CleanMax files draft prospectus with SEBI to raise Rs 5,200 crore via IPO
Author: PPD Team Date: August 20, 2025
Clean Max Enviro Energy Solutions has submitted a Draft Red Herring Prospectus to the Securities and Exchange Board of India for a proposed Initial Public Offering worth Rs 5,200 crore.
The issue will include a fresh share sale of up to Rs 1,500 crore and an offer-for-sale of up to Rs 3,700 crore by existing shareholders. The offer has a face value of Rs 1 per equity share and includes a reserved portion for eligible employees, with a discount on their allotment.
According to the filing, the offer-for-sale will comprise share sales of Rs 321.37 crore by Kuldeep Pratap Jain, Rs 1,970.83 crore by BGTF One Holdings (DIFC) Limited, Rs 225.61 crore by KEMPINC LLP, Rs 991.94 crore by Augment India I Holdings LLC, and Rs 190.25 crore by DSDG Holdings APS.
Of the fresh issue proceeds, Rs 1,125 crore will be allocated towards repayment or prepayment of borrowings of the company and its subsidiaries. The balance will be used for general corporate purposes. The company may also raise up to Rs 300 crore through a further issue of specified securities in consultation with lead managers.
As of July 2025, CleanMax had 2.54 GW of operational renewable capacity, 2.53 GW of contracted capacity, and another 5.07 GW in advanced or under-development stages. Established in 2010, the company provides renewable and decarbonisation solutions for commercial and industrial clients.