IPOs . Clean Max Enviro Energy Solutions and Shree Ram Twistex. Both opened up on February 23rd and will close on the 25th. It’s a choice, really. One is a play on renewable energy infrastructure. The other is textile manufacturing.
You get to pick.
The initial subscription data tells a story, though. Clean Max got subscribed at 0.32 times on Day 1. That’s what you’d expect, mostly institutional money pushing things early. QIB demand was 0.94x. NII was barely 0.21x. Retail? Practically zero, 0.02x.
Shree Ram Twistex was much quieter. Overall subscription was only 0.08 times. Retail interest was a bit stronger there, 0.73x. But QIB participation? Nil. NII was just 0.04x.
Clean Max is a big deal in the Green space. India’s largest commercial and industrial renewable energy service provider. They hold about eight percent of that market. Analysts point to a potential market size of three lakh crore rupees there. Corporates are finally starting to shift toward Green energy, you know?
Then there’s Shree Ram Twistex. They’re dealing in cotton yarn, the textile sector.
The pricing looks different too. Clean Max is a massive Rs 3,100-crore issue. They’re raising a huge chunk—1,200 crore fresh, and another 1,900 crore offer for sale. The price band is set between Rs 1,000 and Rs 1,053 per share. Minimum retail investment is a hefty Rs 14,742 for one lot of fourteen shares.
Shree Ram Twistex is smaller. A fresh issue of about Rs 110.24 crore. They are pricing it between Rs 95 and Rs 104 per share. If you want to jump in, you need Rs 14,976 for a lot of 144 shares.
The grey market premium—that’s where things get interesting. Clean Max’s GMP was Rs 2.
That points toward a listing price of Rs 110. That’s about a 5.77% potential upside there.
Both are aiming for the boards—BSE and NSE—on March 2nd.
Looking at the numbers, Clean Max has this capital-efficient model. SBI Securities pointed that out. Low leverage. But they are valued at about 21.7x EV/EBITDA for FY25.
Aditya Birla Capital had a different take. They said, “At the upper price-band, this issue is expensive.” But they still gave it a ‘Subscribe for long-term’ rating, pointing to the sheer visibility of that industry growth.
Twistex valuation is different. Swastika Investmart pegged it already around 29 to 30 times P/E. They advised caution for those just chasing listing gains. But Master Capital Services suggested that if you hold the long game, given the sector expansion, it might still be worth watching.
The use of the money matters too. Clean Max plans to use Rs 1,125 crore from the new money just to wipe out some debt. The rest goes into general corporate purposes.
Twistex, being a fresh issue, is deploying the funds for expansion and operations. It’s all fresh capital moving into the business.
If you’re thinking long-term, both have their appeal. Clean Max is about riding the wave of Green C&I power. Twistex is about the massive shift happening in textile exports and domestic demand.
The sentiment is split. Twistex seems to have stronger retail traction and a better grey market buzz, even if institutional demand is weak. Clean Max has solid QIB participation, but the GMP is muted. That suggests big players are in, but maybe not expecting huge short-term listing spikes.
Ultimately, it comes down to where you want your risk. Clean Max is exposure to a fast-growing energy segment. Twistex is exposure to the textile expansion. Both look okay, but with serious valuation caution attached.
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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