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The Mumbai-based company, known for offering green energy solutions to the Commercial and Industrial (C&I) segment, has planned to raise Rs 5,200 crore with the issue of its proposed IPO. Photograph: (Archive)
Indian renewable energy company CleanMax has filed its Draft Red Herring Prospectus (DRHP) for the issue of an Initial Public Offering (IPO). The Mumbai-based company, known for offering green energy solutions to the Commercial and Industrial (C&I) segment, has planned to raise Rs 5,200 crore with the issue of its proposed IPO.
The company was started in 2010 and has gained 15 years of experience. The firm, led by Kuldeep Jain, besides offering renewable energy to C&I consumers, also provides EPC services and Operations and Maintenance (O&M) services for solar, wind, and hybrid plants.
Net Proceeds
As per the disclosure made by the firm, it has planned to use Rs 1,125 crore from the net proceeds to repay or pre-pay certain outstanding borrowings of the firm and its subsidiaries. The firm has planned to offer equity shares worth up to Rs 5,200 crore. This will include a fresh issue of shares worth Rs 1,500 crore and an offer for sale of up to Rs 3,700 crore.
Among the key entities offering their shares for sale include:
| Investor Name | Type | Offer-for-Sale Amount (₹ crore) |
|---|---|---|
| BGTF One Holdings (DIFC) Ltd | Institutional Investor | ₹1,970.83 |
| Augment India I Holdings LLC | Infrastructure Fund | ₹991.94 |
| KEMPINC LLP | Private Equity/Family Office | ₹225.61 |
| DSDG Holdings APS | International Investor | ₹190.25 |
| Kuldeep Pratap Jain | Founder & Promoter | ₹321.37 |
Financials
As per the financial details furnished by the company, it has witnessed a rise in its total revenue from operations over the last three financial years. In FY25, it garnered a revenue of Rs 1,495.7 crore, compared to Rs 1,389.8 crore in FY24 and Rs 929.5 crore in FY23. On the other hand, in terms of profit, the firm reported Rs 19.4 crore in FY25, against the losses it suffered in previous years. It reported a loss of Rs 37.6 crore in FY24 and Rs 59.4 crore in FY23.
New Green Firm Addition
With the proposed entry of CleanMax into the solar sector, the green stock section is likely to get a fillip.The Indian stock market already has seen entry of several solar companies, but a large section of them are either solar manufacturers of renewable energy developers. Solar manufacturers like Premier Energies, Waaree Energies, Shakti Pumps, Oswal Solar, Borosil Renewables among others have already come into the stock market. On the other hand solar project developers and EPC firms like-Waaree Renewable, Adani Green, NTPC Green, Sterling and Wilson also are prominent names in the Indian green energy market. The entry of a new Independent Power Producer (IPP) is set to boost the growth of wider sections of the firm entering the Indian stock exchange.