Categories: Business

Upcoming IPOs On Dalal Street: From Healthcare to Diamond Jewellery, Grey Market Hints at Early Gains as Market Prepares for IPO Surge

Dalal Street’s IPO market revives after two weeks, with four upcoming listings across healthcare, renewable energy, and diamond jewellery sectors. Grey market signals guide traders as investor excitement returns.

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Published by Aishwarya Samant
Last updated: February 20, 2026 13:37:04 IST

Dalal Street To Buzzes Again: IPO Market Back in Action After Two Weeks of Lull

The IPO market at Dalal Street has entered its active phase after two weeks of inactivity. The mainboard IPO space had been quiet, with investor participation cooling in recent listings, but next week promises fresh excitement. From February 20 to 24, four companies will initiate their public issues, which aim to raise total funds of Rs 3,755.24 crore. Subscription numbers currently attract traders and investors, who want to know whether these IPOs will experience strong initial performance or face difficult beginning days.

The combination of healthcare, renewable energy, and diamond jewellery sectors provides options that suit all consumer preferences. Retail and institutional investors alike are brushing up on their strategies, calculating minimum investments, and debating whether to jump in early. The IPO market has resumed its operations, creating a vibrant atmosphere of excitement that fills Dalal Street.

Upcoming IPOs On Dalal Street: Key Details and Expected Gains

India’s primary market is buzzing as four major IPOs are set to open between February 20 and February 26, 2026. Here’s a breakdown of each IPO, their size, dates, price band, and potential gains based on the latest grey market premiums:

Gaudium IVF IPO – Opens February 20

  • Issue Size: Rs 165 crore (Fresh issue: Rs 90 crore, Offer for Sale: Rs 75 crore)
  • IPO Dates: February 20–24, 2026
  • Price Band: Rs 75–79 per share | Lot Size: 189 shares
  • Grey Market Premium (GMP): Rs 12
  • Estimated Listing Price: Rs 91 (≈ 15.19% gain)
  • Lead Manager / Registrar: Sarthi Capital Advisors Pvt. Ltd. / Bigshare Services Pvt. Ltd.
    This IPO aims to attract healthcare sector investors, offering a mix of fresh issue and sale shares.

Shree Ram Twistex IPO – Opens February 23

  • Issue Size: Rs 110.24 crore (Fresh issue: 1.06 crore shares)
  • IPO Dates: February 23–25, 2026
  • Price Band: Rs 95–104 per share | Lot Size: 144 shares
  • Grey Market Premium (GMP): Rs 5
  • Estimated Listing Price: Rs 109 (≈ 4.81% gain)
  • Lead Manager / Registrar: Interactive Financial Services Ltd. / Bigshare Services Pvt. Ltd.
    This cotton yarns manufacturer plans to raise capital for expansion, including a 4.2 MW captive wind power plant.

Clean Max Enviro Energy Solutions IPO – Largest Issue

  • Issue Size: Rs 3,100 crore (Fresh: Rs 1,200 crore, Offer for Sale: Rs 1,900 crore)
  • IPO Dates: February 23–25, 2026
  • Price Band: Rs 1,000–1,053 per share | Lot Size: 14 shares
  • Grey Market Premium (GMP): Rs 9
  • Estimated Listing Price: Rs 1,062 (≈ 0.85% gain)
  • Lead Manager / Registrar: Axis Capital Ltd. / MUFG Intime India Pvt. Ltd.
  • Pre-IPO Fundraising: Rs 1,185 crore from global investors including Temasek and Bain Capital
    As India’s largest commercial and industrial renewable energy provider, Clean Max Enviro is targeting tech, data center, and industrial energy sectors.

PNGS Reva Diamond Jewellery IPO – Opens February 24

  • Issue Size: Rs 380 crore (Fresh issue only)
  • IPO Dates: February 24–26, 2026
  • Price Band: Rs 367–386 per share | Lot Size: 32 shares
  • Grey Market Premium (GMP): Rs 21
  • Estimated Listing Price: Rs 407 (≈ 5.44% gain)
  • Lead Manager / Registrar: Smart Horizon Capital Advisors Pvt. Ltd. / Bigshare Services Pvt. Ltd.
  • IPO Purpose: Opening 15 new stores by FY28, marketing, and general corporate purposes
    This IPO offers investors an entry into India’s premium diamond jewellery retail segment, backed by P N Gadgil & Sons’ legacy.

GMP Signal Early Investor Sentiment Ahead of Upcoming IPO Listings

IPO Name Grey Market Premium (GMP) Today GMP Two Days Ago Change Note
Clean Max Enviro Energy Solutions 0.85% 1.33% − 0.48% Lower than two days ago
Shree Ram Twistex 4.81% 3.85% + 0.96% Slightly higher than Feb 17
PNGS Reva Diamond Jewellery 5.44% 4.66% + 0.78% Higher than two days ago

Dalal Street is currently experiencing increased activity for initial public offerings, which has attracted the full attention of investors. The week ahead presents multiple business opportunities across a range of sectors, including healthcare and diamond jewellery. Traders and retail investors are developing their trading strategies based on grey market information, which predicts early market gains. They want to know: who will enter the market first, and who will choose to remain cautious.

(With Inputs)

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