Brookfield-backed Clean Max plans smaller $350m–$400m India IPO

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.

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, alongsi…