Editor’s Note
A busy week for India’s primary market will test investor sentiment, with multiple IPOs aiming to raise significant capital. This surge of new listings will serve as a key gauge of confidence in specific sectors amid broader market selectivity.
The primary market of the Indian stock market is set to be in full swing next week. Four mainboard IPOs and five SME issues will hit the market simultaneously. Collectively, they aim to raise approximately ₹4,300 crore. At a time when the market is showing confidence only in specific sectors and select stocks, this week will clearly reveal investor appetite and which sectors they trust more.
The largest issue is from CleanMax Enviro Energy Solutions, which is coming with a plan to raise ₹3,100 crore. This includes a fresh issue of ₹1,200 crore and an offer for sale of ₹1,900 crore. The issue will open on February 23 and close on February 25. The price band has been set at ₹1,000 to ₹1,053 per share. Listing is proposed on BSE and NSE on March 2. In the grey market, its premium is currently around 1 percent, indicating mild curiosity but not overwhelming frenzy.
In FY25, the company reported total revenue of ₹1,610 crore and a net profit of ₹19.43 crore. The book running lead managers for this issue are Axis Capital.
Jewellery sector company PNGS Reva Diamond Jewellery is bringing a fully fresh issue of ₹380 crore. This IPO will be open from February 24 to February 26. The price band has been set at ₹367 to ₹386 per share, and listing is likely on March 4. In the grey market, the shares are trading at a premium of about 4 percent.
Under the ‘Reva’ brand, the company sells diamond and precious stone-studded jewellery in gold and platinum. As of September 2025, it operated 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka. In FY25, the company’s total revenue was ₹259.11 crore and net profit was ₹59.47 crore. In this issue, 75 percent of the portion is reserved for QIB investors. The lead manager is Smart Horizon Capital Advisors.
Engineering solutions provider Omnitech Engineering is entering the market with a target to raise ₹583 crore. This includes a fresh issue of ₹418 crore and an offer for sale of ₹165 crore. The issue will open on February 25 and close on February 27. The price band has been set at ₹216 to ₹227 per share. Listing is proposed on March 5.
The company manufactures precision engineering components and industrial automation systems for sectors like automotive, aerospace, and pharma. As of September 2025, it had three manufacturing units in Gujarat and 1,807 permanent employees. In FY25, the company’s total revenue was ₹349.71 crore and net profit was ₹43.87 crore. Out of the funds raised, ₹50 crore will be used for debt repayment. The lead managers for this issue are Equirus Capital.
This IPO of ₹110.24 crore is entirely fresh. The subscription window will be open from February 23 to February 25. The company has set a price band of ₹95-104 per share. The company is in the cotton yarn manufacturing business.
Alongside the mainboard, there will be activity on the SME platform as well. Kiassa Retail will bring an issue of ₹69.72 crore. Accord Transformer & Switchgear (₹25.59 crore) and Mobilize App Lab (₹20.10 crore) will open on February 23. Striders Impex will debut on NSE SME on February 26 with an issue of ₹36.29 crore, while Yap Digital is also preparing to come on the SME platform.