We 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.
About Cyril Amarchand Mangaldas:
Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 1200 lawyers including 220 Partners, the Firm is a full-service law firm with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm has been named “Law Firm of the Year 2025” and consistently recognised as “Best Overall Law Firm” by the IBLJ Indian Law Firm Awards. It received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive year in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm also won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
