New Delhi, Nov. 10 -- Portfolio firms of asset managers Brookfield and Investcorp have received approval from India's capital markets regulator to float their initial public offerings (IPOs), as the pipeline of companies preparing to list on the stock exchanges continues to grow.

Clean Max Enviro Energy Solutions Ltd, which counts investors such as Canadian asset manager Brookfield Asset Management Inc, US private equity firm Augment Infrastructure, and Copenhagen-based Impact Fund Denmark (earlier called IFU), has gained approval from the Securities and Exchanges Board of India (SEBI) to proceed with its planned listing.

Separately, SEBI also granted final observations to Nephrocare Health Services Ltd, which operates under the NephroPlus brand and counts Investcorp, Bessemer Venture Partners, 360 One Asset, Quadria Capital, and the International Finance Corporation (IFC) among its investors.

The two companies had filed their draft red herring prospectus (DRHP) in July and August.

Mumbai-based Clean Max plans to raise Rs 5,200 crore ($586 million) through its IPO. The issue comprises a fresh issue of Rs 1,500 crore and an offer for sale of shares worth Rs 3,700 crore by three foreign investors, founder Kuldeep Jain and his family.

The three investors, Brookfield, Augment, and Impact Fund, plan to pare their stake in the renewable energy company, which could be valued at around $1 billion upon listing.

Founded by Jain in 2011, Clean Max provides solar, wind and hybrid energy solutions to businesses, allowing them to shift to sustainable clean energy sources. It counts companies like Apple and Google among key clients. As of July 31, 2025, the company had 2.54 GW of operational, owned, and managed capacity, with 2.53 GW of contracted capacity yet to be executed.

Clean Max's consolidated revenue from operations increased to Rs 1,495.7 crore in FY25 from Rs 1,389.8 crore the year before. It posted a profit of Rs 21.9 crore in FY25 versus a loss of Rs 37.8 crore the year before.

Meanwhile, Hyderabad-based Nephrocare filed its papers with SEBI in July to raise up to Rs 353.4 crore through a fresh issue and an offer for sale of up to 12.8 million shares by existing investors, including Investcorp, IFC, and 360 One.

Nephrocare, which operates dialysis centers, has seen significant improvement in its financial performance, driven by international expansion and a diversified revenue model, VCCircle reported in June. The Hyderabad-based company's revenue grew 33.5% year-on-year reaching Rs 755.8 crore in FY25.

Published by HT Digital Content Services with permission from VC Circle.