SEBI Clears IPOs of Clean Max Enviro Energy and Nephrocare Health, Expanding November’s Market Pipeline

Mumbai | November 13

India’s primary market is set for another busy month as the Securities and Exchange Board of India (SEBI) has cleared the IPO proposals of Clean Max Enviro Energy Solutions and Nephrocare Health Services. The approvals, issued on 10 November, add two sectorally important issuers—renewable energy and healthcare—to an already active November IPO calendar. Both companies had filed their draft papers in August and can now proceed to launch their issues once they finalise dates, price bands and offer structures.

Clean Max Enviro Energy: ₹5,200-crore Public Issue Receives Regulatory Approval

Clean Max Enviro Energy will enter the market with a ₹5,200 crore IPO, comprising a ₹1,500 crore fresh issue and an offer for sale of ₹3,700 crore by promoters and existing shareholders. The company intends to utilise ₹1,125 crore from the fresh proceeds to reduce its consolidated debt, which stood at ₹8,078.1 crore as of 31 March.

The offer will be managed by Axis Capital, JPMorgan, BNP Paribas, HSBC Securities, IIFL Capital, Nomura, BoB Capital Markets and SBI Capital Markets, with MUFG appointed as registrar.

Clean Max is a leading renewable energy supplier serving commercial and industrial (C&I) customers, with its portfolio dominated by solar installations for corporate clients across India. Its listing will add another energy-transition play to the public markets at a time when investor interest in clean energy remains strong.

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Nephrocare IPO: Expansion-Focused Healthcare Issue Moves Ahead

Nephrocare Health Services has secured approval for an IPO that includes a ₹353.4 crore fresh issue and an OFS of 1.27 crore shares. The company plans to deploy ₹129.1 crore towards opening new dialysis centres across India and ₹135.9 crore for debt repayment, with the rest allocated to general corporate purposes.

Operating under the NephroPlus brand, the company runs one of India’s largest dialysis networks, offering haemodialysis, home and mobile dialysis, and renal-wellness programmes across domestic and select international markets. Its IPO adds a specialised healthcare provider to the November slate, complementing the month’s diverse pipeline.

With SEBI’s approvals now in place, both issuers are expected to announce their IPO timelines shortly. The two new additions further strengthen an already crowded month of upcoming IPOs, drawing continued interest from institutional and retail investors tracking India’s expanding listings landscape.