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CleanMax Plans Confidential IPO Filing by August-End, Targets $2.5–3 Billion Valuation

CleanMax Enviro Energy Solutions Pvt. Ltd., a Mumbai-based renewable energy firm, is preparing for a confidential initial public offering (IPO) with draft filings expected by the end of August 2025. The IPO is estimated to raise Rs4,000–5,000 crore ($480–600 million), with the company targeting a valuation of $2.5–3 billion. The move is aimed at capitalizing on rising investor interest in India’s clean energy sector.

Brookfield, which holds a 48% stake in CleanMax through its Global Transition Fund, initially invested $360 million in 2023 and gradually increased its shareholding. The IPO will be managed by a consortium of banks including Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, SBI Caps, and Nomura.

CleanMax primarily supplies renewable energy to commercial and industrial (C&I) customers such as HCL, Tesco, Shell, Adobe, JK Cement, Mahindra, and L&T. The company’s operating capacity rose to 1.5 GW in September 2024, with a target to reach 5 GW in the next 4–5 years. It plans to add 0.3 GW by the end of FY25, followed by an additional 0.6–0.7 GW.

Financially, CleanMax reported a revenue of Rs2,106.38 crore in FY24, down from Rs2,776.02 crore in FY23, while net profit rose sharply to Rs282.41 crore from Rs131.98 crore in the same period. With India’s renewable energy market projected to grow to $52.1 billion by 2033, CleanMax is positioning itself as a key player in the C&I clean energy space.