One of the leading commercial and industrial renewable energy providers, Clean Max Enviro Energy Solution, submitted its Draft Red Herring Prospectus to SEBI, intending to raise funds of ₹5,200 crore via an Initial Public Offering (IPO).
This IPO comprises a fresh issue worth ₹1,500 crore and an offer-for-sale of up to ₹3,700 crore by promoters and investors with a face value of ₹1.
In the Offer-for-Sale component, Shares worth up to ₹321.37 crore will be sold by Kuldeep Pratap Jain, ₹1,970.83 crore by BGTF One Holdings (DIFC) Limited, ₹225.61 crore by KEMPINC LLP, ₹991.94 crore by Augment India I Holdings LLC, and ₹190.25 crore by DSDG Holdings APS.
The funds of ₹1,125 crore raised from the fresh issue will be utilized for repayment and prepayment of outstanding borrowings taken by the company and its subsidiaries. Lastly, the remaining funds will be used for the company’s general corporate purposes.
CleanMax is in discussion with lead managers, and it may plan to raise ₹300 crore through a further issue.
The company started its business in 2010 and has been helping commercial and industrial clients with net zero and decarbonisation solutions. CleanMax had 2.54 GW of operational capacity and 2.53 GW of contracted capacity, with another 5.07 GW in advanced stages of development as of July 2025.
If we talk about the company’s finances, in FY24-25, the company generated a revenue of ₹1,425.31 crore. If compared to last year, we can see a rise in revenue by 12.98%. While, in FY25, the company reported a Profit After Tax of ₹27.84 crore.
CleanMax IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
CleanMax Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹960.98 | ₹555.06 | ₹59.47 |
| 2024 | ₹1425.31 | ₹683.74 | ₹37.64 |
| 2025 | ₹1610.34 | ₹595.27 | ₹19.43 |
CleanMax IPO Valuation – FY2025
CleanMax IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹2.88 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 1.09% |
| Net Asset Value (NAV): | ₹250.93 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| ACME Solar Holdings Ltd | 4.55 | 42.38 | 5.59 | 74.54 | 1,405.13 Cr. |
| NTPC Green Energy Ltd | 0.67 | 150.10 | 2.58 | 21.88 | 2,209.64 Cr. |
| Adani Green Energy Limited | 8.37 | 113.39 | 15.55 | 58.63 | 11,212 Cr. |
| ReNew Energy Global PLC | 10.92 | 46.63 | 3.39 | 310.40 | 9,751.30 Cr. |
Objects of the Issue
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company and/or certain of our Subsidiaries; and
- General corporate purposes
IPO Lead Managers aka Merchant Bankers
- Axis Capital Limited
- J.P. Morgan India Private Limited
- BNP Paribas
- HSBC Securities and Capital Markets (India) Private Limited
- IIFL Capital Services Limited
- Nomura Financial Advisory and Securities (India) Private Limited
- BOB Capital Markets Limited
- SBI Capital Markets Limited
