Archive · 12 Nov 2025
SEBI Approves IPOs for CleanMax Enviro Energy and NephroPlus
Two companies, CleanMax, which provides solar energy solutions, and NephroPlus, which offers dialysis services, have received permission from India's market regulator, SEBI, to sell shares to the public through IPOs.
CleanMax plans to raise a significant amount, over ₹5,200 crore, partly by selling new shares and partly by allowing existing investors to sell their shares.
This money will help CleanMax pay back some of its loans.
NephroPlus is also raising money through a mix of new shares and existing investors selling shares.
They intend to use this funding to open more dialysis clinics in India and also to reduce their debt.
Both companies filed their initial paperwork in August and received approval on November 10.
The exact dates for when people can buy these shares will be announced later.
SEBI has approved the IPO draft papers for renewable energy firm Clean Max Enviro Energy and dialysis service provider NephroPlus.
CleanMax's IPO is set at ₹5,200 crore, comprising a ₹1,500 crore fresh issue and a ₹3,700 crore offer for sale.
NephroPlus's IPO includes a ₹353.4 crore fresh issue and an offer for sale of approximately 1.27 crore shares by existing investors.
CleanMax intends to use IPO proceeds primarily for repaying borrowings, which stood at ₹8,078.1 crore as of March 31.
NephroPlus plans to allocate funds from its IPO to establish new dialysis clinics, repay debt, and for general corporate purposes.
- Who
- Clean Max Enviro Energy Solutions and Nephrocare Health Services (operating as NephroPlus)
- What
- Received approval from SEBI to float Initial Public Offerings (IPOs)
- When
- SEBI approval granted on November 10; IPO dates to be announced.
- Where
- India (SEBI is the Indian securities regulator)
- Why
- To raise capital for business expansion (new dialysis clinics for NephroPlus), debt repayment, and general corporate purposes.
CleanMax Enviro Energy IPO
NephroPlus IPO
Fundraising Structure
CleanMax Enviro Energy IPO
CleanMax's IPO is valued at ₹5,200 crore, consisting of a ₹1,500 crore fresh issue and a ₹3,700 crore offer for sale (OFS) by existing investors, including founders and equity funds.
NephroPlus IPO
NephroPlus's IPO includes a ₹353.4 crore fresh issue and an OFS where existing investors will sell approximately 1.27 crore shares.
Utilization of Funds
CleanMax Enviro Energy IPO
CleanMax plans to use ₹1,125 crore from its IPO proceeds to repay borrowings, as the company had consolidated borrowings of ₹8,078.1 crore as of March 31.
NephroPlus IPO
NephroPlus will use the fresh issue funds to establish new dialysis clinics in India (₹129.1 crore), repay borrowings (₹135.9 crore), and for undisclosed corporate purposes.
Company Focus
CleanMax Enviro Energy IPO
CleanMax Enviro Energy Solutions is an Indian company providing renewable energy solutions, primarily solar power, to commercial and industrial clients.
NephroPlus IPO
NephroPlus (Nephrocare Health Services) is a dialysis service provider operating a network of clinics in India and internationally, offering services like haemodialysis and home dialysis.
- CleanMax IPO Valuation
- ₹5,200 crore
- CleanMax Fresh Issue
- ₹1,500 crore
- CleanMax Offer for Sale
- ₹3,700 crore
- CleanMax Borrowings (as of Mar 31)
- ₹8,078.1 crore
- NephroPlus Fresh Issue
- ₹353.4 crore
- NephroPlus Offer for Sale
- Approx. 1.27 crore shares
- SEBI Approval Date
- November 10
