Brookfield-backed Indian energy company Clean Max said it plans a scaled-down initial public offering

Clean Max Enviro Energy Solutions Ltd., a renewable energy company backed by Brookfield Corp., is preparing to launch its initial public offering in February with a smaller deal size, according to people familiar with the matter.The Mumbai-based company is now planning an initial public offering of about $350 million to $400 million, down from a previously proposed size of about 52 billion rupees ($573 million), said the people, who asked not to be identified because the information is private. Discussions are ongoing and details, including the timing and size of the offer, are subject to change.

A draft prospectus filed in August outlined plans to raise as much as 15 billion rupees through the sale of new shares, in addition to a secondary offering of about 37 billion rupees from existing investors including US-based Augment Infrastructure Partners.

A spokesperson for Clean Max did not respond to requests for comment.

The sector has been plagued by valuation challenges recently as most Indian energy-related stocks listed last year are trading below their offer prices. Vikram Solar Ltd. is down almost 28% from its offer price, while Solarworld Energy Solutions Ltd. and Saatvik Green Energy Ltd. approximately 24% and 16% respectively have fallen. Emmvee Photovoltaic Power Ltd. and Fujiyama Power Systems Ltd. are also trading below their offer prices.

“Earnings growth at renewable energy companies has been muted as transmission infrastructure has failed to keep pace with generation capacity,” said Siddarth Bhamre, head of research at Asit C Mehta Investment Intermediates. “In addition, an oversupply of solar panels has also depressed prices, which has affected the profitability of some companies.”

While deals continue to boom in Asia – especially in Hong Kong and mainland China – India’s IPO market is off to a slower start this year after companies raised a record $22.36 billion in 2025. About eight companies have raised about $160 million so far in January, according to data compiled by Bloomberg. Still, the pipeline remains strong, with more than 200 companies having received regulatory approval or filing draft prospectuses with the Securities and Exchange Board of India, the regulator’s website shows. Brookfield owned a 42.9% stake in Clean Max as of August, while Augment owned almost 20%, according to the prospectus.

Axis Bank Ltd., IIFL Capital Services Ltd., BOB Capital Markets Ltd., SBI Capital Markets Ltd. together with the Indian units of JPMorgan Chase & Co., BNP Paribas SA, HSBC Holdings Plc and Nomura Holdings Inc. to the banks managing the share sale, according to the IPO prospectus.