Abu Dhabi Investment Authority (Adia) has anchored the INR 31 bn (USD 341 mn) IPO of Mumbai-based renewables firm CleanMax Enviro Energy Solutions. The details regarding Adia’s bid, including the amount and shares, are yet to be disclosed.

Anchor round: Adia, alongside Singapore’s Temasek Holdings, SBI Life Ins., Tata Investment Corporation, and other leading domestic companies, participated in the anchor round, which recorded INR 9.21 bn (USD 102 mn) in bids, Economic Times reports. CleanMax placed 8.75 mn shares at INR 1,053 per share in the round.

Overseas investors accounted for 32% of the anchor demand, while domestic institutions contributed the remaining 68%. Public bids are currently underway and listing is expected on 2 March. We had reported last week that ADIA and Temasek were expected to emerge as cornerstone investors in the listing.

Pre-IPO round: CleanMax had already raised INR 15 bn (USD 165 mn) in a pre-IPO placement on 6 February from Temasek, Bain Capital, 360 One, Steinberg India Emerging Opportunities Fund, Steadview Capital and several family offices.

Gulf footprint: CleanMax operates its Middle East headquarters out of Dubai and has developed a 55 MW portfolio in the UAE. The company has also expanded into Saudi Arabia and Bahrain through a joint venture — Kanoo-CleanMax — formed with Bahrain-based Kanoo Group.

Adia was the most active Gulf SWF in India’s IPO market last year, anchoring listings across finance, renewables, manufacturing and fintech sectors.

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