Brookfield-Backed CleanMax Set for ₹4,000–5,000 Crore Confidential IPO

by Priya Bhatiya

Posted on August 1, 2025

Brookfield-backed CleanMax Enviro Energy Solutions, a leading renewable energy firm based in Mumbai, is set to file for an initial public offering (IPO) in the range of ₹4,000–5,000 crore (₹40–50 billion) via the confidential route. The filing with SEBI is expected by the end of August 2025, with the IPO launch anticipated later in the year.

Key details of the upcoming CleanMax IPO:

• Size and Structure: The IPO will raise between ₹4,000 and ₹5,000 crore through a mix of primary and secondary share sales (offer for sale by existing investors).
• Valuation: The company is anticipated to achieve a valuation in the range of ₹18,000–20,000 crore.
• Major Shareholder: Brookfield Global Transition Fund is the largest shareholder, having increased its stake to nearly 49.92%. Other shareholders include Augment Infrastructure and Danish Investment Fund, who are also expected to participate in the OFS.
• Use of Funds: Proceeds will support CleanMax’s expansion of its renewable energy portfolio and reduction of existing debt.
• Growth Profile: CleanMax operates about 1.7 GW of renewable assets with an additional 1.5 GW of hybrid capacity in the pipeline as of March 2025. The company serves over 750 corporate clients, including Google and Amazon, and has a strong presence in India as well as international markets (Thailand, Bahrain, Dubai, and UAE).
• Lead Managers: The IPO will be managed by Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, and Nomura.
• Sector Positioning: The IPO aims to capitalize on India’s growing corporate demand for renewable energy and aligns with the country’s push toward decarbonization.

CleanMax’s confidential filing strategy reflects a growing preference among high-profile companies for privacy in the regulatory review phase, as they prepare to tap strong investor interest in sustainable and green energy businesses.

Ref: Brookfield-backed cleanMax to file for ₹4,000-5,000 cr IPO via confidential route