In one of the most anticipated renewable energy listings of the year, Clean Max Enviro Energy Solutions, backed by Brookfield Asset Management, is preparing to launch an INR 5,200 crore IPO as early as November 2025, according to some industry reports.
Clean Max IPO Structure & Details
Clean Max Enviro IPO will have a fresh issue of INR 1,500 crore and an offer-for-sale (OFS) of INR 3,700 crore from existing investors. As per the DRHP filed with Securities and Exchange Board of India (SEBI) in August 2025, selling shareholders include Kuldeep Jain, BGTF One Holdings (DIFC), KEMPINC LLP, Augment India I Holdings LLC, and DSDG Holding APS.
Brookfield which holds 42.9% in the company and Augment Infrastructure Partners owning nearly 20% are among the major shareholders expected to offload stakes in the secondary offering.
Clean Max has already started investor roadshows and the share sale is expected to open post receipt of regulatory approvals. Indian units of J.P. Morgan Chase & Co., BNP Paribas, HSBC, and Nomura Holdings are managing the syndicate along with domestic lenders Axis Capital, IIFL Capital, BOB Capital Markets and SBI Capital Markets.
Use of Proceeds
The company will use the net proceeds from the fresh issue to repay or prepay outstanding borrowings and the balance for general corporate purposes — a common strategy among capital intensive renewable players to strengthen the balance sheet before expansion.
Clean Max Enviro IPO: Financials & Profit Turnaround
Clean Max has turned around in FY25 with a restated profit of INR 194.29 crore as compared to a loss of INR 376.43 crore in FY24 and INR 594.73 crore in FY23. Revenue from operations for the year ended 31 March 2025 was INR 1,495.7 crore up 7.6% year-on-year from INR 1,389.84 crore in FY24. The profit turnaround is a big milestone for the company which has benefited from scale efficiencies, better project execution and rising demand for renewable energy among India’s industrial and commercial consumers.
Operational Scale and Growth Pipeline
As of 31 July 2025, Clean Max had 2.54 GW of operational, owned and managed capacity and 2.53 GW contracted but not yet executed – so strong growth visibility.
As India’s largest commercial and industrial (C&I) renewable energy player, Clean Max offers Net Zero and decarbonization solutions to corporates through solar, wind and hybrid renewable power projects. Our clients are large Indian conglomerates and multinationals focused on sustainability goals.
Strategic Backing and Market Context
With Brookfield as a backer, Clean Max is part of a broader trend of infrastructure and energy transition investments by global funds in India’s rapidly growing renewable space. Brookfield brings capital and operational and governance support at a time when the domestic IPO market is showing strong demand for energy transition plays.
The company’s listing will follow a series of successful renewable IPOs – so continued investor interest in green infrastructure and ESG plays.
Outlook
Industry expects Clean Max IPO to see strong institutional participation given steady revenue growth, improving profitability and robust project pipeline. The proceeds are likely to reduce leverage and enable the company to pursue further capacity expansion and corporate power purchase agreements (PPAs).
If launched on schedule, Clean Max Enviro IPO could become one of the largest renewable energy offerings in India this fiscal year, marking another major step in the country’s clean energy investment momentum.
Key Takeaways:
- IPO Size: INR 5,200 crore
- Structure: INR 1,500 crore fresh issue + INR 3,700 crore OFS
- Use of Proceeds: Debt repayment, corporate purposes
- FY2025 Profit: INR 194 crore (vs. losses in FY2024 & FY2023)
- Revenue: INR 1,495.7 crore (↑7.6% YoY)
- Operational Capacity: 2.54 GW active + 2.53 GW contracted
- Lead Managers: JPMorgan, BNP Paribas, HSBC, Nomura, Axis, SBI Caps
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