CleanMax Enviro Energy Solutions, a leading clean energy provider for industrial and commercial sectors in India, is reportedly preparing for a confidential filing of its ₹4,000–5,000 crore initial public offering (IPO). The move comes at a time when India’s renewable energy market is attracting heightened investor interest — both from global funds and domestic institutions — eager to tap into the nation’s accelerating green transition.
While the company has yet to make an official public statement, several sources familiar with the matter indicate that CleanMax is targeting a valuation between $2.5 and $3 billion. The company is expected to submit its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) by the end of August, taking advantage of the confidential filing route — a path increasingly used by firms in sectors undergoing regulatory and technological evolution.
Brookfield’s Backing and Institutional Muscle
Brookfield, via its Global Transition Fund (BGTF), holds a 48% stake in CleanMax after ramping up its initial investment of $360 million in 2023. This signals strong long-term conviction from one of the world’s most influential infrastructure investors, and positions CleanMax favorably within the growing network of global green capital flows.
With marquee investment banks reportedly on board — including JP Morgan, Axis Capital, HSBC, SBI Caps, BNP Paribas, IIFL, and Nomura — CleanMax’s public listing will be closely watched as a potential benchmark for future green IPOs in India.
Operational Scale and Growth Targets
CleanMax specializes in supplying renewable energy — predominantly solar and wind — to commercial and industrial (C&I) clients such as factories, IT parks, warehouses, retail chains, and large corporates. As of September 2024, the company’s operating capacity stood at approximately 1.5GW, with plans to commission an additional 0.3GW by the end of FY25. CleanMax’s longer-term roadmap includes scaling to a total capacity of 5GW over the next 4–5 years — a significant leap that would firmly position it among the country’s renewable energy heavyweights.
Financial Performance and Sector Outlook
According to public ratings data, CleanMax posted a revenue of ₹2,106 crore in FY24, down from ₹2,776 crore in FY23. However, the company’s profitability trajectory remained strong, with net profit more than doubling to ₹282 crore in FY24 from ₹132 crore the previous year — a signal of operational efficiencies and a maturing business model.
CleanMax’s clientele features several major multinational and domestic brands, including HCL, Shell, Adobe, Mahindra, JK Cement, and L&T, underscoring its strength in enterprise-focused green energy partnerships.
A Market on the Cusp of Expansion
According to forecasts from IMARC Group, the Indian renewable energy market is projected to reach $52.1 billion by 2033, expanding at a CAGR of 8.1% between 2025 and 2033. With global mandates pushing for net-zero and Indian policy supporting green infrastructure development through incentives and production-linked schemes, the next decade will likely see substantial consolidation and IPO activity in the sector.
CleanMax’s potential IPO is more than a liquidity event — it’s a signpost for the future of India’s renewable ecosystem. For institutional investors, it represents an opportunity to back a proven operator with scale, sectoral tailwinds, and global backing. For the industry, it’s a marker of mainstream capital markets increasingly embracing sustainable infrastructure.
As India gears up to become a global leader in renewables, CleanMax may well serve as a bellwether for how public markets price long-term green energy bets in a high-growth, policy-aligned environment.
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