Temasek is reportedly spearheading discussions to anchor an INR 1,500 crore pre-IPO placement for Clean Max Enviro Energy Solutions, a leading commercial and industrial (C&I) renewable energy developer. As the company prepares for its upcoming IPO, major global and domestic investors—including Bain Capital, 360 ONE, and Steadview Capital—are also weighing participation in the round, which is expected to be finalized in the near term.
CleanMax Pre-IPO Round
CleanMax, which is part of Brookfield’s energy transformation platform, is one of the biggest companies in India that sells renewable energy to corporate and industrial customers. Brookfield bought a majority position in 2023, and the draft prospectus lists BGTF One Holdings (DIFC) as one of the major shareholders to participate in the offer for sale. CleanMax Pre-IPO interest from long-term pools of capital such as Temasek and Bain, would further validate the company’s power purchase agreement-led model and balance-sheet deleveraging plan.
CleanMax IPO Structure and Proceeds
CleanMax draft prospectus pegs the public offer at up to INR 5,200 crore, comprising a fresh issue of INR 1,500 crore and an offer for sale of up to INR 3,700 crore by existing shareholders. The company has declared that it will use up to INR 1,125 crore from the fresh issue to repay or prepay borrowings. The DRHP permits a pre-IPO placement of up to 20% of the fresh issue; upon completion, the fresh component will undergo trimming. Axis Capital, J.P. Morgan, BNP Paribas, HSBC, IIFL Capital, Nomura, BoB Capital, and SBI Capital are the bookrunners.
An industry report signals a placement price of about INR 1,053 per share for the current round, though the company has not commented. Last year, CleanMax promoters raised about INR 400 crore from 360 ONE Asset Management to increase their stake ahead of the listing. Together, these transactions point to active secondary-market interest around the float.
Business Overview and Scale
According to the DRHP, CleanMax had 2.54 GW of operational, owned, and managed capacity as of 31 July 2025, with 2.53 GW contracted but yet to be executed and 5.07 GW at advanced or under-development stages. Revenue from operations rose 13% year-on-year to INR 1,610.34 crore in FY25 (from INR 1,425.31 crore in FY24), with the company reporting a INR 27.84 crore profit after tax in FY25. The customer base spans data centers, technology, cement, steel, FMCG, pharmaceuticals, real estate, and global capability centers.
CleanMax Pre-IPO Round At a Glance
- CleanMax pre-IPO size (expected): ~INR 1,500 crore; Temasek seen leading, with Bain Capital, 360 ONE and Steadview in discussions.
- CleanMax IPO structure: INR 1,500 crore fresh issue + up to INR 3,700 crore OFS = INR 5,200 crore.
- Use of proceeds: INR 1,125 crore for debt repayment/prepayment; remainder for general corporate purposes.
- Operational scale: 2.54 GW operational; 2.53 GW contracted; 5.07 GW pipeline (as of July 31, 2025).
- FY25 financials: revenue ₹1,610.34 crore (up ~13% YoY); PAT ₹27.84 crore.
Conclusion
Advanced talks for CleanMax pre-IPO round show investors’ confidence in the company’s C&I-focused platform. The company is planning to pay off debt and build a large execution pipeline using the IPO funding. However, the final terms, IPO timing, and pricing will depend on market conditions and the outcome of the ongoing pre-IPO placement.
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