Shares of Clean Max Enviro Energy Solutions fell 16% in their trading debut on Monday, valuing the company at ₹103.32 billion rupees ($1.13 billion) after weak retail demand weighed on India’s biggest IPO so far this year.
The stock listed at ₹960 rupees on the National Stock Exchange (NSE) and was last down at ₹882 by 10.22 a.m. IST, below its issue price of ₹1,053.
The Brookfield-backed company’s public issue comes in a subdued primary market in India, where only two of eight IPOs have managed to list above their issue price this year.
THe benchmark Nifty 50 was also down 1.24% on Monday as the Middle East war crippled global risk appetite. The retail portion of Clean Max’s IPO was only subscribed 6% by the final day of bidding last week, making it one of the lowest subscribed IPOs by retail investors in recent years. The power producer, which supplies renewable energy to clients including Amazon and Google in India, had issued shares at a valuation of ₹123.3 billion in its $341 million IPO.