Adia wants a piece of another Indian firm: Abu Dhabi Investment Authority (Adia) and Singapore’s Temasek Holdings are planning to serve as anchor investors in the IPO of Mumbai-based CleanMax Enviro Energy Solutions, Bloomberg reports, citing unnamed sources.

Who else will participate? The renewable energy firm is seeking to raise about INR 31 bn (USD 341 mn), including a fresh issue of INR 12 bn and the rest as an offer for sale, as per the firm’s filing. The sovereign wealth funds are expected to join domestic institutions, including HDFC Asset Management and SBI Life Ins.

Offer details: The firm has earmarked roughly INR 9.3 bn (USD 102 mn) for anchor investors and recently raised INR 15 bn in a pre-IPO placement. Bankers are expected to price the issue at the top end of the range. Investment bankers are expected to price the anchor tranche at INR 1.05k per share, the top of the marketed range.

Advisors: Axis Capital, JP Morgan, HSBC, Nomura, IIFL Capital, Bank of Baroda Capital, and SBI Capital are advising on the listing.

CleanMax in the Gulf: CleanMax has its Middle East headquarters in Dubai and has built a 55 MW portfolio in the UAE. The firm entered Saudi Arabia and Bahrain through a joint venture — Kanoo-CleanMax — with the Manama-based Kanoo Group.

Adia ❤️ India: Adia invested USD 5.5 mn in the USD 1.2 bn anchor round of ICICI Prudential Asset Management Company ahead of its IPO, adding to an earlier undisclosed stake. It also backed the INR 29 bn (USD 327 mn) IPO of Emmvee Photovoltaic Power, the INR 66.3 bn (USD 754 mn) listing of Billionbrains Garage Ventures, and was reportedly among the buyers of a 3.45% stake in RBL Bank.

IN CONTEXT- India’s capital markets have been struggling with momentum after two strong years of record proceeds. Firms raised around INR 2 tn (USD 22.4 bn) through IPOs in 2025, while so far this year, only INR 14.5 bn (USD 160 mn) has been raised. The pipeline is packed, however, with over 200 firms awaiting or having received regulatory approval for listing this year. The sovereign backing lends heft to a listing that comes amid subdued activity in the renewables listings and concerns over valuations.

What’s next: The anchor bids will open today and run through Wednesday, while the listing is tentatively expected on 2 March.

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