Energising India’s clean power push, Clean Max Enviro Energy readies IPO to expand capacity and strengthen balance sheet.
Clean Max Enviro Energy Solutions plans to raise ₹5.2 billion through an initial public offering (IPO), according to its draft red herring prospectus filed with the Securities and Exchange Board of India (SEBI). The company is India’s largest provider of renewable energy solutions for commercial and industrial users.
The issue comprises shares worth up to ₹15 billion and an offer for sale (OFS) of up to ₹37 billion by promoters, investors, and selling shareholders. The IPO also includes a reservation for eligible employees, with a discount being offered to them in the reserved portion.
Under the OFS, founder Kuldeep Pratap Jain will sell shares worth up to ₹3213.7 million, while BGTF One Holdings (DIFC) Limited will offload up to ₹19.7083 billion. Other major sell-offs include ₹2256.1 million by KEMPINC LLP, ₹9919.4 millionbillion by Augment India I Holdings, and ₹1902.5 million by DSDG Holdings APS.
The company plans to utilise ₹11.25 billion from the fresh issue to repay or pre-pay outstanding borrowings of the company and its subsidiaries. The remaining funds will be deployed for general corporate purposes.
Clean Max may also consider a pre-IPO placement of up to ₹3 billion, which would reduce the size of the fresh issue if undertaken.
The IPO will be offered through the book-building process, with not more than 50% reserved for qualified institutional buyers, at least 15% for non-institutional investors, and 35% for retail individual bidders.
