Overview

• The IPO consists of a ₹1,500 crore fresh issue and a ₹3,700 crore offer for sale by founder Kuldeep Pratap Jain and key investor shareholders.
• CleanMax plans to allocate ₹1,125 crore of fresh issue proceeds to repay borrowings with remaining funds for general corporate purposes and may execute a pre-IPO placement of up to ₹300 crore.
• Lead managers appointed for the transaction include Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities and Capital Markets, IIFL Capital Services, Nomura Financial Advisory, BOB Capital Markets and SBI Capital Markets.
• As of July 31, 2025, the company reported 2.54 GW of operational capacity, 2.53 GW under contract and a 5.07 GW development pipeline across India and international markets.
• Following SEBI’s approval, the issue will proceed to pricing, book-building with institutional and retail tranches and eventual listing on the BSE and NSE.