.jpg)
2 hours ago
3
Article content
(Bloomberg) — Temasek Holdings Pte and Abu Dhabi Investment Authority are planning to invest in the initial public offering of Clean Max Enviro Energy Solutions Ltd., according to people familiar with the matter, giving support to a listing that will test market sentiment in India.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The sovereign wealth funds are poised to participate as cornerstone investors — which get guaranteed allocation in a deal in exchange for holding the shares for a period of time — alongside domestic mutual funds and insurers including HDFC Asset Management Co. Ltd and SBI Life Insurance Co., the people said, asking not to be identified as the information is private. Discussions are ongoing and details of the anchor allocations could still change, they said.
Article content
Article content
Article content
The Mumbai-based company’s plan to raise about 31 billion rupees ($341 million), is another test of the Indian IPO market, which is struggling to gather momentum after two consecutive years that set records for proceeds. The offering will also be closely watched for signs of sustained demand after months of underperformance in India’s renewable energy stocks, with dozens of other companies weighing whether to list.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Clean Max, a renewable energy company backed by Brookfield Corp., set aside shares worth about 9.3 billion rupees ($102 million) for anchor investors before the subscription period, according to the prospectus. Investment bankers are likely to allocate the shares at 1,053 rupees apiece, at the top of the marketed price range, the people said. The company raised 15 billion rupees in a pre-IPO placement last week.
Article content
Representatives for Clean Max, Temasek, ADIA, HDFC AMC and SBI Life didn’t respond to requests for comment.
Article content
Article content
Advertisement 1
English (US)