Synopsis: The Indian primary market is witnessing a busy Wednesday, February 25, 2026, with five major IPOs in various stages of bidding and allotment. While Shree Ram Twistex has emerged as the clear retail favorite, renewable energy giant Clean Max Enviro is struggling with weak demand on its final day.
Latest IPO Subscription Update 2026
Investor sentiment across current Initial Public Offerings (IPOs) remains highly selective. As several issues head toward their conclusion today, the “Grey Market Premium” (GMP) is providing a stark contrast between high-growth engineering plays and heavily valued infrastructure assets.
The Top Performers: Shree Ram Twistex and Omnitech
Shree Ram Twistex has stolen the spotlight on its final day of bidding. The ₹110 crore issue saw a massive surge, closing with an overall subscription of approximately 43.51 times.
Retail investors led the charge, booking their portion over 75.40 times, while the NII segment crossed the 220.12 times mark. The GMP has jumped to ₹18, signaling a robust 17% listing gain.
Omnitech Engineering, which opened today, received a average response with a 0.09 times subscription on Day 1. Backed by a strong ₹174.6 crore anchor book featuring ICICI Prudential and Nippon India, the company’s ₹583 crore issue is commanding a GMP of ₹8.
Analysts highlight its ₹1,765 crore order book as a key fundamental driver for long-term interest.
The Laggards: Clean Max and PNGS Reva
In contrast, Clean Max Enviro Energy Solutions faced a tough final day. Despite being a “Quiet Renewable Giant” with clients like Google and Amazon, the ₹3,100 crore IPO was subscribed only 0.99 times by the close.
Subdued retail interest (0.07 times) and a very high valuation (P/E ~365x) have weighed on sentiment. The GMP has plummeted to ₹1, indicating a potential flat listing on March 2.
PNGS Reva Diamond Jewellery also saw a cooling trend on Day 2. The issue is currently subscribed 0.86 times, but the GMP has slipped to just ₹1.5.
Investors are expressing caution over the company’s geographic concentration in Maharashtra and the premium pricing of the issue.
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Allotment Alert: Gaudium IVF
For those who applied to the Gaudium IVF IPO, today is the crucial day for allotment finalization. After a 7.27x subscription, the basis of allotment is being processed.
The GMP holds steady at ₹8.5, projecting a 10.7% listing gain when it debuts on February 27.
Also Read: Check Gaudium IVF IPO allotment status
| IPO Name | Status(as of writing) | Subscription (as of writing) | Current GMP (as of writing) | Est. Listing |
| Shree Ram Twistex | Closed | 43.51x | ₹18 (17.3%) | ₹122 |
| Clean Max Enviro | Closed | 0.99x | ₹1 (0.1%) | ₹1,054 |
| Omnitech Eng. | Day 1 | 0.09x | ₹8 (3.5%) | ₹235 |
| PNGS Reva | Day 2 | 0.86x | ₹1.5 (0.4%) | ₹387.5 |
| Gaudium IVF | Allotment | 7.27x | ₹8.5 (10.8%) | ₹87.5 |
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