Reportedly, CleanMax Enviro Energy Solutions has secured Rs 15 billion in a pre-initial public offering (IPO) funding round led by Temasek Holdings and Bain Capital.
The placement also attracted participation from Steadview Capital, 360One, Steinberg India Emerging Opportunities Fund and several family offices, including those of the Dalmia group, Jaisinghani and Taparia families via TrustGroup. Temasek and Bain Capital together are expected to hold close to a 10 per cent stake in CleanMax following the transaction, with pre-IPO shares allotted at Rs 1,053 each. The fresh capital clears a path for the company’s planned IPO later this month, for which it has received regulatory approval for an updated draft red herring prospectus and is targeting a raise of about Rs 52 billion, including the pre-IPO round.