Clean Max Enviro Energy Solutions Limited has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise Rs 52 billion through an initial public offering (IPO). The IPO has a face value of Re 1 per share and consists of a fresh issue of shares worth up to Rs 15 billion and an offer for sale of up to Rs 37 billion by promoters, investors, and selling shareholders. Of the fresh issue proceeds, Rs 11.25 billion will be utilised for repayment or prepayment, in part or full, of certain outstanding borrowings of the company and its subsidiaries, with the balance allocated towards general corporate purposes. The company may also consider a further issue of specified securities amounting to up to Rs 3 billion. If undertaken, this pre-IPO placement will not exceed 20 per cent of the size of the fresh issue, and the fresh issue size will be reduced accordingly. The offer also includes a reservation for subscription by eligible employees, with a discount to be provided to those participating under the employee reservation portion.