SEBI Approves Two Significant IPOs; Clean Max Energy and Nephrocare to Raise ₹ 5,553 crore

11 Nov, 2025 – India’s IPO market is heating up, with the SEBI giving the nod to two key IPO’s : renewable energy firm Clean Max Enviro Energy and healthcare provider Nephrocare Health Services.

In all, the companies are planning to raise ₹5,553 crore together. Both firms filed papers as early as August this year and obtained their final clearance that sets the stage for two big listings in the green energy and healthcare sector.

Clean Max IPO

Of the two, by far the larger one is the Clean Max IPO, a big ₹5,200 crore issue.

It’s a mix of a fresh issue of ₹1,500 crore to raise new capital and an offer-for-sale worth ₹3,700 crore, wherein the existing investors, including its founder and several private equity funds, will sell their stakes.

The funds will be used to repay debt to the tune of ₹1,125 crore and for other corporate purposes.

Founded in 2010, Clean Max is a significant player in the field of renewable power. It offers solar, wind, and hybrid solutions to large corporates for their decarbonization goals.

Nephrocare (NephroPlus) IPO

The firm operating the popular “NephroPlus” brand, Nephrocare Health Services is also hitting the market in the healthcare space.

The company will raise ₹353.4 crore in a fresh issue, while 1.27 crore shares will be sold by existing investors like Investcorp, IFC, and 360 One through an OFS.

Of the new cash, ₹129.1 crore will go toward setting up new dialysis clinics and ₹136 crore will be used to repay debt. NephroPlus is one of the largest dialysis providers in India, having just crossed a milestone of 500 centers across four countries.

These two approvals demonstrate that the primary market still has an appetite, at least for companies operating in high-growth sectors like renewables and healthcare.

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