Upcoming IPOs: Clean Max, Nephrocare Health Services secure SEBI's nod to launch public offers

Together, the two companies are aiming to raise at least ₹5,553 crore.

Both companies, which filed their preliminary IPO papers with SEBI in August, obtained their observations between October 30 and November 4, according to the update.

In regulatory terms, SEBI's observations are equivalent to clearance for launching a public issue.

As per the draft papers, Clean Max is seeking to raise ₹5,200 crore through its IPO, comprising a fresh issue of shares worth up to ₹1,500 crore and an offer-for-sale (OFS) worth ₹3,700 crore by promoters and an investor shareholder.

The OFS consists of the offloading of shares by founder Kuldeep Pratap Jain, BGTF One Holdings (DIFC) Ltd, KEMPINC LLP, Augment India I Holdings, LLC, and DSDG Holdings APS.

Proceeds from the fresh issue amounting to ₹1,125 crore will be used to repay debt, while the balance will go towards general corporate purposes.

Founded in 2010, CleanMax specialises in net-zero and decarbonisation solutions for commercial and industrial customers. Its offerings include renewable power supply --wind, solar, hybrid -- energy services, and carbon credit solutions.

The IPO of Nephrocare Health Services, known for its brand NephroPlus, involves a fresh issue of equity shares valued at ₹353.4 crore and an OFS of 1.27 crore shares by promoters and existing shareholders.

As part of the OFS, promoters -- Investcorp Private Equity Fund II, Healthcare Parent Ltd, Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte Ltd -- will offload shares.

In addition, other shareholders, such as Investcorp India Private Equity Opportunity Ltd, International Finance Corporation, 360 One Special Opportunities Fund - Series 9 and 360 One Special Opportunities Fund - Series 10 will sell shares.

NephroPlus proposes to utilise proceeds of the fresh issue to the tune of ₹129.1 crore for opening new dialysis clinics in India, ₹136 crore for payment of debt and the rest on general corporate purposes.

NephroPlus, incorporated in 2009, recently announced crossing 500 dialysis centres globally. It has operations across four countries -- India, the Philippines, Uzbekistan, and Nepal, serving over 33,000 patients annually.