial public offering (IPO) in the last week of November, according to industry sources. The commercial and industrial renewable energy provider filed its draft red herring prospectus (DRHP) with Sebi on August 16, 2025, and is awaiting approval from the regulator.

The Mumbai-headquartered company has already begun investor roadshows and plans to file its red herring prospectus (RHP) by the third week of November, sources told Fortune India.

Notably, another renewable energy firm, Juniper Green Energy, is also aiming to launch its IPO during the same period. The IPO of the renewable independent power producer is a completely fresh issue of ₹3,000 crore worth of equity shares, with no offer-for-sale component.

Here’s all you need to know about Clean Max IPO

The IPO, with a face value of ₹1 per share, comprises a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to ₹3,700 crore by promoters and existing shareholders. The offer also includes a subscription reservation for eligible employees, who will be entitled to a discount in the employee reservation portion.

Under the OFS, Kuldeep Pratap Jain will sell shares worth ₹321.37 crore, BGTF One Holdings (DIFC) Ltd up to ₹1,970.83 crore, KEMPINC LLP up to ₹225.61 crore, Augment India I Holdings LLC up to ₹991.94 crore, and DSDG Holdings APS up to ₹190.25 crore.

As per the DRHP, the company plans to utilise ₹1,125 crore from the fresh issue to repay or prepay certain outstanding borrowings of the company and its subsidiaries. The remaining proceeds will be used for general corporate purposes.

The company has reserved 50% of the issue for qualified institutional buyers (QIBs), while 15% and 35% of the net offer are earmarked for non-institutional investors (NIIs) and retail individual investors (RIIs), respectively.

As of July 31, 2025, Clean Max had an operational capacity of 2.54 giga watt (GW) and a contracted capacity of 2.53 GW, along with 5.07 GW of projects under advanced stages of development. Founded in 2010, the company provides net-zero and decarbonisation solutions to commercial and industrial (C&I) customers, leveraging over 15 years of sectoral expertise.

Clean Max holds a leading position in India’s commercial and industrial (C&I) renewable energy market, with 531 customers across 1,127 signed power purchase agreements (PPAs) as of March 31, 2025. Notably, 77.28% of its contracted capacity in FY25 came from repeat clients, underscoring strong customer retention.

Its offerings span renewable power supply (wind, solar, and hybrid projects), energy services, and carbon credit solutions for industries such as data centres, AI and technology, cement, steel, manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres (GCCs). The company operates both onsite installations at client premises and offsite projects at Clean Max-owned renewable farms, offering a complete suite of engineering, procurement and construction (EPC) as well as operations and maintenance (O&M) services.

According to Crisil report mentioned in the DRHP, the company held a 12% market share of annual open-access renewable capacity additions for the C&I segment in FY24, with strong presence in Gujarat and Karnataka.

CleanMax’s clientele includes major technology and infrastructure players such as Equinix, Amazon, Google, Apple, and Cisco. As of March 31, 2025, it offered onsite solar coverage across 21 Indian states and operated internationally in the UAE, Thailand, and Bahrain. The company also manages STU and CTU-connected farms across 10 Indian states, combining wind and solar assets for C&I clients.

Financially, CleanMax’s revenue from operations rose 12.98% from ₹1,425.31 crore in FY24 to ₹1,610.34 crore in FY25, with the company turning profitable during FY25, posting a net profit of ₹27.84 crore.

The IPO is managed by a consortium of investment banks including Axis Capital, J.P. Morgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura Financial Advisory, BOB Capital Markets, and SBI Capital Markets, while MUFG Intime India Pvt Ltd serves as the registrar.