Brookfield-backed Clean Max Enviro Energy Solutions Ltd. is planning to launch its 52 billion rupees ($586 million) initial public offering as early as November, according to people familiar with the matter.
The commercial and industrial renewable energy provider has started investor roadshows and aims to begin the share sale next month after getting regulatory approvals, the people said, asking not to be identified as the information is private.
The IPO will comprise as much as 15 billion rupees of new shares and a secondary offering of 37 billion rupees from existing investors, including US-based Augment Infrastructure Partners, according to the IPO prospectus filed in August.
Discussions are ongoing and details such as the size and timing of the offering may change, the people said.
A spokesperson for Clean Max didn’t respond to a request for comments.
Brookfield owned a 42.9% stake in the company, while Augment held nearly 20% as of August, according to the prospectus. Proceeds from the fresh issue will be used for debt repayment as well as general corporate purposes.
The company reported a net income of 194 million rupees on a revenue of 16.1 billion rupees for the year ended March 31. It had 2.54 gigawatts of operational, owned and managed capacity, and another 2.53 gigawatts contracted but yet to be executed as of July 31.
Indian units of JPMorgan Chase & Co., BNP Paribas SA, HSBC Holdings Plc and Nomura Holdings Inc. are among the banks managing the share sale along with Indian lenders such as Axis Bank Ltd.
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