CleanMax vs Shree Ram Twistex vs PNGS Reva vs Omnitech IPO: Bidding status & latest GMPs

Four mainboard IPOs- Clean Max Enviro Energy Solutions, Shree Ram Twistex, PNGS Reva Diamond Jewellery and Omnitech Engineering are open for bidding. The former two shall close for bidding today, while the last one has kicked-off today itself. The remaining issue is having its day two of subscription.

Cumulatively raising more than Rs 4,173 crore, these issues continued to attract mixed responses from the investors, with some getting a solid investor interest. Interestingly, the grey market premia (GMP) for these companies has taken a hit lately, amid the jittered market sentiments.
 

Clean Max Enviro Energy Solutions IPO: Day 3 bidding & latest GMP

The biggest among the lot is Clean Max Enviro Energy Solutions, which is raising Rs 3,100 crore from its IPO, but selling its shares for Rs 1,000-1,053 apiece with a lot size of 14 equity shares. The issue which opened on Monday, February 23, shall conclude today. Last heard, it was exchanging hands at a discount of Rs 11 apiece in the grey market, suggesting a muted listing for investors.

The IPO of Clean Max Enviro Energy Solutions was overall subscribed only 86 per cent per cent as of 3.10 pm on Wednesday. The issue attracted bids for 1,87,12,330 equity shares against the net offered issue size of 2,18,23,329 equity shares. The portion for retail bidders and non-institutional investors were booked only 6 per cent and 53 per cent, respectively. However, QIB portion was subscribed 2.54 times.

Based on the comprehensive nature of the company's offerings, growing brand and client base, and the potential within the sector, the company may achieve considerable growth in the long term, said Sushil Finance. "While the opportunity exists, the risks are distinct, making it suitable for investors with a higher risk appetite and a long-term investment horizon," it said.
 

Shree Ram Twistex IPO: Day 3 bidding & latest GMP

The second IPO closing today is Shree Ram Twistex, which also opened on Monday, February 23. The company is raising a total of Rs 110 crore which is entirely a fresh share sale 1,06,00,000 equity shares sold in the range of Rs 95-104 with a lot size of 144 equity shares. Last heard, the company was commanding a grey market premium of Rs 19 apeice, suggesting 18 per cent gains for investors.

The issue was overall subscribed 40.29 times as of the given time, fetching bids for 42,71,19,840 equity shares, against the offer of 1,06,00,000 equity shares. The retail book was subscribed 71.69 times, while NIIs portions was booked 206 times. However, QIB book saw only 3.11 times subscription as the same time.

Its outlook appears stable to gradually improving, led by healthy capacity utilization and ongoing backward integration through in-house twisting capacity, and renewable energy investments that are likely to reduce power costs and support margin expansion, said Arihant Capital Markets. "However, growth visibility remains moderate due to the inherently cyclical nature of the yarn industry, customer concentration and exposure to cotton price volatility," it said with a 'neutral' tag.
 

PNGS Reva Diamond Jewellery IPO: Day 2 bidding & GMP

PNGS Reva Diamond Jewellery is having its day two on Wednesday as the issue opened on Tuesday, February 24 and will close on Thursday, February 26. The Rs 380 crore-IPO is being sold in the range of Rs 367-386, with a lot size of 32 equity shares, which is entirely a fresh issue. It was commanding no premium in the grey market as of the given time.

The issue was overall booked 73 per cent as of the given time, fetching bids for 41,79,968 equity shares against 57,06,235 equity shares offered for bidding. The retail portion was booked 61 per cent, while NII books was booked 42 per cent. QIB portion was subscribed more than 92 per cent as of the same time.

A significant portion is earmarked for setting up 15 new stores, which is expected to expand geographic presence, improve market penetration, and support higher revenue scale over the medium term, said Adroit Financial Services. "It is recommended to 'subscribe' to the IPO for long-term investment, considering its growth potential," it said.
 

Omnitech Engineering IPO: Day 1 bidding & GMP

The IPO of Omnitech Engineering opened for bidding on Wednesday, February 25 and will close on Friday, February 27. The company is raising a total of Rs 583 crore via primary markets, selling its shares for Rs 216-227 apiece with a lot size of 66 equity shares. The issue saw its GMP falling to Rs 4 from Rs 7 apiece, suggesting a muted listing for the investors.

On the first day of the bidding, the issue of Omnitech Technologies was subscribed only 6 per cent of the given time, getting bids for 11,40,744 equity shares, against the offer of 1,89,09,890 equity shares. All the three portions- retail, NIIs and QIBs- saw bids less than 10 per cent as of the given time.

Based on the company's offerings, growing brand and client base, the potential within the sector, but at the same time high debt, working capital and financial management risk need to be considered, said Sushil Finance. "While the opportunity exists, the risks are distinct, making it suitable for investors with a higher risk appetite and a long-term investment horizon."