Clean Max Enviro Energy Solutions and Shree Ram Twistex are very different bets: Clean Max is a large‑cap, institutionally‑favoured renewable energy infrastructure play suited for long‑term, moderate‑risk investors, while Shree Ram Twistex is a smaller, higher‑beta textile manufacturer IPO with relatively better grey‑market buzz but richer valuation and more cyclicality.

Quick snapshot – Clean Max Enviro vs Shree Ram Twistex

Parameter	Clean Max Enviro Energy IPO	Shree Ram Twistex IPO
Sector	C&I renewable energy (solar, wind, hybrid)	Cotton yarn / spinning – textiles
Issue size	₹3,100 crore (₹1,200 Cr fresh + ₹1,900 Cr OFS)	₹110.24 crore (100% fresh)
Price band	₹1,000–₹1,053; FV ₹1	₹95–₹104; FV ₹10
Lot size	14 shares (min ~₹14,742)	144 shares (min ~₹14,976)
Dates	23–25 Feb 2026	23–25 Feb 2026
Listing	Mainboard (BSE, NSE)	Mainboard (BSE, NSE)
GMP (approx)	~₹3 (0.28% premium) – very low	~₹5 (≈4.8–5% premium) – better
Use of funds	Debt repayment (~₹1,125 Cr), corporate purposes	Captive solar/wind capex, debt repayment, working capital
Style	Lower listing pop, higher institutional interest, structural theme	Higher listing‑gain sentiment, smaller cap, more cyclical

Clean Max Enviro IPO – highlights

Key details

• Business: India’s leading commercial & industrial (C&I) renewable energy provider, with onsite/offsite solar, wind and hybrid projects and long‑term PPAs with corporate clients.
•  Issue: ₹3,100 crore (₹1,200 Cr fresh + ₹1,900 Cr OFS), price band ₹1,000–₹1,053, lot size 14 shares (min ₹14,742).
• Use of proceeds: ₹1,125 crore to repay/pre‑pay borrowings, rest for general corporate purposes – balance‑sheet deleveraging focus.
• Valuation: EV/EBITDA about 21.7x FY25 and ~16x annualised H1 FY26, which several brokerages call expensive but acceptable for a high‑growth renewables platform.
• GMP / listing sentiment: Grey‑market premium around ₹3 (0.28% over upper band), suggesting muted listing gains, but strong QIB interest.

Strengths

• Leading C&I renewables player with ~8% market share and multi‑GW operational + under‑execution portfolio.
• Long‑term PPAs with corporates provide annuity‑like visibility and stickiness.
• Diversified across solar, wind and hybrid, reducing resource and policy concentration risk.
• IPO proceeds largely used for debt reduction, improving leverage and interest coverage.
• Fits structural ESG/green‑energy theme as corporates decarbonise and shift to renewables.

Risks

• Capital‑intensive business model, sensitive to interest‑rate and funding conditions. ​
• Heavy dependence on state open‑access rules, grid charges and renewable policy support
• Valuation on the higher side vs some power/infra peers (EV/EBITDA mid‑teens+).
• Lower GMP indicates limited appetite for short‑term listing gains.
• Execution and counterparty risk on large under‑construction capacity and corporate off‑takers.

Shree Ram Twistex IPO – highlights

Key details

• Business: Cotton yarn manufacturer operating in spinning, supplying B2B to textile players.
• Issue: ₹110.24 crore, 100% fresh issue of 1.06 crore shares, price band ₹95–₹104, lot size 144 shares (min ~₹14,976).​
• Use of proceeds: For a 6.1 MW solar plant and 4.2 MW wind plant for captive use, debt repayment (~₹14.89 Cr) and working capital (~₹44 Cr) – aimed at lowering power costs and strengthening operations.
• Valuation: P/E around 29–30x at upper band, which some analysts say already factors in much of near‑term growth.​
• GMP / listing sentiment: GMP near ₹5 (~4.8–5% premium), signalling better listing‑gain expectations than Clean Max, with strong retail subscription but relatively weak QIB interest so far.

Strengths

• 100% fresh issue; all funds into the company for capacity and energy‑cost optimisation.
• Captive solar and wind projects set to reduce power costs, a key input in spinning operations.​
• Exposure to Indian textiles growth theme – potential doubling of sector size by 2030.
• Smaller issue size can magnify sentiment‑driven listing gains if demand remains strong.
• B2B cotton yarn positioning with established relationships in domestic textile clusters.

Risks

• Highly cyclical business linked to cotton prices, export demand and global textile cycles.
• Valuation at 29–30x P/E seen as full; some brokers advise avoiding purely for listing gains.​
• Power and raw‑material price volatility can compress margins despite captive projects.
• Smaller balance sheet and higher concentration risk vs diversified larger companies.
• Lower institutional participation increases reliance on retail/HNI sentiment for listing performance.

Which IPO to subscribe – Clean Max Enviro vs Shree Ram Twistex?

For listing gains (short‑term traders)

• Shree Ram Twistex looks relatively better on pure listing‑gain logic:
  • Higher GMP (~5%) vs ~0.3% for Clean Max.
  • Strong early retail subscription and smaller issue size.
• However, valuations (≈29–30x P/E) already price in a lot of optimism, and some brokerages explicitly say “avoid if you are purely chasing listing pop”.

For long‑term (2–5+ years) investors

• Clean Max Enviro appears more suitable as a structural, long‑term theme if you:
  • Want exposure to green energy / decarbonisation,
  • Prefer annuity‑like PPAs over cyclical yarn demand,
  • Are comfortable with infra/renewables valuation and policy risk.
• Shree Ram Twistex is more of a mid‑cap textile bet—higher cyclicality, but also upside if Indian textiles and exports do very well and management executes on cost efficiency and capacity expansion.

Simplified tilt (not investment advice):

• Higher risk, listing‑gain oriented traders → slight edge to Shree Ram Twistex.
• Moderate‑risk, long‑term thematic investors → prefer Clean Max Enviro as a cleaner, institutional‑backed, renewables story.

Always size positions prudently and avoid over‑concentration in any single IPO.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

FAQs

1. Which IPO is better for listing gains – Clean Max or Shree Ram Twistex?
Based on current grey market premium, Shree Ram Twistex (≈₹5 GMP, ~4.8–5%) looks better than Clean Max Enviro (≈₹3 GMP, ~0.3%) for near‑term listing gains, but higher risk and rich valuation make outcomes uncertain.

2. Which IPO is stronger fundamentally for long‑term investment?
Clean Max Enviro offers a more structural long‑term story in C&I renewables with long‑term PPAs and strong institutional coverage, while Shree Ram Twistex is essentially a textile/cotton yarn cyclical play. Both have valuation overhangs; Clean Max is favoured more for long‑term thematic exposure.

3. What are the minimum investment amounts in each IPO?

• Clean Max Enviro: Lot size 14 shares; minimum investment ≈₹14,742 at upper band ₹1,053.
• Shree Ram Twistex: Lot size 144 shares; minimum investment ≈₹14,976 at upper band ₹104.​

4. How are the issue sizes and structures different?
Clean Max Enviro is a large ₹3,100 crore issue (₹1,200 Cr fresh + ₹1,900 Cr OFS), while Shree Ram Twistex is a much smaller ₹110.24 crore issue, entirely fresh capital going into the company.

5. How will the IPO proceeds be used?

• Clean Max Enviro: Mainly repayment/prepayment of borrowings (~₹1,125 Cr) and general corporate purposes.business-stndard
• Shree Ram Twistex: Funding 6.1 MW solar + 4.2 MW wind captive plants, debt repayment (~₹14.89 Cr) and working capital (~₹44 Cr).

6. Are these IPOs suitable for conservative investors?
Both IPOs carry sector‑specific and valuation risks. Conservative investors who prefer steady, diversified large caps or funds may be better off avoiding concentrated IPO bets. These issues are more suited to investors who understand renewables or textiles, and are comfortable with IPO volatility and potential downside. This is not personalised advice.