Brookfield-Backed Clean Max Plans Reduced IPO Amid Sector Valuation Challenges

Clean Max Enviro Energy Solutions Ltd., a Mumbai-based renewable energy firm backed by Brookfield Corp., plans to launch a reduced initial public offering (IPO) in February, targeting about $350-400 million, down from an earlier proposal of approximately $573 million. Discussions on timing and size are ongoing. The renewable energy sector faces valuation challenges, with several recent Indian energy IPOs trading below offer prices due to infrastructure constraints and solar panel oversupply, affecting profitability, according to industry analysts.