SEBI clears IPO papers of Nephrocare Health Services, Clean Max Enviro Energy Solutions

Nephrocare Health Services IPO News

The Securities and Exchange Board of India (SEBI) has approved draft papers of Nephrocare Health Services, and Clean Max Enviro Energy Solutions, paving the way for their fund raising plans via initial public offering (IPO).

The capital markets regulator has issued observations on the draft document of Clean Max Enviro Energy Solutions on October 30, followed by Nephrocare Health Services on November 4.

The issuance of observations on the IPO papers means the company can go ahead with its IPO plan within the next one year from the receipt of observation letter.

Brookfield and Augment Infrastructure Partners-backed renewable energy provider Clean Max Enviro Energy Solutions, which filed draft papers with the SEBI on August 16 this year, proposed to raise Rs 5,200 crore via IPO.

The Mumbai-based company will be raising Rs 1,500 crore by issuing fresh shares, while promoters and investors will be selling shares worth Rs 3,700 crore via offer-for-sale.

Moneycontrol was the first to report in October this year that Clean Max Enviro Energy Solutions is expected to launch its IPO as early as November.

As per the DRHP, promoters held 73.81 percent shareholding in CleanMax, and the remainder 24.75 percent shares are owned by public shareholders.

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Brookfield Corporation's BGTF One Holdings (DIFC), as a promoter, is the largest shareholder in the company with 42.87 percent stake, followed by Augment India I Holdings 19.96 percent and Kuldeep Jain 11.34 percent.

Meanwhile, BVP Trust-, Investcorp-, Edoras Investment-promoted Asia's largest dialysis services provider Nephrocare Health Services (NephroPlus) filed DRHP with the SEBI for its IPO on July 25 this year.

The IPO is a combination of fresh issuance of shares worth Rs 353.4 crore, and an offer-for-sale of 1.27 crore equity shares by Investcorp, Healthcare Parent, Edoras Investment Holdings, International Finance Corporation, and 360 ONE.