Brookfield-backed Clean Max Enviro Energy Solutions Ltd. is set to initiate a ₹5,200 crore initial public offering (IPO) as early as November, according to sources with knowledge of the situation.
The renewable energy provider, which focuses on commercial and industrial sectors, has commenced investor roadshows and aims to launch its share sale next month, pending regulatory approvals, the sources, who requested anonymity, indicated.
The IPO is expected to include approximately ₹1,500 crore in new shares alongside a secondary offering of ₹3,700 crore from existing shareholders, such as Augment Infrastructure Partners, based in the United States, as detailed in the IPO prospectus submitted in August.
Details regarding the offering’s timing and size remain under discussion and could alter, the sources noted. A representative from Clean Max did not respond to requests for comment.
As stated in the prospectus, Brookfield held a 42.9% stake in Clean Max, while Augment owned nearly 20% as of August. The proceeds from the new shares are earmarked for debt repayment and general corporate purposes.
For the fiscal year ending March 31, the company reported a net income of ₹19.4 crore on revenues of ₹1,610 crore. As of July 31, it had an operational capacity of 2.54 gigawatts, with an additional 2.53 gigawatts contracted but not yet realized.
Financial institutions involved in managing the share sale include JPMorgan Chase & Co., BNP Paribas SA, HSBC Holdings Plc, and Nomura Holdings Inc., along with Axis Bank Ltd.
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Published on October 7, 2025.
