CleanMax Enviro plans Rs 5,000 cr IPO to boost renewable energy growth

Mumbai: Renewable energy company CleanMax Enviro Energy Solutions has appointed six bankers to float an initial public offering (IPO) of ₹4,000-₹5,000 crore by the end of this calendar year, multiple people aware of the development said. The issue-a mix of primary and secondary share sales-is expected to value the company at around ₹18,000-₹20,000 crore. The proceeds will be used to fund growth for the next few years, sources said.

CleanMax has appointed Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, and Nomura as bankers for the offering.

Canadian investor Brookfield Asset Management held a 49.92% stake in CleanMax through its Brookfield Global Transition Fund (BGTF) as of end-March 2025.

Brookfield acquired a controlling stake in CleanMax in June 2023 in a $360 million (₹3,000-crore) deal.

Brookfield, Augment Infrastructure and Danish Investment Fund will sell part of their stakes as part of the IPO, people cited above said.

Brookfield and Kuldeep Jain, managing director of CleanMax, will continue to be the co-promoters of the company after the IPO, one of them said. The company has an operational capacity of around 1.7GW and another 1.5GW of hybrid capacity in pipeline, at end-March 2025, according to India Ratings. It counts Google and Amazon among its clients and serves over 750 corporates across industries.

CleanMax and Brookfield declined to comment. Augment, Danish Investment Fund and the banks did not respond to requests for comment until press time on Tuesday. "We are adding about 600-700 megawatts a year as we see growth like never before in terms of customer adoption of green energy," Jain had told ET in an interview in May 2024. Incorporated in 2011, CleanMax is among the leading renewable energy players active in the C&I segment in India.

According to a Care Ratings note, as of November 2024, it developed 1,900 MW capacity out of which 400 MW has been sold to third parties.

Agencies

Over the years, CleanMax raised funds from investors including Warbug Pincus, IFC, Augment, UK Climate Investments, and DSDG Holdings. In April 2023, BGTF committed to invest ₹3,000 crore in CleanMax platform, including primary capital infusion of ₹1,800 crore and secondary purchase of shares from existing shareholders for ₹1,200 crore. Further, there is a softer commitment to enhance the capital commitment by ₹800 crore.

CleanMax also offers customised sustainability solutions to corporates such as producing green energy from wind and solar farms, rooftop solar projects, renewable energy certificates, and high-quality carbon projects. Its clientele spans across India, Thailand, Bahrain, Dubai, and the UAE.

Demand for green power is booming as firms rush to become carbon neutral. Additionally, since green power is 35% cheaper than conventional power, it significantly lowers the cost burden for companies.