Brookfield-backed Clean Max Enviro Energy Solutions is preparing to revive its Indian IPO plans with a reduced offering of about $350m to $400m, as valuation pressures weigh on renewable energy listings.

Bloomberg sources have said the Mumbai-based company is targeting a February launch, scaling back from an earlier proposed deal of roughly 52bn rupees, or about $573m. Discussions are ongoing and the size and timing of the offering could still change.

A draft prospectus filed in August outlined plans to raise up to 15bn rupees through new shares, alongside a secondary sale of about 37bn rupees from existing shareholders, including Augment Infrastructure Partners. Brookfield owned a 42.9% stake in the business at the time, while Augment held nearly 20%.

The reduced IPO reflects broader challenges in India’s renewable energy sector. Several energy-related companies that listed last year are trading well below their offer prices, amid constrained earnings growth and oversupply in solar equipment.

India’s IPO market has had a slower start to 2026 after companies raised a record $22.36bn last year. Still, more than 200 companies have either received regulatory approval or filed draft prospectuses, pointing to a busy pipeline despite near-term volatility. 

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