Cyril Amarchand Mangaldas (“CAM”) advised Clean Max Enviro Energy Solutions Limited (“CleanMax”) and Kuldeep Jain and KEMPINC LLP (“Founder Promoters”) on the initial public offering, and the primary/secondary pre-IPO placement by CleanMax aggregating to approximately USD 500 million. CleanMax is India’s largest commercial and industrial (“C&I”) renewable energy provider. With 15 years of experience, CleanMax specializes in delivering Net Zero and decarbonization solutions, to customers across data centres, artificial intelligence and technology industries; and C&I enterprises.
Amid turbulent capital market conditions particularly in the renewable energy sector, the initial public offering (“IPO”) was successfully launched ranking among the largest IPOs in 2026 so far. Despite heightened volatility and a risk‑averse fundraising environment, the IPO witnessed strong investor interest, underscoring the market’s confidence in the resilience of CleanMax’s business model. It comprised of a fresh issue and an offer for sale by the Founder Promoters, BGTF One Holdings (DIFC) Limited (part of Brookfield group), Augment India I Holdings, LLC and DSDG HOLDING APS (an affiliate of IFU Denmark). The primary pre-IPO placement was made to Jongsong Investments Pte. Ltd (an affiliate of Temasek Holdings Private Limited). Further, pursuant to the pre-IPO secondary transactions, GSS India Opportunities AIF Scheme I (an affiliate of Bain Capital Special Situations, LP), funds belonging to 360 ONE group, and TRUST Group’s Relativity Resilience Fund — I, among others, invested in CleanMax.
The Transaction team was led by Yash Ashar, Senior Partner; Ravi Dubey, Partner (Regional Co-Head – Capital Markets – West); and Anshul Roy, Partner; with support from Tanushri More and Sachin Santuka, Senior Associates; Esha Gupta, Anomitra Debnath, Arjun Badola, Aditya Maheshwari and Akshita Dhawan, Associates.