Two companies are opening their initial public offerings for subscription today, February 23, 2026. Clean Max Enviro Energy Solutions and Shree Ram Twistex will both close their issues on February 25, with listing likely on March 2.
For investors looking at listing gains, the grey market premium trend offers an early signal. But the two IPOs are very different in size, structure and current sentiment.
Here is a closer look at both issues and what the latest GMP data suggests.
CLEAN MAX ENVIRO ENERGY SOLUTIONS IPO DETAILS
Clean Max Enviro Energy Solutions IPO is a book build issue of Rs 3,100.00 crore. The issue is a mix of fresh issue of 1.14 crore shares worth Rs 1,200.00 crore and an offer for sale of 1.80 crore shares worth Rs 1,900.00 crore.
The IPO will open on February 23 and close on February 25. Allotment is expected on February 26 and listing is likely on March 2 on BSE and NSE.
The price band is Rs 1,000 to Rs 1,053 per share. The lot size is 14 shares. At the upper band, a retail investor will have to invest at least Rs 14,742. For sNII, the minimum investment is Rs 2,06,388 for 196 shares, while bNII investors need to put in Rs 10,02,456 for 952 shares.
Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the registrar.
CLEAN MAX GMP TREND
As per the latest data on February 23 at 8:37 AM, the GMP for Clean Max Enviro Energy Solutions IPO stands at Rs 3.
With the upper price band at Rs 1,053, the estimated listing price is around Rs 1,056. This indicates a possible gain of 0.28 percent per share.
The GMP trend in the past few days has seen a decline. On February 17, the GMP was Rs 14. It fell to Rs 9 on February 18, Rs 3 on February 19 and 20, moved to Rs 4 on February 21 and 22, and is now back at Rs 3.
This shows that the grey market sentiment has cooled as the IPO opens for bidding. The expected profit per lot, based on current GMP, is modest.
SHREE RAM TWISTEX IPO DETAILS
Shree Ram Twistex IPO is a much smaller issue at Rs 110.24 crore. It is entirely a fresh issue of 1.06 crore shares.
The IPO opens on February 23 and closes on February 25. Allotment is expected on February 26 and listing is likely on March 2 on BSE and NSE.
The price band is Rs 95 to Rs 104 per share. The lot size is 144 shares. At the upper band, a retail investor needs to invest at least Rs 14,976.
For sNII investors, the minimum investment is Rs 2,09,664 for 2,016 shares. For bNII, the minimum investment is Rs 10,03,392 for 9,648 shares.
Interactive Financial Services Ltd. is the book running lead manager and Bigshare Services Pvt. Ltd. is the registrar.
SHREE RAM TWISTEX GMP TREND
The latest GMP for Shree Ram Twistex IPO is Rs 5, updated on February 23 at 7:53 AM.
At the upper band of Rs 104, the estimated listing price is around Rs 109. This suggests a potential gain of 4.81 percent per share.
Unlike Clean Max, the GMP for Shree Ram Twistex has remained steady at Rs 5 for the past several days. On February 17, it was Rs 4, and from February 18 onwards it has been around Rs 5 consistently.
The expected profit per lot, based on current GMP, is Rs 720.
WHICH IPO LOOKS BETTER ON GMP BASIS
If one looks only at the grey market premium, Shree Ram Twistex appears to have stronger listing gain expectations at this stage. A 4.81 percent implied gain is much higher than the 0.28 percent indicated for Clean Max Enviro Energy Solutions.
The steady GMP trend in Shree Ram Twistex also shows stable demand in the unofficial market. In contrast, Clean Max has seen a sharp drop in GMP from Rs 14 to Rs 3 over the past week.
However, GMP is an unofficial indicator. It is not regulated and can change quickly depending on demand and market conditions.
Clean Max is a large Rs 3,100 crore issue with a significant offer for sale component, which means a part of the money will go to existing shareholders. Shree Ram Twistex, on the other hand, is a smaller, fully fresh issue where the funds will go to the company.
Investors should also look at business fundamentals, valuation, financial performance and risk factors before taking a call.
For short term listing gains, current GMP trends favour Shree Ram Twistex. For long term investment, the decision should depend on individual risk appetite and detailed analysis beyond grey market signals.
