Cyril Amarchand Mangaldas Advised Clean Max Enviro Energy Solutions Limited On Its IPO And USD 500 Million Pre-IPO Placements

Cyril Amarchand Mangaldas advised Clean Max Enviro Energy Solutions Limited on its IPO and USD 500 million pre-IPO placements

The leading law firm in India, Cyril Amarchand Mangaldas acted as the Indian legal counsel to Clean Max Enviro Energy Solutions Limited on its initial public offering (IPO) and primary/secondary pre-IPO placements aggregating to approximately USD 500 million.

Cyril Amarchand Mangaldas advised Clean Max Enviro Energy Solutions Limited (CleanMax) and its Founder Promoters, Kuldeep Jain and KEMPINC LLP, in connection with the IPO and the primary and secondary pre-IPO placements. CleanMax is India’s largest commercial and industrial (C&I) renewable energy provider, offering Net Zero and decarbonization solutions to clients across data centres, artificial intelligence and technology sectors, as well as 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 the 360 ONE Group, and TRUST Group’s Relativity Resilience Fund – I, among others, invested in CleanMax.

The Cyril Amarchand Mangaldas 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 (Senior Associate), Sachin Santuka (Senior Associate), Esha Gupta (Associate), Anomitra Debnath (Associate), Arjun Badola (Associate), Aditya Maheshwari (Associate) and Akshita Dhawan (Associate).

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