CleanMax Enviro Energy Solutions has formally moved ahead with its plans to go public by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company aims to raise ₹5,200 crore through the proposed initial public offering (IPO), which will comprise a fresh issue of equity shares worth ₹1,500 crore and an offer for sale (OFS) of ₹3,700 crore from existing shareholders.
According to market reports, the proceeds from the fresh issue will be utilised primarily for repayment or prepayment of certain outstanding borrowings, as well as for general corporate purposes. CleanMax has also retained the flexibility to raise an additional amount of up to ₹300 crore through a pre-IPO placement in consultation with the lead managers.
The IPO will be managed by a consortium of well-known investment banks, including Axis Capital, JP Morgan, BNP Paribas, HSBC Securities, IIFL Capital, Nomura, BOB Capital Markets and SBI Capital Markets. Following regulatory approvals, the equity shares are proposed to be listed on both the BSE and NSE.
CleanMax is one of India’s leading renewable energy players in the commercial and industrial segment, and the proposed public offering is expected to support the company’s continued growth and expansion plans.
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