Gaudium IVF vs Clean Max vs Shree Ram Twistex IPO: Check latest bidding status & GMPs

Three mainboard IPOs- Gaudium IVF, Clean Max Enviro Energy Solutions and Shree Ram Twistex,- cumulatively raising more than Rs 3,375 crore, continued to attract mixed responses from the investors. While the former one opened for bidding on Friday, February 20, while the latter two witnessed their day one Monday, February 23.
 

Gaudium IVF & Women Health IPO: Day 2 bidding status and GMP

According to data from BSE, the IPO of Gaudium IVF was booked 2.51 times as of 2.50 pm on Monday, February 23. Investors had made bids for 3,68,40,825 equity shares against the overall net offering of 1,46,20,340 equity shares for the investors.

On an individual basis, the retail portion was booked 3.49 times, while quota for non-institutional bidders was subscribed 3.58 times. Allocation for qualified institutional bidders was booked only 2 per cent.

Gaudium IVF is offering its shares in the range of Rs 75-79 apiece with a lot size of 189 equity shares. The healthcare solutions player is looking to raise a total of Rs 165 crore via its IPO. Last heard, the company was commanding a grey market premium of Rs 6-7 per share, suggesting a listing pop of 8-9 per cent for the investors.

"We find Gaudium IVF trading at 20 times/18 times/14 times FY26E/27E/28E based on revenue/Ebitda/PAT CAGR of 23 per cent/24 per cent/22 per cent over FY25-28E. This growth is expected to be driven largely from center expansion and rising medical tourism and increased adoption of advanced treatment technologies," said DR Choksey Finserv.

"Execution and scaling will remain a key watchout factor, as company justifies its growth plans from its historical track record, SOP focus and strong brand recall. This valuation seems at significant discount to international players like explained in the report ahead, which makes Gaudium IVF a luring investment opportunity," it said with a 'subscribe' rating,
 

Clean Max Enviro Energy Solutions IPO: Day 1 bidding status and GMP

The IPO of Clean Max Enviro Energy Solutions was overall subscribed 33 per cent as of the given time. The issue attracted bids for 71,79,984 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 2 per cent and 20 per cent, respectively. However, QIB portion was fully subscribed at the same time.

Bengaluru-based renewable energy player, Clean Max, is offering its shares for Rs 1,000-1,053 apiece in the multiples of 14 shares to raise a total of Rs 3,100 crore. It is a fresh issue of Rs 1,200 crore equity shares and an offer-for-sale (OFS) worth Rs 1,900 crore. It's GMP has remained dull at Rs 2 apeice, hinting at a muted listing for the investors.

Clean Max already has a meaningful operational base and, more importantly, a fully contracted under-construction pipeline of 1.35 GW, which is expected to get commissioned over the next 12–18 months. This provides good revenue visibility in the near term and should support steady Ebitda growth as projects become operational, said Arihant Capital Markets.

"The opportunity in the commercial and industrial renewable segment remains large, driven by rising corporate decarbonisation targets and cost savings versus grid power. Overall, considering the strong industry tailwinds, visible capacity addition, and sticky customer relationships, the company offers a combination of growth and annuity-type cash flows," it said with 'neutral' rating.
 

Shree Ram Twistex IPO: Day 1 bidding status and GMP

Smallest among the three, Shree Ram Twistex IPO was overall booked only 9 per cent as of the same time. Investors made bids for 9,14,544 equity shares against the offered size of 1,06,00,000 equity shares as of the given time. Allocations for retail bidders were subscribed 79 per cent, while non-institutional investors' quota was booked 5 per cent. The QIB allocation was not even off-the mark.

Cotton yarns manufacturer Shree Ram Twistex is selling its shares in the range of Rs 95-104 apiece in the multiples of 144 equity shares. The issue is entirely a fresh share sale of Rs 110 crore. It has seen a mild rise in its GMP, which has remained stable at Rs 6. The latest GMP suggests a 5-6 per cent listing pop for the investors.

"On the valuation front, with the company trading at a P/E of 38.2 times based on its FY25 earnings, which we believe is fairly priced given the stronger financials compared to its peers. We thus recommend a 'subscribe' rating from a medium-to long-term perspective," said BP Equities.