Clean Max Enviro Energy Solutions, an India-based commercial and industrial renewable energy provider, is preparing to launch a 52 billion rupees (US$586 million) IPO as soon as November, according to sources familiar with the matter.

Investor roadshows have started, with the company expected to proceed once regulatory approvals are secured.

The IPO will include up to 15 billion rupees (US$169 million) in new shares and a secondary sale of 37 billion rupees (US$416.87 billion) from existing investors, including US-based Augment Infrastructure Partners.

Brookfield held a 42.9% stake, while Augment owned nearly 20% as of August, according to the company’s prospectus.

Proceeds from the new shares are planned for debt repayment and general corporate purposes.

Clean Max reported a net income of 194 million rupees (US$2.18 million) on revenue of 16.1 billion rupees (US$181.39 million) for the year ended March 31.

The company has 2.54 GW of operational capacity and 2.53 GW contracted but not yet executed as of July 31.

Indian units of JP Morgan, BNP Paribas, HSBC, and Nomura are among the banks managing the offering, along with Indian lenders such as Axis Bank.

🔗 Source: Bloomberg