India’s largest commercial-and-industrial (C&I) renewable energy provider, CleanMax Enviro Energy Solutions Ltd, has secured final approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) of up to ₹5,200 crore.
The IPO structure comprises a fresh issue of equity shares of up to ₹1,500 crore and an offer-for-sale (OFS) by existing shareholders of up to ₹3,700 crore. Eligible employees will have a reserved portion of the issue and will be offered a discount in that portion.
Under the OFS, founder and promoter Kuldeep Pratap Jain will sell shares worth up to ~₹321.37 crore. Other selling shareholders include BGTF One Holdings (DIFC) Ltd (~₹1,970.83 crore), KEMPINC LLP (~₹225.61 crore), Augment India I Holdings LLC (~₹991.94 crore) and DSDG Holdings APS (~₹190.25 crore).
From the fresh issue proceeds, approximately ₹1,125 crore will be used to repay or pre-pay certain outstanding borrowings of the company and its subsidiaries; the remainder is earmarked for general corporate purposes.
As of 31 July 2025, CleanMax reported 2.54 GW of operational capacity, 2.53 GW of contracted but yet-to-execute capacity, and approximately 5.07 GW of projects under advanced development.
The company, founded in 2010, offers renewable power solutions (solar, wind and hybrid), energy-services and carbon-credit solutions to large corporates across India and selected international markets.
The IPO is expected to launch in the first week of December 2025 according to industry sources.
This development underscores the strengthening momentum in the Indian renewable energy and decarbonisation sector and reflects growing investor interest in large-scale, infrastructure-led listings.
