Temasek Holdings and Abu Dhabi Investment Authority are planning to participate as cornerstone investors in Clean Max Enviro Energy Solutions’ planned $341m initial public offering, says Bloomberg.

The Mumbai-based renewable energy company aims to raise approximately 31bn rupees, equivalent to about $341m. Shares worth roughly 9.3bn rupees, or about $102m, have been allocated to anchor investors ahead of the subscription period.

The IPO is expected to price at 1,053 rupees per share, at the top of the marketed range, according to people familiar with the matter. Clean Max also raised 15bn rupees in a pre-IPO placement last week.

The business is backed by Brookfield, positioning the listing as a partial liquidity event for one of the world’s largest alternative asset managers.

The offering will test sentiment in India’s IPO market after two record years of issuance were followed by slower momentum. It will also gauge investor appetite for renewable energy stocks after months of sector underperformance.

For Temasek and ADIA, the cornerstone commitments reflect continued sovereign wealth interest in infrastructure-like renewable platforms with long-term contracted revenue profiles.

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