Augment Infra-backed renewable energy player CleanMax files draft papers for Rs 5,200 crore IPO

Clean Max IPO

Renewable energy provider Clean Max Enviro Energy Solutions, backed by US-based Augment Infrastructure Partners, has filed preliminary papers with the market regulator Sebi to mobilise Rs 5,200 crore via an initial public offering (IPO).

The IPO will be a combination of fresh issuance of equity shares worth Rs 1,500 crore and an offer-for-sale of Rs 3,700 crore worth shares by existing shareholders including promoters.

Promoters Kuldeep Jain, BGTF One Holdings (DIFC), and KEMPINC LLP will be selling Rs 2,517.8 crore worth of shares in the offer-for-sale, and the remainder Rs 1,182.2 crore worth of shares will be sold by investors Augment India I Holdings LLC and DSDG Holding Aps.

Promoters own 74.89 percent stake in Clean Max Enviro and the rest of the 25.11 percent share are held by public shareholders including Augment India I Holdings, which is the largest shareholder with 19.96 percent stake after the promoter entity.

Mumbai-based Clean Max Enviro Energy Solutions, which claims to be India’s largest commercial and industrial renewable energy provider, may consider raising funds up to Rs 300 crore in pre-IPO round.

Clean Max Enviro specialises in providing net zero and decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers across sectors has 2.54 GW of operational capacity, and 2.53 GW of contracted yet to be executed capacity as of July 2025.

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Of total fresh issue proceeds, the renewable energy company plans to utilise Rs 1,125 crore for debt reduction, and the remainder for general corporate purposes. It has outstanding borrowings of Rs 8,078.2 crore as of March 2025.

On the financial front, Clean Max, that competes with listed peers like ACME Solar Holdings, NTPC Green Energy and Adani Green Energy, has turned corner in the fiscal 2025 by reporting a profit of Rs 19.4 crore against a loss of Rs 37.6 crore a year ago. Revenue from operations during the same period rose by 7.6 percent to Rs 1,495.7 crore.

The merchant bankers handling the Clean Max Enviro Energy Solutions IPO will be Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets.