Brookfield-backed CleanMax to file for ₹4,000-5,000 cr IPO via confidential route
The company, which is 48% owned by Canadian private equity investor Brookfield, is likely to file its draft papers with market regulator Securities and Exchange Board of India (Sebi) by the end of August, these people said, adding that the idea is to capitalise on growing investor interest in the renewable energy segment in the country.
'The company is looking to file for an IPO through the confidential route given the sensitivity of the sector and it wants to ascertain the regulator's response on the sector," one of the persons cited above said.
The second person cited above added that CleanMax is targeting a valuation of around $2.5-3 billion.
Brookfield, through its Brookfield Global Transition Fund (BGTF), picked up a 38% stake in CleanMax Enviro Energy Solutions in 2023 with an investment of $360 million. The fund subsequently increased its shareholding from 38% as of October 2023 to 48% as of September 2024, a November 2024 ratings release by Care Ratings shows.
Emailed queries to Brookfield and CleanMax did not elicit any response.
The Economic Times had reported in May that the company has appointed investment banks Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, SBI Caps and Nomura as bankers for the IPO.
CleanMax Enviro Energy Solutions supplies green energy to commercial and industrial (C&I) establishments, which refer to things like factories, shopping malls, office parks, warehouses, etc.
The company's operating capacity increased to around 1.5GW as of September 2024 from 1.3GW a year prior, according to the release by Care Ratings. The group intends to commission additional ~0.3GW assets by the end of fiscal year 2025 (FY25) and further add ~0.6-0.7 GW assets on its balance sheet annually, the ratings release shows. The company is targeting a 5GW capacity over four to five years.
According to data from Care Ratings, CleanMax Enviro reported a revenue of ₹2,106.38 crore in FY24, compared to ₹2,776.02 crore in FY23. Net profit rose to ₹282.41 crore in FY24 from ₹131.98 crore in FY23. The company is yet to file its FY25 earnings.
Its clientele includes companies such as HCL, Tesco, Shell, Adobe, JK Cement, Bajaj, Mahindra, Gabriel, Asahi, L&T, Magneti Marelli, Carlsberg, United Spirits, CPWD, Manipal University, Kajaria, GE, Dr. Reddy's, Mindtree, Taj, Cargill, ITC, NTT, Grasim, Honda, IIT Bombay, among others.
According to the ministry of new and renewable energy, India's renewable energy market has a total installed capacity of approximately 220.1GW as of FY25. India has set a renewable energy target of 500GW of installed capacity from non-fossil fuel sources by 2030.
IMARC Group, a market research company, expects the renewable market in India to reach $52.1 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 8.1% during 2025-2033.
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