Cyril Amarchand Mangaldas (CAM), Khaitan & Co, and Shardul Amarchand Mangaldas & Co (SAM)  advised on Clean Max Enviro Energy Solutions Limited Initial Public Offering.

Clean Max Enviro Energy Solutions Limited (“CleanMax”), India’s largest commercial and industrial renewable energy provider, completed an initial public offering, including primary and secondary pre-IPO placements aggregating approximately USD 500 million.

The IPO involved Founder Promoters, Brookfield-backed investors, Augment Infrastructure, Steadview Capital, Bain Capital, and other pre-IPO investors. The offering attracted strong investor interest despite volatile market conditions, supporting CleanMax’s expansion and reinforcing its leadership in decarbonization solutions for data centres, AI and technology industries, and other commercial and industrial enterprises.

CAM advised CleanMax and its Founder Promoters (Kuldeep Jain and KEMPINC LLP) on the IPO and primary/secondary pre-IPO placements.

The capital markets team included Senior Partner Yash Ashar, Partners Ravi Dubey (Regional Co-Head – Capital Markets – West) and Anshul Roy; supported by Senior Associates Tanushri More and Sachin Santuka, and Associates Esha Gupta, Anomitra Debnath, Arjun Badola, Aditya Maheshwari, and Akshita Dhawan.

Khaitan & Co acted as legal counsel to the book running lead managers (Axis Capital Ltd, J.P. Morgan India Pvt Ltd, BNP Paribas, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Capital Services Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd, BOB Capital Markets Ltd, and SBI Capital Markets Ltd) on Indian law aspects of the IPO.

The core team consisted of Partners Subhayu Sen and Aayush Mohata, Senior Associates Johann Valladares and Sarjana Das, and Associates Arjun Kapur, Ria Chaudhary, Dhananjay Sreeram, and Mehar Sharma.

SAM advised the Brookfield Promoter Selling Shareholder, Augment Infrastructure, Steadview Capital, and Bain Capital.

The Brookfield Promoter Selling Shareholder was advised by the Capital Markets team led by Partners Nikhil Naredi and Krupa Brahmbhatt, with Associate Ankita Singh, while the corporate team, covering all pre-IPO transactions, was led by Partners Jay Gandhi and Abhishek Parekh, supported by Counsel Bharath Sridhar, Senior Associate Samyukta Shetty, and Associates Varshini Agarwalla and Jay Sureka.

The Securities and Regulatory team was led by Partner Manjari Tyagi, with Principal Associate Deepika Goyal and Associates Roop Singh and Kashvi Vachhani.

Augment Infrastructure, acting as an investor selling shareholder, was advised by the Capital Markets team led by Partner Abhiroop Amitava Datta, with Associate Bhoomika Gupta, while its pre-IPO corporate transactions were handled by Partners V.R. Neelakantan and Samridha Neupane, with Senior Associate Siddharth Jain.

Steadview Capital was advised on legal and tax matters by Partner Harshita Srivastava, with Principal Associate Nimish Malpani and Associate Palomita Sharma.

Bain Capital was advised by Partners Gunjan Shah and Nirmal Mahtani, with Principal Associate Siddharth Damle and Associate Oorja Chari; the Competition team advising Bain Capital was led by Partners Rohan Arora and Radhika Seth, supported by Senior Associate Satvik Mohanty.  Bain Capital also received Capital Markets advice from Partner Sayantan Dutta, and Infrastructure-related matters were led by Partner Prashant Sirohi, supported by Senior Associate Tinnish Sharma and Associate Tanya Rathod.