The IPO 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 investors. Shareholders participating in the OFS include founder Kuldeep Pratap Jain (₹321.37 crore), BGTF One Holdings (DIFC) Ltd (₹1,970.83 crore), Kempinc LLP (₹225.61 crore), Augment India I Holdings LLC (₹991.94 crore), and DSDG Holdings APS (₹190.25 crore). The issue also has a portion reserved for employees with a discount on subscription.
Proceeds of about ₹1,125 crore from the fresh issue will be used for repayment or pre-payment of borrowings and general corporate purposes. The company may also consider a pre-IPO placement of up to ₹300 crore, which, if undertaken, would reduce the fresh issue size.
The IPO will follow the book-building process, with up to 50% of the net offer reserved for qualified institutional buyers, at least 15% for non-institutional investors, and 35% for retail investors. The equity shares will be listed on the BSE and NSE.
Founded in 2010, CleanMax provides renewable power supply, energy services, and carbon credit solutions to over 531 customers through 1,127 signed power purchase agreements (PPAs) across industries such as data centres, technology, cement, steel, FMCG, and pharmaceuticals. The company operated 2.54 GW of capacity, has 2.53 GW contracted, and another 5.07 GW under advanced development (as of July 31, 2025).
The renewable energy firm holds a 12% market share in open access renewable energy capacity additions for C&I customers in FY24, with a strong presence in Gujarat and Karnataka. Its key clients include global technology majors such as Amazon, Google, Apple, Cisco, and Equinix.
CleanMax reported an operating revenue of ₹1,610.34 crore in FY25, up from ₹1,425.31 crore in FY24. It also turned profitable during FY25 with a net profit of ₹27.84 crore.
Axis Capital, J.P. Morgan India, BNP Paribas, HSBC, IIFL Capital, Nomura, BOB Capital Markets, and SBI Capital Markets are the book-running lead managers for the issue, while MUFG Intime India is the registrar.
