Upcoming IPOs: Clean Max Enviro's GMP falls below 1%, Gaudium IVF's GMP indicates decent listing

Upcoming IPOs: Clean Max Enviro's GMP falls below 1%, Gaudium IVF's GMP indicates decent listing

• Clean Max Enviro IPO GMP drops to 0.85 percent before listing
• Gaudium IVF IPO trades at 15.19 percent GMP, down from 18.99
• Clean Max Enviro to raise Rs 3,100 crore, Gaudium IVF to raise Rs 165 crore

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The grey market estimates for the Rs 3,100-crore IPO of Clean Max Enviro Energy Solutions dropped below 1 percent on February 18. Gaudium IVF IPO meanwhile is expected to see a decent listing.

Ahead of listing, the unlisted shares of Clean Max Enviro Energy Solutions were trading with 0.85 percent grey market premium (GMP) over the IPO price, according to data on Investorgain at 5.50 pm. This is lower than the 1.33 percent GMP quoted by the site earlier yesterday.

The unlisted shares of Gaudium IVF IPO meanwhile were trading with 15.19 percent GMP over the IPO price, according to Investorgain. Although the GMP suggests decent listing, it has fallen from the 18.99 percent quoted yesterday.

About Clean Max Enviro Energy Solutions IPO:

The initial public offering (IPO) of Clean Max Enviro Energy Solutions will open for public bidding on February 23 (Monday) and close on February 25 (Wednesday). The Mumbai-based company, which is the largest commercial and industrial renewable energy provider, aims to raise Rs 3,100 crore through the IPO at a price band of Rs 1,000-1,053 per share.

This values the company more than Rs 12,300 crore. The share allotments will likely be finalized by February 26, and the shares are scheduled to be listed on stock exchanges on March 2.

The IPO comprises fresh issuance of shares worth Rs 1,200 crore, and an offer-for-sale of shares worth Rs 1,900 crore. The offer size has been reduced from Rs 5,200 crore planned earlier as per the preliminary papers filed in August last year.

Promoters (Kuldeep Jain, Brookfield's BGTF One Holdings (DIFC), and KEMPINC), and investors Augment India I Holdings, and DSDG Holding APS are selling shareholders in the offer for-sale.

Earlier this month, CleanMax that provides renewable power, and energy services and carbon credit solutions to customers across data centres, AI and technology industries, and commercial and industrial enterprises has raised Rs 1,185 crore before the IPO launch (including Rs 296.8 crore amount via pre-IPO placement) from multiple global investors including Temasek Holdings (through Jongsong Investments), and Bain Capital Advisors.

About Gaudium IVF IPO:

New Delhi-based fertility services provider Gaudium IVF and Women Health’s IPO will remain open for public bidding between February 20 (Friday) and February 24 (Tuesday) at a price band of Rs 75-79 per share. The company aims to Rs 165 crore through a combination of fresh issue of 1.13 crore shares worth Rs 90 crore, and an offer-for-sale of 94.93 lakh shares amounting to Rs 75 crore.

This values the company at Rs 575 crore at the upper price band. Dr Manika Khanna, who holds 99.32 percent shareholding in the company, is the selling shareholder in the offer-for-sale. Her stake will be reduced to 70.73 percent post issue.

The allotments are likely to be finalized by February 25, and the shares are scheduled to be listed on stock exchanges on February 27.

Gaudium IVF & Women Health that offers IVF (In Vetro fertilization) treatment in India and operates business through hub and spoke model will spend Rs 50 crore of fresh issue proceeds for establishment of new IVF centers, Rs 20 crore for repaying debt, and the remainder funds for general corporate purposes.

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