Twin IPO boost - Clean Max, Nephrocare set to raise ₹5,553 crore

Renewable energy company Clean Max Enviro Energy Solutions and dialysis services provider Nephrocare Health Services (NephroPlus) have received approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs). Together, the two firms aim to raise about ₹5,553 crore, as per SEBI’s latest update.

Both companies filed their draft IPO papers with SEBI in August 2025 and obtained clearance between October 30 and November 4, allowing them to move ahead with their market debuts.

Clean Max, founded in 2010, plans to raise ₹5,200 crore, including a fresh issue of ₹1,500 crore and an offer-for-sale (OFS) of ₹3,700 crore by its promoters and investors. Around ₹1,125 crore from the fresh issue will be used to repay debt, while the remaining funds will go towards general corporate purposes. The company provides renewable energy solutions such as solar, wind, and hybrid power to commercial and industrial (C&I) clients.

Clean Max claims to be India’s largest C&I renewable energy provider as of March 31, 2025, with a 12% market share in open-access renewable capacity additions during FY24. The company has maintained a strong customer base and a high level of repeat business, highlighting its leadership in the green energy segment.

Reflecting its financial stability, ICRA has rated Clean Max’s bank facilities at [ICRA] BBB (Stable) / [ICRA] A3+, while CARE Ratings reaffirmed its non-convertible debentures at CARE A+; Outlook Positive in its November 2024 report. These ratings underscore the company’s improving credit profile and growth potential.

Nephrocare Health Services, which operates dialysis centres under the NephroPlus brand, plans to raise ₹353.4 crore through a fresh issue and an OFS of 1.27 crore shares by existing shareholders, including Investcorp, International Finance Corporation, and 360 One Special Opportunities Fund. The company will use ₹129.1 crore to open new dialysis clinics, ₹136 crore to repay debt, and the rest for general corporate purposes.

NephroPlus is Asia’s largest dialysis service provider and the fifth largest globally, according to a Frost & Sullivan report for FY25. The company’s revenue rose to ₹755.81 crore in FY25 from ₹566.16 crore in FY24, while net profit increased to ₹67.1 crore from ₹35.13 crore, according to data from Rediff.

The company also enjoys a healthy credit standing, with India Ratings & Research assigning it a ‘IND A+ / Positive’ rating for its bank facilities as of June 2025, reflecting its strong financial performance and operational expansion.

Founded in 2009, NephroPlus operates over 500 dialysis centres across India, the Philippines, Uzbekistan, and Nepal, serving more than 33,000 patients annually.

With SEBI’s approval and positive ratings from leading credit agencies, both Clean Max and Nephrocare are set for strong IPO launches backed by robust growth records and solid financial fundamentals.