After a relatively muted start to the year, the primary market is preparing for a surge in activity. Beginning Monday, February 23, four mainboard initial public offerings (IPOs) and four SME issues will open for subscription, marking one of the busiest weeks of 2026 so far. While only a handful of offerings have hit the market this year, the broader pipeline remains strong.

More than 200 companies are estimated to be preparing to collectively raise around Rs 2.5 lakh crore in 2026. For perspective, mainboard IPOs mobilised a record Rs 1.76 lakh crore in 2025, underscoring sustained investor appetite.

Clean Max Enviro Energy Solutions IPO

The subscription window runs from February 23 to February 25. The company, a renewable energy solutions provider catering to commercial and industrial clients, plans to raise about Rs 3,100 crore. The issue consists of a fresh issue worth Rs 1,200 crore and an offer-for-sale (OFS) of Rs 1,900 crore.

As per InvestorGain, the grey market premium (GMP) stood at Rs 4 on February 22, suggesting a modest premium of 0.38 per cent over the upper price band of Rs 1,053. Shares are set to list on NSE and BSE on March 2.

Open from February 23 to February 25, this Rs 110.24 crore issue comprises a fresh issue of 1.06 crore shares. The cotton yarn manufacturer has fixed a price band of Rs 95–104. The GMP was Rs 5 on February 22, indicating a potential 4.81 per cent listing premium.

PNGS Reva Diamond Jewellery IPO

This jewellery-focused company aims to raise Rs 380 crore via a fresh issue of 98 lakh shares. The offer will be available from February 24 to 26. According to InvestorGain, the GMP stood at Rs 17, hinting at a 4.40 per cent premium over the upper band of Rs 386. Listing is scheduled for March 4.

Opening from February 25 to 27, Omnitech Engineering seeks to mobilise Rs 583 crore through a mix of fresh issue and OFS. The GMP was Rs 15 as of February 22, suggesting a 6.61 per cent premium over the upper band of Rs 227. Listing is expected on March 5.

The SME platform will also witness four new issues next week:

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