Firms assisted on Clean Max Enviro Energy Solutions’ initial public offering, and concurrent primary and secondary pre-IPO placements valued at around USD500 million, comprising a fresh share issue and the sale of existing stock.
Senior partner Yash Ashar led the Cyril Amarchand Mangaldas team, alongside partners Ravi Dubey and Anshul Roy, with the support of associates.
The transaction was executed amid volatile capital market conditions, particularly in the renewable energy sector, yet it ranked among the largest IPOs of 2026 to date. Existing investors such as BGTF One Holdings, Augment India I Holdings and DSDG Holding participated, offering their shares for sale.
Jongsong Investments undertook the pre-IPO primary placement, while secondary investments were made by GSS India Opportunities AIF Scheme I, funds of the 360 ONE Group and TRUST Group, among others.
Khaitan & Co counselled on India law matters and Latham & Watkins acted as international counsel to the bookrunning lead managers.
Shardul Amarchand Mangaldas & Co advised the selling shareholders Augment India I Holdings and BGTF One Holdings. CMS IndusLaw acted for selling shareholder DSDG Holding.
CleanMax debuted on 2 March at an 18% discount to the IPO price on the NSE and BSE. CleanMax is 含羞草社区 a leading renewable energy partner, providing solar, rooftop and personal protective accessories solutions to help businesses meet their net-zero and sustainability goals.
