In a decisive prelude to its planned initial public offering (IPO) later this year, renewable energy player CleanMax Enviro Energy Solutions has seen its promoter, Kuldeep Jain, raise INR 400 crore from 360 One Asset Management in a high-interest pre-IPO funding round. The deal, concluded last month, carries an annual interest rate of 13% for three years, with repayment earmarked from the company’s forthcoming IPO proceeds.
The transaction enables Jain to increase his holding from 14% to 21% by acquiring shares from US-based Augment Infrastructure and the Danish Investment Fund for Developing Countries. This move is strategically timed to preserve Jain’s stake at around 15% even after a likely offer-for-sale (OFS) component in the IPO.
“The promoter is looking to fortify his stake before the imminent listing… The increase through private transactions ensures his position as the second-largest shareholder,” said a person familiar with the deal.
Brookfield-Backed Growth Story
Founded in 2011, CleanMax Enviro has grown into a leading renewable energy player for the commercial and industrial (C&I) segment, operating in India and select international markets like Thailand, Bahrain, Dubai and the UAE. Its portfolio includes over 500 MW of solar and 100 MW of wind and wind-solar hybrid and bespoke sustainability solutions like rooftop solar, renewable energy certificates and carbon projects.
In April 2023, Brookfield Global Transition Fund (BGTF) acquired a majority stake in CleanMax through a USD 360 million (~INR 3,000 crore) investment, valuing the company between INR 3,500 crore to INR 4,000 crore at that time. As of March 2025, Brookfield holds 49.92% of the company, making it the largest shareholder.
Looking Ahead
CleanMax Enviro is planning an INR 4,000-5,000 crore IPO by the end of the year and is expected to be valued at INR 18,000-20,000 crore. Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan and Nomura have been appointed as the book-running lead managers for the issue.
The IPO will be a mix of primary capital infusion to fund growth and secondary share sales from existing shareholders, including Brookfield, Augment, and the Danish Investment Fund. Brookfield and Jain are set to remain co-promoters post-listing.
CleanMax Enviro is reportedly considering the confidential filing route with the Securities and Exchange Board of India (SEBI) by late August 2025, allowing it to gauge regulatory sentiment before publicly disclosing sensitive operational and financial details. The company is targeting a valuation of USD 2.5–3 billion (~INR 20,800–25,000 crore) at listing.
Expanding Capacity Amid Surging Demand
As of March 2025, CleanMax’s operational capacity stood at 1.7 GW, with an additional 1.5 GW in the hybrid energy pipeline. According to its expansion blueprint, the company aims to add 600–700 MW annually and is targeting 5 GW of installed capacity within the next 4–5 years.
Its client roster reads like a who’s who of corporate India and global multinationals: Google, Amazon, HCL, Tesco, Shell, Adobe, JK Cement, Mahindra, ITC, Honda, Dr. Reddy’s, Mindtree, L&T, among others. With renewable energy costs averaging 35% lower than conventional power, the company is well-positioned to capitalise on the corporate push for carbon neutrality.
Financial Performance and Outlook
For FY24, CleanMax Enviro Energy Solutions reported revenue of INR 2,106.38 crore, down from INR 2,776.02 crore in FY23, but net profit nearly doubled to INR 282.41 crore from INR 131.98 crore. According to Care Ratings and India Ratings, the company’s growth momentum is underpinned by the timely commissioning of projects and the deep pockets of its principal shareholder, Brookfield.
The current pre-IPO funding round, though costly at 13% interest, is a calculated bet by Jain to consolidate his influence before the company’s market debut. Given the IPO’s scale, CleanMax’s strategy appears to be a blend of capital structure optimisation, shareholder alignment, and aggressive expansion to ride India’s renewable energy wave.
With India targeting 500 GW of non-fossil fuel capacity by 2030—up from around 220 GW as of FY25—CleanMax’s planned listing could become a bellwether for investor appetite in the country’s green energy transition. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.