IPO GMPs: Clean Max Enviro IPO vs Shree Ram Twistex IPO vs PNGS Reva Diamond Jewellery IPO — what grey market signals

The primary market is poised for a potential resurgence with four mainboard initial public offerings (IPOs) scheduled to open for bidding over a week, namely: Gaudium IVF & Women Health IPO, Clean Max Enviro Energy Solutions IPO, Shree Ram Twistex IPO, and PNGS Reva Diamond Jewellery IPO.

These upcoming offerings present a valuable opportunity for investors to engage with new enterprises.

Gaudium IVF & Women Health IPO opens tomorrow, February 20, while Clean Max Enviro Energy Solutions IPO and Shree Ram Twistex IPO are set to open on Monday, February 23. PNGS Reva Diamond Jewellery IPO will follow on Tuesday, February 24. As the market evolves, these IPOs could be crucial in driving renewed interest and optimism among investors.

However, analysts maintain a resolutely negative outlook on the IPO market for 2026. They believe that the IPO market has clearly lost its tolerance for chaos; blatant private equity offloading and exit-driven IPOs are unsustainable strategies. Significant losses in the previous cycle have profoundly impacted both retail and institutional investors, prompting a decisive shift in investor behaviour.

Let's take a look at the grey market premium (GMP) trends for the upcoming IPOs:

Clean Max Enviro IPO GMP today

Clean Max Enviro IPO GMP is ₹9. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Clean Max Enviro shares is indicated as ₹1,062 apiece, which is 0.85% higher than the IPO price of ₹1,053.

The analysis of the last nine sessions of grey market activity clearly shows that IPO GMP is trending upward. The lowest GMP is ₹0.00, while the highest is ₹14, as highlighted by experts.

Clean Max Enviro Energy Solutions IPO price band has been fixed in the range of ₹1,000 to ₹1,053 per equity share of the face value of Re 1.

The IPO will include new shares worth ₹1,200 crore and an offer for sale, valued at ₹1,900 crore. This total IPO size has been reduced from the original plan of ₹5,200 crore outlined in the documents submitted last August.

The offer for sale involves important stakeholders, including promoter Kuldeep Jain, Brookfield's BGTF One Holdings (DIFC), KEMPINC, and investors Augment India I Holdings and DSDG Holding APS.

Shree Ram Twistex IPO GMP today

Shree Ram Twistex IPO GMP is ₹5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shree Ram Twistex shares is indicated as ₹109 apiece, which is 4.81% higher than the IPO price of ₹104.

Based on the analysis of the last seven sessions of grey market activity, the IPO GMP is clearly on an upward trend and is poised for a strong listing. The lowest GMP stands at ₹0.00, while the highest GMP has reached ₹5, according to experts.

Shree Ram Twistex IPO price band has been fixed at ₹95-104 per share.

Shree Ram Twistex is raising ₹110.24 crore through its IPO by issuing 1.06 crore new equity shares. The company will strategically use these funds for several key purposes. It will invest ₹39 crore to establish a 4.2 MW wind power plant for its own use.

Additionally, ₹14.89 crore will be allocated to pay off specific debts, and ₹44 crore will strengthen its working capital. The remaining amount will be dedicated to general corporate expenses.

PNGS Reva Diamond Jewellery IPO GMP today

PNGS Reva Diamond Jewellery IPO GMP is ₹21. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of PNGS Reva Diamond Jewellery shares is indicated as ₹407 apiece, which is 5.44% higher than the IPO price of ₹386.

Based on the last nine sessions of grey market activity, it is evident that today’s IPO GMP is trending upward, indicating a strong listing. The lowest GMP registered is ₹18.00, with the highest reaching ₹21, according to experts.

The Pune-based company's IPO, worth ₹380 crore, includes only new equity shares and no offer-for-sale component. The funds from this public issue will be used to open 15 new stores by fiscal year 2028. The company will also spend the funds on marketing and promotions for these new stores to improve the visibility of their flagship brand, "Reva," as well as for general business needs.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.