Clean energy solutions provider CleanMax has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise ₹ 52 billion (~$595.09 million) through an initial public offering (IPO) of shares.

The IPO will consist of a fresh issue of shares at a face value of ₹1 (~$0.011) each aggregating up to ₹15 billion (~$171.66 million) and offer for sale of shares at a face value of ₹1 (~$0.011), each aggregating to ₹37 billion (~$423.43 million).

The book-running lead managers are Axis Capital, J.P. Morgan, BN Paribas, HSBC, IIFL Capital, Nomura, BOB Capital Markets, and SBI Caps.

The net proceeds amounting to ₹11.3 billion (~$129.31 million) will be utilized for repayment and/or pre-payment, partially or fully, of the company’s outstanding borrowings, including borrowings from Nomura Capital (India) and Nomura Investments (Singapore).

The company has also issued non-convertible debentures to various financial institutions, according to the DRHP.

The remaining funds will be utilized for general corporate purposes

As of March 31, 2025, the company has a total borrowing of ₹80.78 billion (~$924.45 million).

At the recent Mercom India Renewables Summit, Raj Prabhu, CEO at Mercom Capital, spoke of how clean energy companies were aggressively accessing the capital markets. He said India had seen some 16 IPOs in 12 months, reflecting strong demand. He, however, cautioned that the IPO route can be a risky proposition too.

In 2025, five companies from the solar sector filed papers with market regulators to raise public funds.

In July 2025, Bengaluru-based solar cell and module manufacturer Emmvee Photovoltaic Power filed a DRHP with SEBI to raise ₹30 billion (~$350.12 million).It intends to offer equity shares worth ₹21.44 billion (~$250.21 million) and an offer-for-sale component of ₹8.56 billion (~$99.9 million).

In June 2015, independent renewable energy producer Juniper Green Energy filed its DRHP to raise over ₹30 billion (~$349 million). The company plans to utilize the funds towards the repayment of its debt, amounting to ₹ 10.92 billion (~$127 million), and ₹11.57 billion (~$135 million) for its subsidiaries.