Upcoming IPOs: CleanMax and NephroPlus Receive SEBI Approval to Launch Public Issues
Clean Max Enviro Energy Solutions and NephroPlus have received SEBI approval for their IPOs. Clean Max plans to raise ₹5,200 crore, while NephroPlus aims for ₹353 crore to expand its dialysis network and repay debt.
Clean Max and NephroPlus secure SEBI’s nod for their IPOs, marking two major upcoming listings in the renewable energy and healthcare sectors.
Two major players — Clean Max Enviro Energy Solutions and NephroPlus — have secured approval from the Securities and Exchange Board of India (SEBI) to raise capital through their upcoming initial public offerings (IPOs).
Clean Max Enviro Energy Solutions IPO Details
Clean Max Enviro Energy Solutions plans to raise over ₹5,200 crore through its IPO, which will comprise a fresh issue of up to ₹1,500 crore and an offer-for-sale (OFS) of up to ₹3,700 crore by promoters and existing investors.
The IPO will also include a reservation for eligible employees, who will be offered a discount on the issue price.
Offer-for-sale (OFS) breakup:
₹321.37 crore – Kuldeep Pratap Jain
₹1,970.83 crore – BGTF One Holdings (DIFC) Ltd.
₹225.61 crore – KEMPINC LLP
₹991.94 crore – Augment India I Holdings LLC
₹190.25 crore – DSDG Holdings APS
The company intends to utilise ₹1,125 crore from the fresh issue to repay or prepay borrowings, either partially or fully, for itself and its subsidiaries, and for general corporate purposes.
Clean Max may also consider a pre-IPO placement of up to ₹300 crore, which could reduce the size of the fresh issue.
The IPO will follow the book-building process, with:
Up to 50% reserved for Qualified Institutional Buyers (QIBs)
At least 15% for Non-Institutional Investors (NIIs)
At least 35% for Retail Investors
NephroPlus IPO Details
NephroPlus, the Hyderabad-based dialysis service provider, will also soon debut on the public market. Its proposed IPO includes:
Fresh issue: ₹353.4 crore
Offer-for-sale (OFS): 1.27 crore equity shares by existing shareholders
As per the Draft Red Herring Prospectus (DRHP), the company plans to allocate the proceeds towards:
₹129.1 crore for setting up new dialysis clinics across India
₹136 crore for repayment or prepayment of borrowings
The remainder for general corporate purposes
Founded in 2009, NephroPlus has grown into one of the largest dialysis networks globally, with over 500 centres spread across five countries, serving more than 33,000 patients per month. It joins global peers such as Fresenius Medical Care, DaVita, and Diaverum.
Promoters:
Vikram Vuppala, Bessemer Venture Partners (BVP) Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Ltd. (HPL), and Investcorp funds including Investcorp Private Equity Fund II (IPEF II) and Investcorp Growth Opportunity Fund (IGOF).
Selling shareholders:
Investcorp Private Equity Fund II, Healthcare Parent Ltd., Investcorp Growth Opportunity Fund, Edoras Investment Holdings, Investcorp India Private Equity Opportunity Ltd., International Finance Corporation, and 360 One Special Opportunities Fund (Series 9 & 10).
