CleanMax Energy, Gaudium IVF, PNGS Reva Diamond Jewellery look to collectively raise ₹6,065 crore via IPOs

The primary market is gaining momentum, with CleanMax Enviro Energy Solutions, Gaudium IVF and Women Health, and PNGS Reva Diamond Jewellery set to launch their initial public offerings (IPOs).

The three public issues, spanning renewable energy, healthcare and retail jewellery, are collectively looking to raise around ₹6,065 crore through listings on the domestic bourses.

Among them, CleanMax Enviro Energy Solutions plans to raise ₹3,100 crore, while Gaudium IVF and Women Health and PNGS Reva Diamond Jewellery aim to mobilise ₹165 crore and ₹380 crore, respectively.

Here is all you need to know about these upcoming IPOs:

CleanMax Enviro Energy Solutions IPO

The Mumbai-based renewable energy company has trimmed its IPO size to ₹3,100 crore, down from the ₹5,200 crore proposed in its draft papers filed last August. The issue will open for subscription on February 23 and close on February 25, while the one-day anchor book will open on February 20.

The IPO comprises a fresh issue of ₹1,200 crore and an offer for sale (OFS) of ₹1,900 crore by existing shareholders. The company has also reserved shares worth up to ₹30 crore for employees, who will receive them at a ₹100 per share discount to the final issue price.

Backed by Brookfield Corporation, the renewable energy platform has fixed a price band of ₹1,000–₹1,053 per share, valuing the company at over ₹12,300 crore at the upper end of the band.

The company has reserved 50% of the issue for qualified institutional buyers (QIBs), while 15% and 35% of the net offer are earmarked for non-institutional investors (NIIs) and retail individual investors (RIIs), respectively.

According to its DRHP, around ₹1,125 crore from the fresh issue will be used to repay or prepay certain outstanding borrowings of the company and its subsidiaries, with the remainder allocated for general corporate purposes.

As of July 31, 2025, CleanMax had an operational capacity of 2.54 GW, contracted capacity of 2.53 GW, and 5.07 GW of projects at advanced stages of development. Founded in 2010, the company provides net-zero and decarbonisation solutions to commercial and industrial (C&I) customers.

PNGS Reva Diamond Jewellery IPO

PNGS Reva Diamond Jewellery has fixed a price band of ₹367 to ₹386 per equity share (face value ₹10). The issue will open on February 24 and close on February 26.

The IPO is a pure fresh issue of 2.19 crore equity shares aggregating to ₹380 crore. Investors can bid for a minimum of 32 equity shares and in multiples thereafter.

Of the ₹380 crore to be raised, about ₹286.56 crore will be used to set up 15 new stores, while ₹35.40 crore will go towards marketing and promotional expenses to strengthen the visibility of its flagship brand, Reva. The balance will be used for general corporate purposes.

The issue is being made through the book-building process, with at least 75% reserved for QIBs, up to 15% for NIIs, and up to 10% for retail investors.

For the six months ended September 30, 2025, the company reported revenue from operations of ₹156.72 crore and a net profit of ₹20.13 crore. For FY25, revenue stood at ₹258.18 crore, compared with ₹198.85 crore in FY23, while net profit rose to ₹59.47 crore from ₹51.75 crore.

Originally established as a partnership in 2004, the company was restructured as an independent entity in early 2025 following a slump sale from its corporate promoter, P. N. Gadgil & Sons Limited. It currently operates 34 stores across 25 cities in Maharashtra, Gujarat and Karnataka under FOCO, FOFO and COCO models.

Gaudium IVF IPO

The IPO of Gaudium IVF and Women Health will open for subscription on February 20 and close on February 24. Share allotment is expected to be finalised on February 25, with listing on the BSE and NSE scheduled for February 27.

The company aims to raise ₹165 crore, comprising a fresh issue of ₹90 crore and an OFS of ₹75 crore by promoter Dr Manika Khanna. The price band has been fixed at ₹75 to ₹79 per share.

Net proceeds from the fresh issue will be used for setting up new IVF centres, repaying existing loans, and general corporate purposes.

Investors can bid for a minimum of 189 shares and in multiples thereafter. The allocation structure earmarks 50% for QIBs, 15% for NIIs, and 35% for retail investors.

Gaudium IVF is positioned as India’s first listed fertility services company and provides a comprehensive range of reproductive healthcare services. It operates a PAN-India network of over 30 locations, including seven hub centres and 28 spoke clinics, and has entered into a strategic alliance with Infertility Expert to expand awareness and access to ART and IVF treatments. The company also caters to international patients from countries including the United Kingdom, the United States, Kenya, Canada, South Africa and Oman.

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