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Analysis of Clean Max and Shree Ram Twistex IPO Results

Sunday, May 10, 2026
5 min read
Analysis of Clean Max and Shree Ram Twistex IPO Results

Two mainboard IPOs finally closed today, February 25th. Clean Max Enviro Energy Solutions and Shree Ram Twistex . It’s a choice for investors, really. One side is a renewable energy infrastructure play. The other? Textile manufacturing.

The numbers coming out of the gate are definitely mixed.

Take Clean Max . It was a Rs 3,100-crore issue. They raised Rs 1,200 crore fresh, and then an offer for sale. The price band they set was Rs 1,000 to Rs 1,053 per share. Minimum retail investment was a hefty Rs 14,742 for one lot of fourteen shares.

But the interest? Subdued. On Day 3, Clean Max was only subscribed 0.99 times. QIB demand was 2.99x. NII was barely 0.57x. Retail interest? Just 0.07x. Not exactly a frenzy.

Then there’s Shree Ram Twistex . That was a much smaller thing. Only Rs 110.24-crore in fresh issue. Priced between Rs 95 and Rs 104 per share. Retail investors needed Rs 14,976 for a lot of 144 shares.

That’s where the difference starts to show. Twistex saw massive subscription. Overall subscription hit 43.66 times. Retail demand was wild at 76.63x. QIBs were showing more interest too, 3.94x. NII was 220.30x.

Clean Max’s mood, though? That’s different. Their GMP—the grey market premium—was negative. Minus Rs 3. That suggests an estimated listing price around Rs 1,050. Negative listing. A bit of a drag.

Shree Ram Twistex, on the other hand, had a positive GMP of Rs 16.5. That hints at an estimated listing price of Rs 120.5. That gives you about 15.87% potential upside, maybe.

Both are set to list on the BSE and NSE on March 2nd. Standard timeline.

Business Context

When you look at the actual business context, it changes things. Clean Max is positioned in the massive C&I renewable energy space. They are India’s biggest commercial and industrial service provider in that area, holding roughly eight percent of the market. And that segment? It’s huge. Analysts are pointing to a potential market size of about three lakh crore rupees. Corporates are really starting to pivot toward Green energy, you know?

Twistex is the opposite. They’re in textiles. Cotton yarn manufacturing, serving B2B markets. The industry itself is expected to balloon. Exports, sustainability pushes, policy support—all driving that growth.

Valuation and Sentiment

SBI Securities pointed out Clean Max’s capital-efficient setup. Low leverage. But they flagged the valuation. It’s sitting around 21.7x EV/EBITDA for FY25. And 16.3x for the annualized first half of FY26.

Aditya Birla Capital weighed in. They said, "At the top end of the price band, it’s 16x EV/Ebitda. That feels expensive." But they still gave a ‘Subscribe for long-term’ rating, pointing to the visibility of industry growth.

Swastika Investmart took a different angle on Twistex. They pegged the valuation around 29 to 30 times P/E. They advised investors looking for immediate listing gains to steer clear. But Master Capital Services suggested it’s a long-term play, given the sector momentum.

The story really boils down to sentiment. For immediate listing bumps? Shree Ram Twistex has stronger grey market traction. They seem to be pulling more immediate institutional attention. Clean Max? They got heavy QIB participation, sure, but the GMP is muted. Institutional conviction there, maybe, but no huge short-term listing pop expected.

Long-term? Both look okay. Clean Max gives you exposure to that booming Green power segment. Twistex offers a bet on textile demand, domestic and export, as the economy shifts. Valuation caution is definitely warranted on both sides.

Written by Gree News Team — Senior Editorial Board

Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.

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