Cyril Amarchand Mangaldas has advised the Clean Max Enviro Energy Solutions and the founder promoters including Kuldeep Jain and KEMPINC LLP on the initial public offering, and the primary/secondary pre-IPO placement by CleanMax aggregating to approximately INR 3100 crore. Shardul Amarchand Mangaldas & Co. advised the selling shareholders, Brookfield Global Transition Fund, Steadview Capital, Augment Infrastructure and Bain Capital, on the transaction. Khaitan & Co. acted as Indian legal counsel to the book running lead managers, while Latham & Watkins served as international legal counsel advising the BRLMs on the transaction.The IPO comprised a fresh issue and an offer for sale (OFS) by these existing shareholders. The issue comprised a fresh issue of 1.14 crore equity shares aggregating to INR 1,196.16 crore and an OFS of 1.80 crore shares valued at INR 1,900 crore. The price band was INR 1,000-INR 1,053 per share, with the final issue price set at INR 1,053 per share.
Clean Max Enviro Energy Solutions is a leading commercial and industrial (C&I) renewable‑energy provider.
CAM’s transaction team was led by senior partner Yash Ashar, partner, regional co-head – capital markets – west Ravi Dubey and partner Anshul Roy, with support from senior associates Tanushri More and Sachin Santuka and associates Esha Gupta, Anomitra Debnath, Arjun Badola, Aditya Maheshwari and Akshita Dhawan.
SAM’s Capital Markets team advising the Brookfield Promoter Selling Shareholder was led by partners Nikhil Naredi and Krupa Brahmbhatt, along with associate Ankita Singh.
The deal team advising Brookfield on all corporate-related matters, including all pre-IPO transactions was led by partners Jay Gandhi, Abhishek Parekh, along with counsel Bharath Sridhar, senior associate Samyukta Shetty and associates Varshini Agarwalla and Jay Sureka.
The Securities and Regulatory team advising the Brookfield Promoter Selling Shareholder was led by partner Manjari Tyagi, along with principal associate Deepika Goyal and associates Roop Singh and Kashvi Vachhani.
SAM’s Capital Markets team advising Augment Infrastructure (acting as Investor Selling Shareholder) was led by partner Abhiroop Amitava Datta, along with associate Bhoomika Gupta.
The deal team advising Augment Infrastructure on pre-IPO transactions and corporate matters was led by partner V.R. Neelakantan and partner Samridha Neupane, along with senior associate Siddharth Jain.
The transaction team advising Steadview on legal and tax matters was led by partner Harshita Srivastava, along with principal associate Nimish Malpani and associate Palomita Sharma.
The deal team advising Bain Capital was led by partners Gunjan Shah and Nirmal Mahtani, along with principal associate Siddharth Damle and associate Oorja Chari.
The Competition team advising Bain Capital was led by partners Rohan Arora and Radhika Seth, along with senior associate Satvik Mohanty.
Bain Capital was advised on the aspects of the Capital Markets of the transaction by partner Sayantan Dutta. The Infrastructure team advising Bain Capital was led by partner Prashant Sirohi, senior associate Tinnish Sharma and associate Tanya Rathod.
Khaitan’s core team consisted of partners Subhayu Sen and Aayush Mohata, alongwith senior associates Johann Valladares and Sarjana Das and associates Arjun Kapur, Ria Chaudhary, Dhananjay Sreeram and Mehar Sharma.
The Latham team was led by Singapore partner Rajiv Gupta, with counsel Esha Goel and associates Sirada Chayabunjonglerd and Jeffy Katio.
