Abhishek Sinha
Mumbai | November 11, 2025:
In a significant development for the primary market, Clean Max Enviro Energy Solutions and NephroPlus have received the go-ahead from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs). The two companies are set to debut on the bourses soon, joining a growing list of firms preparing to tap equity markets amid improving investor sentiment.
⚡ Clean Max Enviro Energy Solutions IPO Details
Clean Max Enviro Energy Solutions — one of India’s leading renewable energy and sustainability companies — plans to raise over ₹5,200 crore through its maiden public issue.
- IPO Size: ₹5,200 crore (approx.)
- Fresh Issue: Up to ₹1,500 crore
- Offer for Sale (OFS): Up to ₹3,700 crore by existing promoters and shareholders
- Face Value: ₹1 per equity share
The OFS portion includes share sales of:
- ₹321.37 crore by Kuldeep Pratap Jain
- ₹1,970.83 crore by BGTF One Holdings (DIFC) Ltd
- ₹225.61 crore by KEMPINC LLP
- ₹991.94 crore by Augment India I Holdings, LLC
- ₹190.25 crore by DSDG Holdings APS
The company plans to use ₹1,125 crore from the fresh issue proceeds for repayment or prepayment of borrowings, and for general corporate purposes.
Clean Max may also consider a pre-IPO placement of up to ₹300 crore. If undertaken, the final fresh issue size will be reduced accordingly.
Allocation Pattern
The IPO will follow the book-building process:
- Qualified Institutional Buyers (QIBs): Not more than 50%
- Non-Institutional Investors (NIIs): Not less than 15%
- Retail Investors: Not less than 35%
Eligible employees will also have a reserved quota and are likely to receive a discounted price under the employee reservation portion.
🏥 NephroPlus IPO Details
Hyderabad-based NephroPlus, India’s largest dialysis network, has also secured SEBI approval for its proposed public issue.
- Fresh Issue: ₹353.4 crore
- Offer for Sale (OFS): 1.27 crore equity shares by existing shareholders
The company intends to utilise the IPO proceeds as follows:
- ₹129.1 crore for setting up new dialysis clinics across India
- ₹136 crore for repayment of existing borrowings
- Remaining funds for general corporate purposes
Founded in 2009, NephroPlus operates over 500 dialysis centres across five countries, serving more than 33,000 patients monthly. The company joins global peers like Fresenius Medical Care, DaVita, and Diaverum in scale and reach.
Promoters and Selling Shareholders
The firm’s key backers include BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Ltd. (HPL), Investcorp Private Equity Fund II (IPEF II), and Investcorp Growth Opportunity Fund (IGOF).
Under the OFS, shares will be offloaded by:
- Investcorp Private Equity Fund II
- Healthcare Parent Ltd.
- Investcorp Growth Opportunity Fund
- Edoras Investment Holdings Pte. Ltd.
- Other investors including IFC and 360 One Special Opportunities Fund (Series 9 & 10)
💬 Sector Buzz and Investor Takeaway
With both CleanMax and NephroPlus receiving SEBI’s green light, the IPO pipeline continues to strengthen, indicating a rebound in primary market activity. Investors are expected to closely track pricing, GMP trends, and subscription data as both issues head toward launch in the coming weeks.
Experts believe CleanMax’s renewable focus and NephroPlus’ healthcare scalability could attract strong institutional participation amid renewed interest in sustainable and defensive sectors.
Disclaimer: This article is meant for informational purposes only. Investors should consult certified financial advisors before making any investment decisions.
