India’s primary market is gearing up for another active week. Three mainboard IPOs — Clean Max Enviro Energy Solutions, PNGS Reva Diamond Jewellery, and Shree Ram Twistex — are set to open for public subscription starting February 23.
As a stock market analyst tracking primary trends at Samco Securities, one thing is clear — investor attention is firmly back on the IPO lane. The flow of new issues shows companies are confident about market depth, even as listing expectations remain measured.
Let’s break down what investors need to know — clearly and simply.
Market Performance: IPO Activity Picks Up Momentum
The primary market is not slowing down. From renewable energy to jewellery retail and textile manufacturing, diverse sectors are tapping capital markets next week.
Opening next week:
- Clean Max Enviro Energy Solutions IPO – Opens February 23
- PNGS Reva Diamond IPO – Opens February 24
- Shree Ram Twistex IPO – Opens February 23
- Gaudium IVF IPO – Already opened February 20
This cluster of IPO launches reflects steady pipeline activity and broad sector participation.
Clean Max Enviro Energy Solutions IPO: ₹3,100 Crore Renewable Energy Issue
Company Snapshot
Clean Max Enviro Energy Solutions is a Mumbai-based renewable energy provider. The company operates in the commercial and industrial renewable power space.
It provides:
- Renewable power solutions
- Energy services
- Carbon credit solutions
Its client base includes:
- Data centres
- AI and technology companies
- Commercial and industrial enterprises
The company is described as the largest commercial and industrial renewable energy provider in its segment.
Clean Max IPO Details
The Clean Max IPO will open on February 23 and close on February 25.
Issue Structure
- Total issue size: ₹3,100 crore
- Price band: ₹1,000 – ₹1,053 per share
- Fresh issue: ₹1,200 crore
- Offer for Sale (OFS): ₹1,900 crore
At the upper price band, the company valuation exceeds ₹12,300 crore.
Share allotment is expected to be finalized by February 26, and listing is scheduled for March 2.
Revised Issue Size
Initially, Clean Max planned a larger issue.
- Earlier proposed size: ₹5,200 crore
- Revised size: ₹3,100 crore
The downsizing reflects recalibrated capital plans as compared to the draft papers filed in August last year.
Promoters and Selling Shareholders
Selling shareholders in the offer-for-sale include:
- Kuldeep Jain
- Brookfield’s BGTF One Holdings (DIFC)
- KEMPINC
- Augment India I Holdings
- DSDG Holding APS
Pre-IPO Fundraising
Before launching its IPO, Clean Max raised significant capital.
- Total raised before IPO: ₹1,185 crore
- Including ₹296.8 crore via pre-IPO placement
Investors included:
- Temasek Holdings (through Jongsong Investments)
- Bain Capital Advisors
This capital infusion came ahead of the public issue launch, strengthening the company’s balance sheet position.
PNGS Reva Diamond IPO: ₹380 Crore Retail Jewellery Expansion Play
Company Background
PNGS Reva Diamond Jewellery is a Pune-based retail jewellery company.
The company operates under the flagship brand “Reva.” It was formed after its promoter transferred its diamond jewellery business via a slump sale, creating a separate retail entity focused purely on diamond jewellery.
PNGS Reva Diamond IPO Details
The ₹380-crore PNGS Reva Diamond IPO will open for subscription on February 24 and close on February 26.
- Anchor investor bidding: February 23
- Entirely a fresh issue
- No offer-for-sale component
This means the entire IPO proceeds will go directly to the company.
Utilisation of Funds
The company plans to use IPO proceeds for:
- Setting up 15 new stores by FY28
- Marketing and promotional expenses for new outlets
- Enhancing visibility of brand “Reva”
- General corporate purposes
The expansion strategy clearly focuses on physical retail growth and brand strengthening.
Shree Ram Twistex IPO: ₹110.24 Crore Textile Issue
Company Overview
Shree Ram Twistex is a cotton yarn manufacturing company.
The IPO will open on February 23 and close on February 26.
Shree Ram Twistex IPO Details
- Issue size: ₹110.24 crore
- Price band: ₹95 – ₹104 per share
- Listing date: March 2
Lot Size
- Minimum bid: 144 shares
- Retail minimum investment: ₹14,976
- Retail maximum investment: ₹1,94,688
Use of Funds
The company plans to utilize proceeds for:
- Setting up a 4.2 MW wind power plant (₹39 crore)
- Repayment of certain borrowings (₹14.89 crore)
- Working capital requirements (₹44 crore)
- General corporate purposes
The renewable energy component indicates cost optimisation through captive power generation.
What This Means for the Primary Market?
Three sectors. Three different capital stories.
- Renewable energy scale-up
- Retail jewellery expansion
- Textile manufacturing efficiency
The Clean Max IPO, PNGS Reva Diamond IPO, and Shree Ram Twistex IPO collectively signal continued capital raising appetite in February.
For investors tracking IPO trends, the upcoming week provides diversified exposure across industries.
Summary
Here’s a quick recap:
- Clean Max IPO: ₹3,100 crore issue, opens February 23
- PNGS Reva Diamond IPO: ₹380 crore fresh issue, opens February 24
- Shree Ram Twistex IPO: ₹110.24 crore issue, opens February 23
- Multiple sectors participating — renewable energy, jewellery retail, textiles
- Listings expected on March 2
The Clean Max and PNGS Reva Diamond IPOs will be closely watched next week as subscription windows open.
India’s primary market remains active. The pipeline continues. And February is turning into a busy month for IPO watchers.
Source: Moneycontrol
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