Temasek Holdings, and Bain Capital Advisors among 5 investors have acquired Rs 1,185 crore worth shares in Brookfield Asset Management-backed Clean Max Enviro Energy Solutions via pre-IPO placement last week, valuing the company nearly Rs 12,200 crore.
The company that claims India’s largest commercial and industrial renewable energy provider has filed draft papers with SEBI in August 2025 to raise Rs 5,200 crore via initial public offering (IPO) which is a combination of fresh issue of shares worth Rs 1,500 crore, and an offer-for-sale of Rs 3,700 crore worth shares by promoters (Kuldeep Jain, BGTF One Holdings, KEMPINC), and investors (Augment India I Holdings, and DSDG Holding APS).
Moneycontrol was the first to report on February 7 that a consortium led by Singapore investment giant Temasek held advanced talks to participate in a pre-IPO round and invest a total of around Rs 1,500 crore in Clean Max Enviro Energy Solutions.
Jongsong Investments, the subsidiary of Singapore investment giant Temasek Holdings, has been allotted 28.19 lakh fresh equity shares worth Rs 296.8 crore by CleanMax at Rs 1,053 per share on February 6, which is equivalent to 2.65 percent of pre-offer share capital.
The allotment of 2.65 percent stake is a part of fresh issue component. "...the amount proposed to be raised through the fresh issue shall be reduced by Rs 296.8 crore pursuant to the pre-IPO placement, and the size of the fresh issue has been revised to up to Rs 1,200 crore," said CleanMax in its a notice to investors published in business newspaper on February 8.
Further, the company said the pre-IPO round proceeds would be completely utilised towards the general corporate purposes, the part of the objects of IPO.
On the same day, apart from fresh shares sale, promoters - Brookfield's BGTF One Holdings (DIFC), and Kuldeep Jain and Nidhi Jain-owned KEMPINC LLP - also sold 84.34 lakh shares or 7.94 percent stake in CleanMax to multiple investors including Temasek and Bain Capital at a same share price.
Jongsong Investments has picked up additional 43.97 lakh shares (4.14 percent stake) worth Rs 463.1 crore from BGTF One Holdings, taking its total investment in CleanMax to Rs 760 crore for 6.79 percent shareholding.
Further, global private investment firm Bain Capital Advisors-managed GSS India Opportunities AIF Scheme I has acquired 33.23 lakh shares (3.13 percent pre-offer stake) from BGTF and KEMPINC for Rs 350 crore, while Neo Digital Investments has been transferred 0.45 percent stake (4.74 lakh shares) by BGTF for Rs 50 crore.
Investors Anjali Ashutosh Taparia, and Aruna Sanjeev Taparia also bought 0.11 percent stake each worth Rs 12.5 crore from KEMPINC.
As a result, in total, there has been a transfer and sale of 1.12 crore equity shares of CleanMax amounting to Rs 1,185 crore.
After the above stake sale, BGTF's shareholding in the company has been reduced to 31.42 percent from 39.58 percent, and KEMPINC to 12.86 percent from 14.06 percent.
Remember, on February 7, in another notice to investors, the Mumbai-based renewable energy solutions provider informed that Augment India I Holdings, DSDG Holdings APS, and BGTF One Holdings (DIFC) have transferred 47.3 lakh shares (4.56 percent stake) to KEMPINC on February 5. These shares transfer were as per the share purchase agreements dated July 30, and August 4, 2025, entered by Kuldeep Jain, Nidhi Jain and KEMPINC, with BGTF, Augment India, and DSDG Holdings.
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After the said share transfer, the shareholding of Augment India reduced to 18.57 percent (from 19.84 percent), DSDG to 3.55 percent (3.8 percent), and BGTF to 39.58 percent (42.62 percent), while KEMPINC increased its stake to 14.06 percent from 9.49 percent earlier.
The Securities and Exchange Board of India has approved IPO document of CleanMax in November 2025.
Incorporated in 2010, CleanMax, specialising in delivering Net Zero11 and decarbonization solutions, was having a 2.54 GW of operational, owned and managed capacity, and 2.53 GW of contracted yet to be executed capacity till July 2025.
The company proposed to utilise Rs 1,125 crore of fresh issue proceeds for repaying debt, and the remainder funds for general corporate purposes. As of March 2025, it had total outstanding borrowings of Rs 8,078.1 crore on a consolidated basis.
CleanMax expertise in providing energy contracting, engineering, procurement and construction (EPC) services, and operation and maintenance (O&M) services of renewable energy plants (including solar, wind and hybrid plants) recorded profit of Rs 19.4 crore in fiscal 2025, against loss of Rs 37.6 crore in previous year. Revenue in the same period increased 7.6 percent to Rs 1,495.7 crore, up from Rs 1,389.8 crore.
The merchant bankers managing the CleanMax IPO are 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.
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