A thaw in the renewable energy deal market? Investors eye CleanMax IPO for pricing cues
₹3,100 crore initial public offering (IPO) of CleanMax Enviro Energy Solutions Ltd to break the deadlock. Investor demand for the public market share sale of Clean Max is expected to help set a pricing benchmark for private market transactions in the sector, including platform sales, stake deals, and upcoming listings.While the first half of 2025 saw some strategic platform acquisitions, these were largely private, with deal structures and valuation rationales not made public, leaving buyers and sellers without a transparent reference point.“Over the last year, the bid-ask spread between project developers and buyers has widened due to global interest rate environments and capital expenditure requirements,” an investment banker who specializes in renewables deals told Mint, requesting anonymity.Several high-profile transactions in India's renewable energy sector have remained stuck in negotiations for a while now.
Shell Plc is attempting to sell Sprng Energy, a 5-gigawatt (GW) platform acquired in 2022. General Atlantic-owned Actis Llp is negotiating a stake sale in BluPine Energy, which holds a 3 GW portfolio.“Bidders for Sprng and BluPine have paused submissions,” said an advisor on one of the transactions, who asked not to be identified discussing private negotiations.
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