Brookfield-backed Clean Max Enviro Energy Solutions' Rs 31 billion ($341 million) initial public offering, was subscribed 0.94 times as of 5:10 pm IST on Wednesday, exchange data showed, in a muted reception for India's biggest IPO of the year so far.
The power producer, which supplies green energy to clients including Amazon and Google in India, drew bids for 20.6 million shares versus 21.8 million on offer.
Why it's importaht
The IPO comes amid a slow start to India's primary market in 2026, with five listings so far compared with 10 in the same period a year earlier.
Key quotes
"A muted opening is largely driven by market sentiment - it's not in the company's hands," Clean Max's managing director Kuldeep Jain told Reuters. "Markets are soft and IPO markets are weak, and investors are nervous."
He said a softer listing would not change the company's operating or execution plans.
Context
India is in the middle of a rapid build-out of AI infrastructure, with global players such as Google, Amazon, Meta Platforms, Microsoft and Reliance expanding capacity.
The surge in AI-led infrastructure is expected to boost demand across the power, electrical equipment and construction sectors, with Nomura forecasting an acceleration in growth in India's construction sector in the next few quarters.
Data and AI, a segment that has grown nearly tenfold between March 2024 and October 2025, accounts for 44% of Clean Max Enviro's revenue, Jain told Reuters.
By the numbers
Clean Max is raising Rs 12 billion through a fresh issue and Rs 19 billion via an offer for sale, seeking a valuation of about Rs 123.3 billion.
Qualified institutional investors drove demand, subscribing 2.83 times, while non-institutional and retail bids stood at 0.54 times and 0.06 times, respectively.
The stock is set to list on March 2.
