Temasek and Abu Dhabi Investment Authority (ADIA) are among 41 anchor investors in the initial public offering (IPO) of Clean Max Enviro Energy Solutions, an Indian renewable energy company backed by Brookfield.
Clean Max has allocated INR 921 crore (€86m) worth of shares to its anchor investors as part of the INR 3,100 crore the firm is seeking in the IPO to pay down debt and fund working capital.
Other major investors included in the pre-IPO allocation last week were Nomura Asset Management, Franklin Templeton, Hong Kong-based Eastspring Investment as well as Indian financial institutions and mutual funds.
Domestic institutional investors made up 68% of the participation, while foreign institutions accounted for 32%. The company had reserved no more than 50% of the shares in the IPO to institutional buyers, and the balance to other institutional and retail investors.
According to the prospectus, the company is planning to list on both the Bombay Stock Exchange and the National Stock Exchange on 2 March.
Founded in 2010, Clean Max is now the leading commercial and industrial renewable energy provider in India.
In 2023, the Brookfield Global Transition Fund, bought a controlling stake in Clean Max for around US$360m (€306m).
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