Adia backs India’s Clean Max IPO as anchor investor

Abu Dhabi Investment Authority (Adia) has joined the initial public offering of Clean Max Enviro Energy Solutions, an Indian renewable energy company, as an anchor investor.

The sovereign wealth fund was allocated 284,914 shares, or 3.3 percent of the shares assigned to anchor investors, valued at INR300 million ($3.3 million), Clean Max said in a statement.

The Brookfield-backed company has raised INR9,210 million from 41 anchor investors ahead of its INR31 billion three-day share sale starting on Monday.

In December, British insurer Prudential sold a 4.5 percent stake in its asset-management joint venture in India to a group of investors that includes Adia.

The wealth fund had joined as an anchor investor in the IPO of Indian stockbroker Groww in November, purchasing shares worth INR1.4 billion.

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• Adia backs China-focused fund as lead investor
• Adia backs IPO of Chinese AI startup MiniMax

Adia has invested in the $1.3 billion IPO of LG Electronics’ Indian unit. It was also among investors in the IPO of Indian electric scooter maker Ather Energy, which raised $360 million to fund its expansion in April.

The sovereign fund acquired a minority stake in Indian medical devices company Micro Life Sciences (Meril) for $200 million in July.

Adia has recently backed the initial public offering of Chinese artificial intelligence startup MiniMax as a cornerstone investor. The share price doubled on its first day of trading on the Hong Kong stock exchange.