Two companies — Clean Max Enviro Energy Solutions and Shree Ram Twistex — have opened their initial public offerings (IPOs) for subscription on February 23, 2026. Both issues will close on February 25, with share allotment expected on February 26 and listing likely on March 2 on the BSE and NSE.
For investors seeking listing gains, grey market premium (GMP) trends provide early sentiment signals. However, these IPOs differ significantly in size, structure, and market outlook.
Clean Max Enviro Energy Solutions IPO
Clean Max Enviro Energy Solutions is launching a ₹3,100 crore book-built issue comprising:
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Fresh issue: ₹1,200 crore
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Offer for sale (OFS): ₹1,900 crore
Price band: ₹1,000 – ₹1,053 per share
Lot size: 14 shares
Minimum retail investment: ₹14,742
GMP Trend & Listing Outlook
As of February 23, the GMP stands at ₹3.
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Estimated listing price: ~₹1,056
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Expected gain: ~0.28% per share
The GMP has declined sharply over the past week:
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Feb 17: ₹14
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Feb 18: ₹9
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Feb 19–20: ₹3
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Feb 21–22: ₹4
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Feb 23: ₹3
This drop indicates cooling grey market sentiment and modest listing gain expectations.
Shree Ram Twistex IPO
Shree Ram Twistex is a smaller ₹110.24 crore IPO consisting entirely of a fresh issue.
Price band: ₹95 – ₹104 per share
Lot size: 144 shares
Minimum retail investment: ₹14,976
GMP Trend & Listing Outlook
The latest GMP is ₹5.
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Estimated listing price: ~₹109
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Expected gain: ~4.81% per share
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Expected profit per lot: ~₹720
GMP has remained stable:
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Feb 17: ₹4
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Feb 18 onward: ~₹5 consistently
Stable GMP suggests steady demand in the unofficial market.
Clean Max vs Shree Ram Twistex: Key Differences
Issue Size & Structure
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Clean Max: Large issue with OFS component
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Shree Ram Twistex: Smaller, fully fresh issue
Grey Market Sentiment
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Clean Max: GMP falling, weak listing premium
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Shree Ram Twistex: Stable GMP, better listing expectations
Use of Funds
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Clean Max: Partial proceeds to existing shareholders
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Shree Ram Twistex: Funds go entirely to company growth
Which IPO Looks Better?
Based purely on grey market premium trends:
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Shree Ram Twistex shows stronger listing gain potential.
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Clean Max Enviro indicates limited listing upside at current GMP levels.
However, GMP is unofficial and can change quickly. Investors should evaluate fundamentals, valuation, business strength, and risk factors before investing.
Short-term listing gain seekers may find Shree Ram Twistex more attractive currently, while long-term investors should base decisions on financial performance and growth prospects.
