CleanMax Enviro Gears Up for ₹5,000 Crore IPO to Accelerate Green Energy Expansion – EQ
In Short : CleanMax Enviro plans a ₹5,000 crore IPO by end-2025 to expand its renewable energy portfolio and reduce debt. Backed by Brookfield, the offer includes both primary and secondary shares. With 1.7 GW in operation and 1.5 GW in pipeline, CleanMax serves over 750 clients including Google and Amazon, aiming to capitalize on rising demand for clean energy.
In Detail : CleanMax Enviro Energy Solutions, a leading renewable energy company in India, is preparing to launch an initial public offering (IPO) by the end of 2025. The IPO is expected to raise between ₹4,000 crore and ₹5,000 crore and will include both primary and secondary share sales. The offering is anticipated to value the company at ₹18,000 crore to ₹20,000 crore.
The funds raised through this IPO will be utilized to support CleanMax’s expansion of its renewable energy portfolio and to reduce existing debt. The company aims to strengthen its position in India’s rapidly growing green energy sector and contribute to the country’s clean energy transition. The offering also includes an offer for sale (OFS) by existing shareholders.
Brookfield Global Transition Fund, the largest shareholder with a 49.92% stake, will be part of the OFS alongside other early investors. To manage the IPO, CleanMax has appointed six investment banks: Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, and Nomura. The inclusion of global banking firms highlights the scale and strategic importance of the offering.
CleanMax currently operates approximately 1.7 gigawatts (GW) of renewable energy assets. Additionally, it has another 1.5 GW of hybrid capacity under development. The company has built a strong portfolio across solar, wind, and hybrid energy segments and aims to expand both in India and overseas markets.
The company’s customer base includes over 750 corporate clients such as Google, Amazon, and other major multinationals. CleanMax provides clean energy solutions in India and also in international locations like Thailand, Bahrain, Dubai, and the UAE. This wide footprint supports its ambitions to scale operations and tap into global clean energy demand.
With green power being up to 35% cheaper than conventional energy, CleanMax is well-positioned to meet the increasing shift of corporates toward sustainable power. The company’s planned IPO reflects growing investor interest in clean energy, and its growth strategy aligns with India’s national goals of decarbonization and sustainable development.
