In a major move to solidify its position in India’s fast growing clean energy space, CleanMax Enviro Energy Solutions, a Brookfield backed renewable energy company, has appointed six leading investment banks to manage its upcoming IPO. CleanMax Enviro IPO is expected to hit the market by end of 2025 and will raise between INR 4,000 to 5,000 crore.
This move positions CleanMax to benefit from growing corporate demand for clean energy and aligns with India’s overall decarbonization push.
CleanMax Enviro IPO Details and Valuation
The IPO will be a primary and secondary share sale, valuing CleanMax between INR 18,000 to 20,000 crore, according to some reports. The funds raised will be used for expanding the company’s operations and debt reduction. Part of the proceeds will also be used to provide an exit to existing investors under the OFS route.
CleanMax has brought on board a team of investment banks to manage the public issue including Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan and Nomura.
Brookfield Global Transition Fund (BGTF), the largest shareholder with a 49.92% stake, will participate in the OFS along with Augment Infrastructure and Danish Investment Fund, both of whom will be selling part of their stake. Brookfield had acquired its stake in June 2023 for USD 360 million (~INR 3,000 crore) and continues to be co-promoter along with CleanMax’s MD Kuldeep Jain.
Financials and Growth Numbers
Despite reporting a loss of INR 37.6 crore in FY24, CleanMax had a strong operational performance with revenue of INR 1,390 crore and EBITDA of INR 741 crore. This shows the company’s earnings potential especially in the Commercial & Industrial (C&I) segment where it has a leadership position. As of March 2025, CleanMax has 1.7 GW of operational capacity and 1.5 GW of hybrid capacity in the pipeline, according to India Ratings. The company adds 600-700 MW annually as corporate demand for green power is surging.
Clientele and Offerings
CleanMax has a blue chip clientele including Google and Amazon and has a portfolio of over 750 corporate clients across India and international markets like Thailand, Bahrain, Dubai and UAE.
The company offers customized sustainability solutions including solar and wind power generation, rooftop solar projects, renewable energy certificates and high quality carbon projects.
Investor Backing and Historical Capital Inflow
Over the years CleanMax has received backing from global investors such as Warburg Pincus, IFC, UK Climate Investments, DSDG Holdings and Augment Infrastructure. In April 2023, BGTF of Brookfield committed INR 3,000 crore to CleanMax—INR 1,800 crore as primary capital and INR 1,200 crore for secondary share purchase—with an option to increase by INR 800 crore.
Final Words
With green power 35% cheaper than conventional power, corporates are increasingly turning to CleanMax to meet their energy needs in a cost effective and environment friendly way. The IPO timing reflects the company’s confidence in sustained market demand, regulatory tailwinds and broad investor interest in ESG businesses.
Founded in 2011, CleanMax is scaling up as a major player in India’s green transition, with the IPO being a milestone in its growth journey.
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