Upcoming IPOs: Clean Max, PNGS Reva Diamond among 3 mainboard IPOs opening next week, check latest GMP

Three IPOs opening next week

• Three mainboard IPOs open for bidding next week in India
• Clean Max, PNGS Reva, and Shree Ram Twistex IPOs launch soon
• Grey market shows muted to tepid listing expectations

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India’s primary market will see three new mainboard IPOs opening for public bidding next week, starting from February 23. Grey market estimates indicate muted listing for one of these companies, and tepid market debut for the others.

The initial public offerings (IPO) of Clean Max Enviro Energy Solutions, Shree Ram Twistex and PNGS Reva Diamond Jewellery will open next week, while the maiden public issue of Gaudium IVF will spill over from this week, after opening tomorrow (February 20).

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 10.30 am. This is lower than the 1.33 percent GMP quoted by the site day before yesterday.

The unlisted shares of Shree Ram Twistex meanwhile were trading with 4.81 percent GMP over the IPO price, according to Investorgain. The GMP quoted by the site has slightly increased from the 3.85 percent quoted on February 17.

Ahead of listing, the unlisted shares of PNGS Reva Diamond Jewellery were trading with 5.44 percent grey market premium (GMP) over the IPO price, according to data on Investorgain at 10.30 am. This is higher than the 4.66 percent GMP quoted by the site day before 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 PNGS Reva Diamond Jewellery IPO:

The Rs 380-crore IPO of PNGS Reva Diamond Jewellery will open for public subscription on February 24 and close on February 26. The anchor investor bidding is scheduled for February 23. The Pune-based company’s IPO comprises entirely a fresh issue of equity shares with no offer-for-sale component.

Proceeds from the issue will be used to set up 15 new stores by FY28, meet marketing and promotional expenses related to the launch of the new outlets to enhance visibility of the flagship brand “Reva”, and for general corporate purposes.

PNGS Reva Diamond Jewellery was formed after its promoter P N Gadgil & Sons Ltd transferred its diamond jewellery business through a slump sale, creating a separate entity operating in the retail jewellery segment.

About Shree Ram Twistex IPO:

Shree Ram Twistex will launch its IPO on February 23 to raise Rs 110.24 crore at a price band of Rs 95-104 per share. The IPO of the cotton yarns manufacturing company will close for public bidding on February 26. Th allotments will likely be finalized by February 26, and the shares are scheduled to be listed on stock exchanges on March 2.

Investors can bid for a minimum of 144 equity shares of the cotton yarns maker and in multiples of 144 shares thereafter. Hence, the minimum investment by retail investors in the IPO would be Rs 14,976, and the maximum at Rs 1,94,688.

Shree Ram Twistex intends to utilise proceeds from the IPO for setting up of 4.2 MW wind power plant for captive use at the expenses of Rs 39 crore.

Further, Rs 14.89 crore will be used for repayment of certain borrowings, Rs 44 crore for its working capital requirements and the remainder funds for general corporate purposes.

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