Mumbai-based renewables firm Clean Max Enviro Energy Solutions is preparing for a smaller listing in February after several energy firms that listed in 2025 traded below their offer prices. Canadian investment firm Brookfield — which has significant investments across the UAE and Saudi Arabia — owns 42.9% of the company.

Revised size: The firm is targeting an IPO size of up to INR 36 bn (USD 400 mn), compared to its earlier plans to raise INR 52 bn (USD 573 mn), Bloomberg reports, citing sources familiar with the matter.

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In August 2025, the firm proposed raising up to INR 15 bn (USD 165 mn) through a fresh issue, alongside an offer for sale of about INR 37 bn (USD 407 mn), according to a draft filing. With a reduced ticket size, these numbers are expected to change as the company firms up its final offer.

THE CONTEXT- Vikram Solar, which debuted in 2025, is at 28% below its offer price. Similarly, Solarworld Energy Solutions is down 24% and Saatvik Green Energy 16% — highlighting that the valuation projections for clean energy firms are way off mark.

Market backdrop: Indian firms raised about INR 2.04 tn (USD 22.4 bn) through IPOs in 2025, but issuance has slowed since the start of 2026, with roughly INR 14.5 bn (USD 160 mn) raised so far. More than 200 firms are awaiting or have received approval from India’s market regulator for listing this year.

Why it matters: Brookfield has been expanding its footprint across the Gulf, including the UAE and Saudi Arabia, through investments in real assets and infrastructure, often alongside regional partners. Gulf sovereign capital has also remained active in India’s renewables in recent years. In that context, Clean Max’s listing will be closely watched for market signals on valuations and commercial prospects of green energy startups.

Coming up in the IPO pipeline

  • Walmart-backed Indian digital payments platform PhonePe has secured regulatory approval to proceed with an IPO after submitting a confidential filing in September, Reuters reports, citing sources. The company is targeting a listing by mid-2026. The IPO is expected to include an offer for sale by existing shareholders with Walmart, Microsoft, and Tiger Global likely to offload part of their stakes.
  • Mumbai-based real estate conglomerate K Raheja Corp is reportedly considering an IPO that could raise up to USD 700 mn, potentially setting up one of India’s largest real estate listings, Bloomberg reports, citing people familiar with the matter. The company has held preliminary discussions with bankers and is seeking a valuation of around USD 7 bn.
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