Brookfield-backed Clean Max Envirotech files for India IPO

Brookfield-backed Clean Max Envirotech files for India IPO

Brookfield-Backed Clean Max Enviro Energy Files for India IPO Amid Mixed Investor Demand

Brookfield Asset Management-backed Clean Max Enviro Energy Solutions has launched its initial public offering (IPO) in India, aiming to raise up to $341.7 million through a share offering slated to list on March 2. The company, which supplies renewable energy to major clients including Amazon and Google, plans to issue up to 12 billion rupees in new shares and sell an additional 19 billion rupees worth of existing shares held by investors like founder Kuldeep Jain. Shares are priced between 1,000 and 1,053 rupees each, with 30% allocated to cornerstone investors, including Temasek and the Abu Dhabi Investment Authority.

As of the final bidding day on February 25, the IPO was subscribed 0.94 times, with bids for 20.6 million shares against 21.8 million offered. Demand was uneven: qualified institutional buyers (QIBs) subscribed 2.83 times, while non-institutional and retail investors contributed 0.54 times and 0.06 times, respectively. Clean Max's managing director attributed the muted retail interest to softer market conditions and cautious investor sentiment, though the company emphasized no changes to its operational plans.

The IPO, India's largest so far in 2026, reflects growing demand for renewable energy infrastructure amid the country's AI-driven digital expansion. Clean Max's data and AI clients now account for 44% of its revenue, a segment that grew nearly tenfold between March 2024 and October 2025. Analysts note that India's push to expand AI infrastructure—led by hyperscalers like Google, Amazon, and Reliance—is intensifying demand for reliable, low-cost power, positioning energy providers like Clean Max as key players in this transition.

With India's IPO market recording only five listings in early 2026 compared to 10 in the same period last year, the under-subscription highlights cautious investor appetite. However, strong QIB demand suggests institutional confidence in the long-term potential of India's electrification and AI sectors. The offering is advised by Axis Capital, J.P. Morgan, and BNP Paribas.