The IPO will comprise a fresh issue of shares worth Rs 1,500 crore and an offer-for-sale (OFS) of up to Rs 3,700 crore by existing shareholders and promoters, including BGTF One Holdings (DIFC), Augment India I Holdings, LLC, DSDG Holdings APS, KEMPINC LLP, and founder Kuldeep Pratap Jain.
According to the company’s draft papers, proceeds from the fresh issue, about Rs 1,125 crore, will be used to repay or prepay debt of the company and its subsidiaries, while the remainder will go towards general corporate purposes. The company may also explore a pre-IPO placement of up to Rs 300 crore, which, if undertaken, will reduce the fresh issue size.
The public offer will be made through the book-building route, with up to 50% of the shares reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors, and 35% for retail investors. CleanMax will also offer a reserved quota for eligible employees, who will get shares at a discount.
CleanMax’s upcoming IPO marks another milestone for India’s fast-growing renewable energy sector, especially in the commercial and industrial segment, where it has built a leadership position. Founded in 2010, the company has grown into India’s top player in this space, supplying clean power through both onsite installations at customer facilities and offsite renewable farms owned by CleanMax.
As of July 31, 2025, CleanMax had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, with another 5.07 GW in advanced or under-development stages. The company caters to 531 corporate customers across 1,127 power purchase agreements (PPAs), with about 77% of its contracted capacity in FY25 coming from repeat clients—a sign of strong customer retention and satisfaction.CleanMax’s client list includes major technology and industrial names such as Amazon, Google, Apple, Cisco, and Equinix, alongside customers in cement, steel, airports, FMCG, and real estate sectors. It offers both solar and wind-solar hybrid energy solutions, along with energy services and carbon credit offerings aimed at helping companies meet their “Net Zero” targets.The company has a 12% market share in annual open-access renewable energy capacity additions in India’s C&I segment in FY24, according to CRISIL. It maintains a particularly strong presence in Gujarat and Karnataka, which account for a large portion of its operational capacity.
CleanMax also has an international footprint, with onsite solar operations in the UAE, Thailand, and Bahrain. Its renewable energy farms are strategically located across ten Indian states, ensuring stable power supply to diverse industrial and technology hubs.
On the financial front, CleanMax reported a revenue increase of 12.98% to Rs 1,610 crore in FY25, up from Rs 1,425 crore in FY24, while turning profitable with a net profit of Rs 27.84 crore during the same period. The company’s performance underscores a transition toward steady, sustainable growth as renewable adoption accelerates across the corporate sector.
CleanMax’s strong ESG focus has also earned it global recognition, it ranks first and second globally on the GRESB (Global Real Estate Sustainability Benchmark) for its environmental, social, and governance practices.
The IPO will be managed by a consortium of leading investment banks, including Axis Capital, J.P. Morgan India, BNP Paribas, HSBC Securities, IIFL Capital, Nomura, BOB Capital Markets, and SBI Capital Markets, with MUFG Intime India as the registrar. The equity shares are proposed to be listed on BSE and NSE.
