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(Bloomberg) — Shares of Clean Max Enviro Energy Solutions Ltd., one of India’s leading renewable energy providers, slipped in their Mumbai trading debut on Monday, underscoring muted investor appetite for the industry.
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Shares of the Brookfield Corp.-backed company fell as much as 19% to 856.90 rupees, compared with an offer price of 1,053 rupees.
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The company’s 31 billion rupee ($341 million) initial public offering failed to attract full subscription, closing at about 94% of the shares on offer. The portion reserved for retail investors was 7% subscribed, the weakest response for a mainboard IPO in more than seven years.
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The weak demand and lackluster debut are casting a shadow over half a dozen renewable energy companies planning to tap the primary market. Renewable energy stocks have been under sustained pressure in recent months as exports slowed and the build-out of transmission infrastructure suffered delays. A 126% tariff imposed by the Trump administration on solar imports from India last week has added to the challenges, further clouding the outlook for manufacturers.
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“Oversupply, tepid demand growth, storage constraints and inadequate transmission infrastructure have all weighed on the sector’s momentum,” said Siddarth Bhamre, head of research at Asit C Mehta Investment Intermediates. “At the same time, regulatory headwinds and stretched valuations have damped investor appetite for renewable energy stocks.”
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Several Indian renewable and energy-related companies that went public last year are trading below their offer prices. Vikram Solar Ltd. has declined nearly 49% from its IPO price, while Solarworld Energy Solutions Ltd. and Saatvik Green Energy Ltd. have fallen about 46% and 22%, respectively. Emmvee Photovoltaic Power Ltd. and Fujiyama Power Systems Ltd. are also trading below their issue prices.
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