Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

CleanMax Enviro Plans Rs5,000 Cr IPO to Fund Growth; Brookfield, Other Investors to Pare Stakes

CleanMax Enviro Energy Solutions has initiated plans for a Rs4,000–Rs5,000 crore initial public offering (IPO), appointing six bankers including Axis Capital, HSBC, JP Morgan, and Nomura to manage the process. The IPO, slated for launch by the end of 2025, will be a mix of primary and secondary share sales, valuing the company at Rs18,000–Rs20,000 crore. Proceeds will fund expansion and help reduce debt.

Key investors—Brookfield Global Transition Fund (which owns 49.92%), Augment Infrastructure, and the Danish Investment Fund—are expected to partially offload their holdings. Brookfield and CleanMax MD Kuldeep Jain will remain co-promoters post-IPO. As of March 2025, CleanMax had 1.7 GW operational and another 1.5 GW hybrid capacity in the pipeline, serving over 750 corporates including Google and Amazon.

Founded in 2011, CleanMax is a major player in India’s Commercial & Industrial (C&I) renewable segment, offering wind, solar, rooftop, and carbon offsetting solutions across India, the UAE, Bahrain, and Thailand. The IPO underscores surging corporate demand for clean energy, driven by sustainability goals and the 35% cost advantage over conventional power.