Grey Market Premiums Offer Insights into Listing Gains: A Comparative Analysis of Clean Max Enviro and Shree Ram Twistex IPOs

Clean Max Enviro and Shree Ram Twistex IPO Listings Scheduled for March 2

Clean Max Enviro and Shree Ram Twistex IPO Allotment Finalized

The allotment for Clean Max Enviro and Shree Ram Twistex IPOs has been finalized on Thursday, February 26. For those who have been allocated shares, the crediting of shares to demat accounts will occur on Friday, February 27. The process of refunding those who have not yet received their shares will also be completed today.

IPO Subscription Details

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• Clean Max Enviro IPO: Subscription period from February 23 to 25; received a decent response, particularly from QIBs (2.83 times) and NIIs (54%); retail investors showed a subscription rate of 6%.
• Shree Ram Twistex IPO: Subscription period from February 23 to 25; received a healthy response, particularly from NIIs (220.30 times) and retail investors (76.63 times); QIBs showed a subscription rate of 3.94 times.

IPO Market Trend

The recent IPO performances reflect both market turbulence and structural issues in how companies are coming to market. Mohit Gulati, CIO and managing partner of ITI Growth Opportunities Fund, highlighted that when 60-70% of an issue is an offer for sale, it's an exit for early investors, not a value creation event for new ones.

Grey Market Premium (GMP) Trends

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• Clean Max Enviro IPO GMP: -14, indicating a trend towards a discount and anticipating a discount listing.
• Shree Ram Twistex IPO GMP: -20, indicating a trend towards a discount and suggesting a potential discount listing.

IPO Details

• Clean Max Enviro IPO: Price band fixed at ₹1,000 to ₹1,053 per share; features new shares valued at ₹1,200 crore, accompanied by an offer for sale totaling ₹1,900 crore.
• Shree Ram Twistex IPO: Price band fixed at ₹95-104 per share; aims to generate ₹110.24 crore through its IPO by issuing 1.06 crore new equity shares.