Brookfield-backed Clean Max Enviro Energy IPO to open February 23; issue size trimmed to Rs 3,100 crore - Check price band and more

Mumbai-based Clean Max Enviro Energy Solutions, the largest commercial and industrial renewable energy provider, has decided to launch its initial public offering for subscription on February 23, while the offer size has been reduced to Rs 3,100 crore. It is valued at more than Rs 12,300 crore. The price band for the public issue has been fixed at Rs 1,000-1,053 per share. The one-day IPO anchor book will be opened on February 20, while the offer will close for the public subscription on February 25. The company will finalise IPO share allotment by February 26, while CleanMax shares will be available for trading on the bourses effective March 2. The Brookfield Corporation-backed company that specialises in net zero and decarbonization solutions is raising Rs 3,100 crore via initial public offering (IPO), which is a combination of fresh issuance of shares worth Rs 1,200 crore, and an offer-for-sale of Rs 1,900 crore worth shares. The offer size has been reduced from Rs 5,200 crore planned earlier as per the preliminary papers filed in August last year. Promoters (Kuldeep Jain, Brookfield's BGTF One Holdings (DIFC), and KEMPINC), and investors Augment India I Holdings, and DSDG Holding APS are selling shareholders in the offer for-sale. The company has reserved shares worth up to Rs 30 crore for its employees, who will receive them at a discount of Rs 100 per share to the final issue price. Earlier this month, CleanMax that provides renewable power, and energy services and carbon credit solutions to customers across data centres, AI and technology industries, and commercial and industrial enterprises has raised Rs 1,185 crore before the IPO launch (including Rs 296.8 crore amount via pre-IPO placement) from multiple global investors including Temasek Holdings (through Jongsong Investments), and Bain Capital Advisors. Click Here To Read All IPO News As a part of fresh issue component, the company on February 6 sold 28.19 lakh fresh equity shares worth Rs 296.8 crore at Rs 1,053 per share to Jongsong Investments, while on the same day, BGTF One Holdings (DIFC), and KEMPINC LLP sold 84.34 lakh shares or 7.94 percent stake worth Rs 888.1 crore in CleanMax to multiple investors - Jongsong Investments, Bain Capital Advisors-managed GSS India Opportunities AIF Scheme I, Neo Digital Investments, Anjali Ashutosh Taparia, and Aruna Sanjeev Taparia, at same price. After these transactions, the shareholding of BGTF and KEMPINC has been reduced to 31.42 percent (from 39.58 percent), and 12.86 percent (14.06 percent), respectively. CleanMax that competes with listed peers like ACME Solar Holdings, NTPC Green Energy, and Adani Green Energy intends to utilise Rs 1,122.6 crore of fresh issue proceeds (totalled to nearly Rs 1,500 crore including pre-IPO round amount) for repaying debt, and the remainder for general corporate purposes, while the offer-for-sale funds will be received by selling shareholders. On February 8, in a notice to investors, the company said the pre-IPO round proceeds would be completely utilised towards the general corporate purposes. Axis Capital, JP Morgan India, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets are managing the CleanMax IPO.