Green Power, Stronger Hold - CleanMax Sets Stage for IPO

CleanMax Promoters Raise ₹400 Cr in Pre-IPO Round to Boost Stake Ahead of Listing

Promoters of CleanMax, a Brookfield Corp-backed renewable energy company, have raised ₹400 crore from 360 One Asset Management in a pre-IPO funding round. The funds, raised at 13% interest for three years, will be repaid using IPO proceeds. Founder Kuldeep Jain will increase his stake from 14% to 21%, acquiring shares from Augment Infrastructure and the Danish Investment Fund, both expected to participate in the upcoming Offer for Sale (OFS). This move will help maintain promoter stake around 15% post-IPO. The Draft Red Herring Prospectus (DRHP) is expected later this year. CleanMax operates over 600 MW of renewable capacity and supplies power across sectors like IT, pharma, and manufacturing. Brookfield, which acquired a 51% stake in April 2023, remains the largest shareholder.