Upcoming IPOs: CleanMax, NephroPlus get Sebi nod to float public issue

Upcoming IPOs: Clean Max Enviro Energy Solutions and NephroPlus have received approval from the capital markets regulator, Securities and Exchange Board of India (Sebi), to raise funds via initial public offerings (IPOs).

Clean Max Enviro Energy Solutions IPO details

Clean Max Enviro Energy Solutions looks to raise over ₹5,200 crore via IPO. The IPO, with a face value of ₹1, is a mix of fresh issue of shares of up to ₹1,500 crore and an offer-for-sale of up to ₹ 3,700 crore by promoters and investors selling shareholders.

The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.

The offer for sale comprises shareholders selling up to ₹321.37 crore by Kuldeep Pratap Jain, up to ₹1,970.83 crore by BGTF One Holdings (DIFC) Limited, up to ₹225.61 crore by KEMPINC LLP, up to ₹991.94 crore by Augment India I Holdings, LLC, and up to ₹190.25 crore by DSDG Holdings APS.

Proceeds from the fresh issue of ₹1,125 crore will be utilised for repayment and/or prepayment, in whole or in part, of certain outstanding borrowings of the company and/or its subsidiaries, as well as for general corporate purposes.

The company, in consultation with the book-running lead managers, may consider a further issue of specified securities, aggregating up to ₹300 crore. The pre-IPO placement, if undertaken, shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.

The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders, respectively.

NephroPlus IPO details

Meanwhile, the Hyderabad-based NephroPlus's proposed IPO comprises an offer-for-sale of 1.27 crore equity shares by the selling shareholders and a fresh issue of ₹353.4 crore, according to the draft red herring prospectus (DRHP).

NephroPlus proposes to utilise the net proceeds of the fresh issue towards capital expenditure of ₹129.1 crore for opening new dialysis clinics in India, ₹136 crore for pre-payment or scheduled repayment of certain borrowings availed by the company, and the remainder for general corporate purposes.

NephroPlus, incorporated in 2009, recently announced it had crossed 500 dialysis centres globally, thereby joining the ranks of major global dialysis providers such as Fresenius Medical Care, DaVita and Diaverum. It operates across five countries, serving more than 33,000 patients per month.

Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited (HPL), Investcorp Private Equity Fund II (IPEF II) and Investcorp Growth Opportunity Fund (IGOF) are the promoters of the company.

As part of the OFS, the promoter selling shareholders include Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte. Ltd., and other selling shareholders include Investcorp India Private Equity Opportunity Limited, International Finance Corporation, 360 One Special Opportunities Fund - Series 9 and 360 One Special Opportunities Fund - Series 10.

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