IPO GMP trends for Clean Max Enviro, Shree Ram Twistex, and PNGS Reva Diamond Jewellery in focus

The primary market is set to witness renewed momentum with four mainboard IPOs scheduled to open over the coming days. Gaudium IVF & Women Health IPO will kick off the activity on February 20, followed by Clean Max Enviro Energy Solutions and Shree Ram Twistex on February 23, while PNGS Reva Diamond Jewellery will open on February 24. Clean Max Enviro Energy Solutions has fixed its price band at ₹1,000–1,053 per share and is currently commanding a grey market premium of ₹9, reflecting modest listing expectations. Shree Ram Twistex, priced at ₹95–104 per share, plans to raise funds primarily for capacity expansion, debt repayment, and working capital requirements. Meanwhile, PNGS Reva Diamond Jewellery, a ₹380-crore fresh issue with no offer-for-sale component, is priced up to ₹386 per share and is seeing a grey market premium of ₹21, suggesting relatively stronger investor interest compared to peers. Although broader IPO sentiment in 2026 has remained cautious due to valuation concerns and past listing performances, these upcoming offerings may help revive participation, with investors closely tracking pricing, fundamentals, and grey market trends before making commitments.