Brookfield-backed Clean Max is reviving its Indian IPO plans with a scaled-back offering of $350 million to $400 million, a reduction from an earlier target of roughly $573 million. The Mumbai-based renewable energy firm is now targeting a February launch, though terms remain fluid.

The reduced deal reflects persistent valuation pressures in India's renewable energy sector. Several peers that listed last year are trading below their offer prices, hampered by constrained earnings growth and oversupply in solar equipment. Clean Max's draft prospectus from August outlined a larger fundraising plan before market conditions shifted.

India's broader IPO market slowed in early 2026 after a record $22.36 billion haul last year. Yet the pipeline remains active, with over 200 companies approved or filed. Investors will watch whether Clean Max's more modest valuation can attract interest in a cautious market.