Clean Max's India IPO, backed by Brookfield, subscribed to 94% of the total on the final day.
The exchange data shows that the 31?billion rupee ($341million) IPO of Clean Max Enviro Energy Solutions, which is backed by Brookfield, received a muted response as at 5:10pm IST on Wednesday.
A power producer that supplies green energy to clients such as Amazon and Google India received bids of 20.6 million shares, compared with the 21.8 million offered.
Why it's important
The IPO coincides with a slower start for India's main?market? in 2026. Five listings have been made so far, compared to 10 during the same period a year ago.
KEY QUOTES
Kuldeep Jain, Clean Max's managing Director, said that a muted opening was largely determined by the market sentiment. Investors are nervous because the markets are soft, and IPO markets have been weak.
He claimed that a soft listing would not change the company's?operational or?execution? plans.
CONTEXT
India is undergoing a rapid expansion of its AI infrastructure. Global players like Google, Amazon Meta Platforms Microsoft and Reliance are expanding their capacity.
Nomura predicts that the construction sector will grow faster in India in the coming quarters.
Jain said that Clean?Max Enviro’s revenue is 44%?data and AI. This segment has grown?nearly 10 times between March 2024 to October 2025.
By the Numbers
Clean Max will raise 12 billion rupees by way of a new?issue, and 19 billion via an offer for sales. The company is aiming to value the business at 123.3 billion.
Demand was driven by institutional investors, who subscribed 2.83 times. Retail bids were 0.54 times and 0.06 times.
The stock is scheduled to list on the 2nd of March.
(source: Reuters)
