**CleanMax Enviro Plans Confidential IPO Amid Growing Renewable Energy Interest**
CleanMax Enviro Energy Solutions Pvt. Ltd, a renewable energy firm based in Mumbai, is considering a confidential filing for its initial public offering (IPO) valued between ₹4,000 and ₹5,000 crore. Sources familiar with the matter, who requested anonymity, indicated that the company aims to submit its draft documents to the Securities and Exchange Board of India (Sebi) by the end of August. This strategic move is intended to leverage the increasing investor interest in the renewable energy sector in India.
The decision to pursue a confidential filing stems from the sensitive nature of the renewable energy industry, as the company seeks to gauge the regulator’s stance on the sector. CleanMax, which is 48% owned by Canadian private equity firm Brookfield, is targeting a valuation of approximately $2.5 to $3 billion. Brookfield acquired a 38% stake in CleanMax in 2023 for $360 million and subsequently increased its ownership to 48% by September 2024.
CleanMax Enviro Energy Solutions specializes in providing green energy to commercial and industrial establishments, including factories, shopping malls, and office parks. The company has seen its operational capacity grow to around 1.5 GW as of September 2024, up from 1.3 GW the previous year. It plans to commission an additional 0.3 GW of assets by the end of fiscal year 2025 and aims to add 0.6 to 0.7 GW annually, targeting a total capacity of 5 GW over the next four to five years.
In terms of financial performance, CleanMax reported revenues of ₹2,106.38 crore in FY24, a decrease from ₹2,776.02 crore in FY23. However, net profit rose significantly to ₹282.41 crore in FY24, compared to ₹131.98 crore in FY23. The company has yet to disclose its earnings for FY25. Its diverse clientele includes major corporations such as HCL, Tesco, Shell, Adobe, and Mahindra, among others.
As CleanMax prepares for its IPO, the renewable energy sector continues to attract significant attention from investors, highlighting the growing importance of sustainable energy solutions in India.
**FAQ**
**What is CleanMax Enviro’s IPO plan?**
CleanMax Enviro is planning a confidential IPO valued between ₹4,000 and ₹5,000 crore to capitalize on the rising interest in renewable energy investments in India.
