Clean Max Plans Rs.52B IPO to Boost India Renewable Energy Growth

Clean Max Enviro Energy Solutions, a commercial and industrial renewable energy company based in India, is planning to launch a 52 billion rupees (US$586 million) initial public offering (IPO) as early as November, according to sources familiar with the development.

Investor presentations have begun, with the company intending to proceed after securing necessary clearance from the regulator.

The IPO will consist of up to 15 billion rupees (US$169 million) of new primary shares and a secondary sale of 37 billion rupees (US$416.87 billion) on behalf of existing investors, including Augment Infrastructure Partners based in the US.

Key Highlights

Clean Max Enviro Energy Solutions plans a Rs. 52 billion IPO to fuel its renewable energy expansion.
The IPO includes new shares worth Rs. 15 billion and a secondary sale by major investors like Augment Infrastructure Partners.
With 2.54 GW operational capacities, Clean Max aims to strengthen its leadership in India’s renewable energy sector.

According to the company's prospectus, Brookfield Renewables Partners held a 42.9 percent stake, and Augment held nearly 20 percent in August. The net proceeds from the new shares will be used for repaying debt and for general corporate purposes.

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In the year ended March 31, Clean Max declared a net income of 194 million rupees (US$2.18 million) on revenue of 16.1 billion rupees (US$181.39 million).

As of July 31, Clean Max had operational capacity of 2.54 GW and an additional 2.53 GW under contract but not yet executed.

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JP Morgan-India, BNP Paribas, HSBC, and Nomura, along with lenders in India such as Axis Bank, are managing the transaction.