KKR-backed Hero Future Energies, the renewable energy arm of Rahul Munjal-led Hero Group, and CleanMax Enviro Energy Solutions, owned by Brookfield Asset Management, are expected to soon file draft papers for their initial public offering (IPOs) by next week, people aware of the development told Moneycontrol.
Hero Future Energies is looking to raise around Rs 4,000 crore and is working with investment banks JM Financial, Axis Capital, Nomura and Bank of America, sources said. CleanMax is eyeing over Rs 5,000 crore and is being advised by Axis Capital, JP Morgan, HSBC and Nomura, they added said.
The share sales are part of India’s clean energy sector's Rs 25,000-crore pipeline of IPOs over the next 12 months, driven by strong investor appetite for such businesses. Moneycontrol reported on June 17.
Hero Future Energies and CleanMax, a renewable energy supplier, are expected to file their draft red herring prospectus as early as next week, sources said.
“These companies are looking to file their DRHPs with the March 31, 2025, financial numbers. The financial numbers for any quarter are valid for filing the draft prospectus till the next 135 days, as per SEBI norms, so March 31 numbers can be used for filings till August 15,” one of the sources cited above said.
Brookfield declined to comment, while an email sent to Hero Future Energies had not elicited a response at the time of publication.
Clean energy IPO rush
Apart from the two, several clean energy firms, from solar module developers to green power producers, are planning to tap the market to raise funds for their growth.
On the manufacturing side, solar module maker Avaada Group is planning a Rs 4,000-5,000 crore IPO for its module and solar cell business, Moneycontrol first reported on May 28.
Bengaluru-based Emmvee filed its draft papers recently to raise around Rs 3,000 crore, while Kolkata headquartered Jupiter International is also planning to raise Rs 2,500–3,000 crore through the IPO route.
Kolkata-based Vikram Solar aims to raise Rs 1,500 crore, Delhi-based Saatvik Green Energy Rs 1,150 crore, Fujiyama Power Systems around Rs 700 crore and PMEA Solar Tech Solutions plan to raise fresh capital of around Rs 600 crore by offering shares to public.
These IPO plans follow NTPC Green Energy Ltd’s record Rs 10,000-crore offering in November, the biggest such share sale in the segment in the country.
The year 2024 also saw IPOs of solar module manufacturers Waaree Energies and Premier Energies, which were heavily subscribed. The Rs 4,321-crore Waaree offer was subscribed 76 times and the Rs 2,830-crore IPO of Premier Energies 74 times.
Hero Future Energies and CleanMax portfolios
Hero Future Energies has a portfolio of 8.9 gigawatts (GW) of renewable energy assets across India, Ukraine, Vietnam and the UK, which includes both operational and under-construction projects.
Apart from traditional wind and solar PV assets, the portfolio also includes emerging technology projects such as energy storage, green hydrogen and its derivatives.
Hero also supplies clean energy to corporate clients in sectors such as chemicals, refining, manufacturing, steel, cement and transportation. The company is backed by investors such as the International Finance Corporation and KKR.
CleanMax is a leading supplier of renewable energy to commercial and industrial (C&I) customers with 2.2 GW of operating, owned and managed capacity of renewable assets in India, the Middle East and Southeast Asia.
It operates rooftop solar projects, solar farms, wind farms and wind-solar hybrid farms and has further expanded its portfolio to include renewable energy certificates as well.
CleanMax served more than 500 companies as of March 31, 2025, in industries such as data centres, textiles, automotive, chemicals, FMCG, pharma and manufacturing.
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