IPO GMPs: As the primary market heats up, three initial public offerings (IPOs) are vying for investor attention this week, each offering a very different risk–reward profile. Clean Max Enviro Energy Solutions and Shree Ram Twistex open for subscription today, February 23, 2026, and will close on February 25, with listings expected on March 2. Meanwhile, the Gaudium IVF & Women’s Health IPO, which opened on Friday, is set to close tomorrow, February 24.
For investors tracking potential listing gains, grey market premium (GMP) trends provide an early indicator of sentiment. However, the size, structure and momentum of these three issues vary sharply, making it important to assess each on its own merits.
Below is a detailed look at the latest GMP signals for all three IPOs.
GAUDIUM IVF IPO GMP TREND
The latest GMP for the Gaudium IVF IPO stands at ₹7.5. At the upper end of the price band of ₹79, the implied listing price works out to around ₹86.5, indicating a potential upside of 9.49% per share.
The GMP for Shree Ram Twistex has declined from ₹8.5 in the previous 2 sessions, February 21 and 22. Before that, it was ₹8 on February 20. However, the GMP was ₹15 on February 17 and ₹12 on February 18.
SHREE RAM TWISTEX IPO GMP TREND
The current GMP for the Shree Ram Twistex IPO is ₹5. Based on the upper price band of ₹104, the estimated listing price is around ₹109, translating into a possible gain of 4.81% per share.
The GMP has cooled from earlier highs. It stood at ₹15 on February 17 and ₹12 on February 18, before easing to ₹8 on February 20 and ₹8.5 on February 21 and 22. Over the past several days, however, it has stabilised at around ₹5, indicating steady but muted grey market interest.
CLEAN MAX IPO GMP TREND
The Clean Max Enviro Energy Solutions IPO is currently commanding a GMP of ₹3. At the upper price band of ₹1,053, this suggests an estimated listing price of approximately ₹1,056, implying a marginal upside of 0.28% per share.
The grey market sentiment for Clean Max has weakened noticeably in recent days. GMP stood at ₹14 on February 17, fell to ₹9 on February 18, dropped further to ₹3 on February 19 and 20, edged up to ₹4 on February 21 and 22, and has now slipped back to ₹3.
This trend indicates cooling enthusiasm as the IPO opens for bidding, with expected listing gains remaining modest based on current grey market cues.
IPO Details
Gaudium IVF: The IPO of Gaudium IVF consists of a fresh issue of 1.13 crore equity shares, along with an offer-for-sale (OFS) of 94.93 lakh shares by promoter and founder Dr Manika Khanna. The company aims to raise ₹165 crore during the bidding window from February 20 to February 23, with shares offered in a price band of ₹75 to ₹79 each. Part of the proceeds will be used for working capital needs and general corporate purposes.
The allotment is expected to be finalised on February 25, 2026. Shares will be credited to successful bidders’ demat accounts on February 26, while refunds to non-allottees will be processed the same day. The IPO is slated to list on the BSE and NSE on February 27, 2026.
By the end of the day, the issue was subscribed 0.90 times, with bids received for 1.27 crore shares against 1.46 crore shares on offer, according to exchange data. Sarthi Capital Advisors Pvt Ltd is the book-running lead manager, and Bigshare Services Pvt Ltd is the registrar.
Shree Ram Twistex: The Shree Ram Twistex mainboard IPO is a book-built issue of ₹110.24 crore and is entirely a fresh issue of 1.06 crore equity shares. The price band has been fixed at ₹95 to ₹104 per share.
The basis of allotment is expected to be finalised on Thursday, February 26, 2026, while the stock is likely to list on the NSE and BSE on Monday, March 2, 2026.
As per the red herring prospectus (RHP), the company plans to deploy ₹7.85 crore to set up a 6.1 MW solar power plant for captive consumption and ₹39 crore towards a 4.2 MW wind power plant. It will also use ₹14.9 crore for debt repayment and ₹44 crore to meet working capital requirements, with the balance earmarked for general corporate purposes.
Bigshare Services is the registrar to the issue, while Interactive Financial Services is the sole book-running lead manager.
Clean Max: The Clean Max Enviro Energy Solutions IPO is a book-built issue of ₹3,100 crore, comprising a fresh issue of 1.14 crore shares aggregating to ₹1,200 crore and an offer-for-sale of 1.80 crore shares amounting to ₹1,900 crore. The price band has been set at ₹1,000 to ₹1,053 per share.
The basis of allotment is scheduled to be finalised on Thursday, February 26, with refunds initiated the same day. Shares will be credited to demat accounts on Friday, February 27, and the stock is expected to list on the BSE and NSE on Monday, March 2.
From the fresh issue proceeds, ₹1,125 crore will be utilised for debt repayment, while the remaining amount will be used for general corporate purposes. The IPO is being managed by Axis Capital, JP Morgan India, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets.
