CleanMax to raise ₹5,200 cr via IPO; DRHP filed with Sebi for approval

Clean Max Enviro Energy Solution, India’s largest commercial and industrial renewable energy provider, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹5,200 crore through an Initial Public Offering (IPO).

 

IPO structure: fresh issue and offer-for-sale 

The IPO, with a face value of ₹1, comprises a fresh issue of shares worth up to ₹1,500 crore and an offer-for-sale of up to ₹3,700 crore by promoters and investors. The offer includes a reservation for eligible employees, with a discount for those participating in the employee quota.

 

Breakdown of offer-for-sale by shareholders 

 

The offer-for-sale includes share sales of up to ₹321.37 crore by Kuldeep Pratap Jain, ₹1,970.83 crore by BGTF One Holdings (DIFC) Limited, ₹225.61 crore by KEMPINC LLP, ₹991.94 crore by Augment India I Holdings LLC, and ₹190.25 crore by DSDG Holdings APS.

 

Proceeds to fund debt repayment and expansion 

“The proceeds from the fresh issue worth ₹1,125 crore will be used for repayment and prepayment, in part or full, of certain outstanding borrowings of the company and its subsidiaries, and for general corporate purposes,” the company said. It added that it may also consider raising up to ₹300 crore through a further issue of specified securities in consultation with book-running lead managers.

 

Strong operational capacity and growth pipeline 

As of July 2025, CleanMax had 2.54 gigawatt (GW) of operational capacity and 2.53 GW of contracted capacity, along with 5.07 GW under advanced-stage and under-development projects. Since its inception in 2010, CleanMax has provided net zero and decarbonisation solutions to commercial and industrial clients.

 

Financial performance: revenue growth and return to profit 

The company’s revenue from operations grew 12.98 per cent from ₹1,425.31 crore in 2023-24 to ₹1,610.34 crore in 2024-25. CleanMax turned profitable in the last financial year, reporting a profit after tax of ₹27.84 crore. 

Knowledge Realty Trust units list with over 6% premium

 

The units of Knowledge Realty Trust, sponsored by realty firm Sattva Group and Blackstone, ended with a premium of over 6 per cent on Monday against the issue price of ₹100 per unit.

 

The unit started trading at ₹104, up 4 per cent from the issue price on the BSE. During the day, it surged 9.14 per cent to ₹109.14. The company’s unit finally ended at ₹106.15, a jump of 6.15 per cent. On the NSE, it listed at ₹103, a premium of 3 per cent. Later, it settled at ₹106.24 per unit, a jump of 6.24 per cent. The company’s market valuation stood at ₹47,071.15 crore.

 

Gem Aromatics collects ₹135 cr from anchor investors

 

Gem Aromatics, a manufacturer of speciality ingredients, on Monday mobilised over ₹135 crore from anchor investors, ahead of its initial public offering (IPO) opening for subscription.

 

Some of the institutions that participated in the anchor round includes Citigroup Global, Societe Generale, Goldman Sachs, Nippon India Mutual Fund, SageOne, Nuvama, and Niveshaay Sambhav Fund, according to a circular uploaded on BSE’s website.