Clean Max IPO stumbles in Mumbai debut. Shares of the Brookfield-backed renewable energy company fell as much as 19% on their first day of trading, closing at 856.90 rupees versus an offer price of 1,053 rupees. The 341 million dollar IPO struggled to attract investors, closing at just 94% subscription with retail demand at only 7%, marking the weakest mainboard response in over seven years. The weak performance reflects broader headwinds facing India's renewable sector, including oversupply, inadequate transmission infrastructure, and delayed exports. A Trump administration tariff of 126% on Indian solar imports has further pressured the industry. Several other renewable energy companies that went public last year are also trading significantly below their offer prices, signaling investor caution in the sector.
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