Monday, February 23, 2026

IPO Calendar Next Week: 9 IPOs Worth Rs 4,400 Crore to Open; CleanMax, Omnitech Among Key Issues

By Blogger February 23, 2026 No comments

IPO Watch: 9 Public Issues Worth Rs 4,400 Crore to Open Next Week; 4 Companies Set for Market Debut

India's primary market is gearing up for a packed week as nine IPOs worth over Rs 4,405 crore are scheduled to open for public subscription starting February 23. Alongside the fresh offerings, four companies are lined up to make their stock exchange debuts. Mainboard issues alone are expected to raise Rs 4,173 crore, with the remainder coming from the SME segment.

IPOs Opening on February 23

Five public issues will kick off the week on February 23, including two mainboard and three SME offerings.

CleanMax Enviro Energy Solutions — Rs 3,100 Crore (Mainboard)

The week's largest offering comes from CleanMax Enviro Energy Solutions, India's largest commercial and industrial renewable energy provider. The company aims to raise Rs 3,100 crore at a price band of Rs 1,000–1,053 per share. The IPO consists of a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. CleanMax had already raised Rs 921 crore via an anchor book on February 20.

Shree Ram Twistex — Rs 110.24 Crore (Mainboard)

Cotton yarn manufacturer Shree Ram Twistex aims to raise Rs 110.24 crore through a fresh issue of 1.06 crore equity shares at a price band of Rs 95–104 per share.

SME IPOs Opening February 23

Kiaasa Retail — Ghaziabad-based women's ethnic wear brand targeting Rs 69.72 crore at Rs 121–127 per share via 54.9 lakh shares.
Mobilise App Lab — Software solutions provider raising Rs 20.1 crore at Rs 75–80 per share.
Accord Transformer & Switchgear — Electrical transformer equipment maker mobilising Rs 25.59 crore through 55.62 lakh fresh shares at Rs 43–46 per share.

IPO Opening on February 24

PNGS Reva Diamond Jewellery — Rs 380 Crore (Mainboard)

PNGS Reva Diamond Jewellery, a diamond and precious stone jewellery maker and part of the P N Gadgil & Sons group, will launch its mainboard IPO on February 24. The issue size is Rs 380 crore at a price band of Rs 367–386 per share.

IPOs Opening on February 25

Omnitech Engineering — Rs 583 Crore (Mainboard)

Gujarat-based precision engineered components maker Omnitech Engineering is targeting Rs 583 crore at Rs 216–227 per share. The issue includes a fresh issue of Rs 418 crore and an offer for sale of Rs 165 crore by the promoter.

Yaap Digital — Rs 80.11 Crore (SME)

Gurgaon-based digital content and marketing agency Yaap Digital will raise Rs 80.11 crore through 55.25 lakh shares at Rs 138–145 per share via an entirely fresh issue.

IPO Opening on February 26

Striders Impex — Rs 36.29 Crore (SME)

Striders Impex, which operates in toy licensing, own brand development and distribution, will close out the week's IPO calendar on February 26. The company plans to raise Rs 36.29 crore through 50.4 lakh shares — comprising 45.31 lakh fresh shares and 5.08 lakh shares offered for sale by promoters — at a price band of Rs 71–72 per share.

IPOs Closing Next Week

Two ongoing IPOs will wrap up their subscription windows next week on February 24. Fertility services provider Gaudium IVF & Women Health (Rs 165 crore, mainboard) was subscribed 88% on its first day, while decorative laminates maker Manilam Industries India (Rs 40 crore, SME) saw 20% subscription on day one.

Listings to Watch Next Week

Four companies will make their trading debut on the bourses in the coming week:

Fractal Industries (garment manufacturing) — BSE SME debut on February 24.
Yashhtej Industries (India) (soybean crude oil) — BSE SME listing on February 25.
Gaudium IVF & Women Health — Mainboard listing on February 27. Grey market premium of over 10% signals a positive listing outlook.
Manilam Industries India — SME listing on February 27, though grey market response has been muted.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

CleanMax IPO: Temasek, Tata Investment Back Rs 921 Crore Anchor Round Ahead of Rs 3,100 Crore Issue

By Blogger February 22, 2026 No comments

CleanMax IPO: Temasek, Tata Investment and Other Marquee Investors Pour Rs 921 Crore into Anchor Round

CleanMax Enviro Energy Solutions, India's largest commercial and industrial renewable energy provider, has raised Rs 921 crore from anchor investors ahead of its Rs 3,100 crore IPO. The strong anchor round, featuring a blend of global heavyweights and leading domestic institutions, signals robust investor appetite for India's fast-growing clean energy sector.

Anchor Allotment Details

The company allotted 87,46,437 equity shares at Rs 1,053 per share to anchor investors on February 20, ahead of the public issue opening on February 23. The offer closes on February 25, with a price band of Rs 1,000 to Rs 1,053 per share.

Notable participants in the anchor round include:

Temasek Holdings
Tata Investment Corporation
SBI Life Insurance and SBI General Insurance
HDFC Mutual Fund and Franklin Templeton Mutual Fund
Nomura Asset Management
ADIA (Abu Dhabi Investment Authority)
360 One Mutual Fund
Premji Invest, Eastspring, BNP and Trust Group

Of the total anchor allocation, 45,91,720 shares worth approximately Rs 483.51 crore — representing 52.5% of the anchor book — were allotted to key investors including Temasek, SBI Life, Nomura, HDFC Mutual Fund, Franklin Templeton, ADIA, Eastspring, 360 One, and SBI General Insurance.

Domestic vs. Foreign Institutional Breakdown

The anchor book saw a healthy mix of domestic and global institutional interest. Domestic institutions accounted for 68% of the anchor allocation, while foreign institutional investors made up the remaining 32% — reflecting broad-based confidence in CleanMax's business model and India's renewable energy growth story.

Pre-IPO Placement Already Completed

The anchor round follows a Rs 1,500 crore pre-IPO placement completed earlier in February. That round drew participation from investors including Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities Fund, Steadview Capital, and several prominent family offices, including those of the Dalmia group and the Jaisinghani and Taparia families.

IPO Structure

The Rs 3,100 crore IPO comprises:

Fresh issue: Rs 1,200 crore
Offer for sale (OFS): Rs 1,900 crore

The book-running lead managers include Axis Capital, JP Morgan India, BNP Paribas, HSBC Securities, IIFL Capital Services, Nomura Financial Advisory, BOB Capital Markets, and SBI Capital Markets. MUFG Intime India is the registrar to the offer.

About CleanMax

Founded in 2010, CleanMax is recognised as India's largest commercial and industrial (C&I) renewable energy provider, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted capacity under execution as of October 31, 2025, as per a CRISIL report.

The company serves a diversified client base spanning data centres, AI and technology firms, cement, steel, FMCG, pharmaceuticals, and real estate. Its offerings include renewable power supply through long-term contracts, EPC services, operations and maintenance of solar, wind and hybrid plants, carbon credit solutions, and turnkey decarbonisation services.

Financial Performance

CleanMax's financials reflect a company on a strong growth trajectory:

Revenue from operations: Rs 1,496 crore in FY25, up from Rs 1,390 crore in FY24 — a year-on-year growth of 8%.
EBITDA: Jumped sharply to Rs 1,015 crore in FY25 from Rs 742 crore in FY24, marking a robust 37% increase and reflecting meaningfully improved operating efficiency.

With marquee institutional backing, strong financials, and a leadership position in India's C&I renewable energy segment, the CleanMax IPO is shaping up to be one of the more closely watched public issues of the year.

UPL Group Reorganisation: Board Approves Creation of Listed Crop Protection Firm UPL Global

By Blogger February 21, 2026 No comments

UPL Board Approves Group Reorganisation to Create Listed Pure-Play Crop Protection Company UPL Global

UPL Limited has announced a major board-approved group reorganisation that will reshape its corporate structure and create two distinct listed entities. The move will carve out a dedicated crop protection platform — UPL Global Sustainable Agri Solutions Ltd — consolidating both its India and international crop protection businesses under a single, focused listed company.

Two Listed Companies to Emerge

Following the reorganisation, implemented through a composite scheme of arrangement, UPL's current structure will give way to two separate listed firms:

UPL — which will continue operating as a diversified agriculture and specialty chemicals platform.
UPL Global — a pure-play crop protection company with an integrated India and international operations base, listed on Indian stock exchanges.

UPL stated that the reorganisation is aimed at unlocking shareholder value, simplifying its group structure, and enabling clearer market valuation of its distinct business segments.

Transaction Structure Explained

The reorganisation will be executed in a phased manner:

UPL Sustainable Agri Solutions Ltd — UPL's India crop protection arm, in which UPL currently holds a 90.91% stake — will first be amalgamated into UPL.
This will be followed by a vertical demerger of the India crop protection business into UPL Global.
Simultaneously, UPL Crop Protection Holdings Ltd — the holding entity for UPL's international crop protection operations, in which UPL holds a 77.78% stake — will be merged into UPL Global.

Once complete, both the domestic and global crop protection businesses will be fully consolidated within UPL Global, which will seek listing on Indian stock exchanges.

Strategic Rationale

UPL highlighted several key benefits expected from this restructuring:

Creation of an integrated, pure-play crop protection platform with a global manufacturing base, consolidated R&D capabilities, and a broader product portfolio.
Greater strategic and financial flexibility for both entities, enabling independent capital raising and optimised capital structures aligned with their respective business strategies.
Simplified group structure that allows investors to more accurately value each business on its own merits.

Regulatory Approvals and Timeline

The transaction is expected to be completed over the next 12 to 15 months, subject to approvals from multiple regulatory authorities, including SEBI, CCI, RBI, stock exchanges, and the National Company Law Tribunal (NCLT), along with clearance from shareholders and creditors of the entities involved. The board has already approved share exchange and entitlement ratios based on recommendations from independent valuers.

Stock Performance and Market Cap

UPL shares closed 1.77% lower at Rs 751.50 on Friday, ahead of the reorganisation announcement. Despite the single-session dip, the stock has delivered a strong 16.1% gain over the past year, comfortably outpacing the Nifty 50's 11.6% rise over the same period. The company's current market capitalisation stands at over Rs 63,700 crore.

For investors, the creation of UPL Global as an independently listed entity could offer a cleaner, focused exposure to the global crop protection industry — a segment that stands to benefit from rising agricultural demand and evolving agrochemical regulations worldwide.

Novartis India Promoter Sells Entire 70.68% Stake; Open Offer Announced at Rs 860.64 Per Share

By Blogger February 20, 2026 No comments

Novartis India Promoter to Divest Entire 70.68% Stake, Open Offer Triggered at Rs 860.64 Per Share

Shares of Novartis India Ltd are set to attract significant investor attention after its promoter, Novartis AG, agreed to sell its entire 70.68 per cent stake in the company. The stake is being acquired by a consortium comprising WaveRise Investments, ChrysCapital Fund X, Two Infinity Partners, ChrysCapital X LLC, and OceanEdge Investments Limited. The deal has triggered a mandatory open offer for an additional 26 per cent stake from public shareholders.

Open Offer Details

The acquirers have announced an open offer to purchase up to 64,19,608 fully paid-up equity shares of Novartis India, each with a face value of Rs 5, from public shareholders. Key highlights of the open offer include:

Open offer price: Rs 860.64 per share
Premium over last closing price: 3.64% above Thursday's closing price of Rs 830.45
Shares under open offer: Up to 26% of the total voting share capital
Total consideration: Up to Rs 552.49 crore, payable in cash

Stake Sale Structure

Promoter Novartis AG is offloading 1,74,50,680 shares, representing its complete 70.68 per cent holding in Novartis India. This is a full exit by the global pharmaceutical giant from its Indian listed subsidiary.

To facilitate the transaction, Novartis India's board of directors approved the execution of a company covenant and warranty deed with both the seller and the acquirers. The company confirmed that it has provided certain customary warranties on a non-recourse basis to the acquirers concerning the company and its business operations.

Post-Transaction Obligations

Following the completion of the deal, Novartis India has committed to several key obligations:

The company will change its name to remove all references to the Novartis seller group within 120 days of transaction completion.
The company will provide reasonable assistance and information required by the acquirers in connection with the mandatory open offer to public shareholders.
Novartis India will complete all relevant regulatory filings as part of its post-closing obligations.

What This Means for Investors

This transaction marks a significant ownership shift for one of India's well-known pharmaceutical companies. The entry of ChrysCapital — one of India's most prominent private equity firms — as a key acquirer signals strong institutional confidence in the business's long-term prospects.

For existing public shareholders, the open offer at Rs 860.64 per share presents an opportunity to tender shares at a premium to the market price. However, investors should carefully evaluate the company's future direction, including its upcoming rebranding, before making any decisions.

The change in promoter group and the eventual name change will mark the beginning of a new chapter for the company, and market participants will be closely watching how the new management steers operations going forward.

L&T and NVIDIA Partner to Build India's Gigawatt-Scale Sovereign AI Factory Infrastructure

By Blogger February 19, 2026 No comments

L&T Partners with NVIDIA to Build India's Largest Gigawatt-Scale AI Factory

In a landmark move set to reshape India's technology landscape, Larsen & Toubro (L&T) has announced a strategic partnership with NVIDIA to develop sovereign, gigawatt-scale AI factory infrastructure across India. Unveiled at the India AI Summit, the venture aligns with the IndiaAI Mission and aims to position India as a premier global hub for artificial intelligence infrastructure.

What the Partnership Entails

The collaboration brings together L&T's decades of engineering and infrastructure execution expertise with NVIDIA's cutting-edge AI technology stack. This includes NVIDIA GPUs, CPUs, high-speed networking, accelerated storage platforms, the NVIDIA AI Enterprise software suite, and proven reference architectures for rapid, secure AI deployment.

The initiative is designed to serve a wide range of stakeholders — from domestic enterprises and government bodies to global hyperscalers, cloud providers, and industrial corporations looking to leverage India as a strategic AI base of operations.

Infrastructure Scale and Locations

The venture has ambitious infrastructure targets at its core:

Scaling NVIDIA GPU cluster deployment at L&T's Chennai data center up to 30 MW capacity, situated within a sprawling 300-acre, gigawatt-scalable campus.
A new 40 MW data center in Mumbai, currently under active execution.
Long-term plans for a gigawatt-scale AI data center factory capable of supporting high-density, next-generation AI workloads.

Sovereign AI Infrastructure at the Core

A defining feature of this initiative is its sovereign-by-design approach. In alignment with the IndiaAI Mission, the infrastructure ensures that critical data, AI models, and workloads are built, trained, and deployed within India's borders, while remaining interoperable with global systems.

This makes the platform well-suited for sectors that require data security and regulatory compliance, including financial services, healthcare, energy, manufacturing, and public services.

From Pilots to Production-Scale AI

One of the venture's key objectives is accelerating India's transition from AI experimentation to full production-scale deployment. The AI factory model will deliver standardised, enterprise-grade AI capabilities with predictable performance, robust security, and fast time-to-value.

L&T's group companies stand to benefit directly. Innovations such as LTTS's Lights-Out Factory framework leveraging NVIDIA Omniverse, LTM's Blueverse platform, and LTFS's agentic AI deployments are all slated to run on this sovereign cloud infrastructure. L&T's internally developed AI agents will also be hosted on the platform.

Leadership Speaks

S N Subrahmanyan, Chairman & Managing Director of L&T, emphasized the transformative potential of the venture: "India's enterprises are ready to move from AI pilots to production-scale deployment. With NVIDIA's platforms and L&T's execution strength, we are building infrastructure that will enable AI to deliver measurable economic impact."

Jensen Huang, Founder and CEO of NVIDIA, highlighted the broader global significance: "AI is driving the largest infrastructure buildout in human history. Together with L&T — an 88-year-old engineering and nation-building leader — we are laying the foundation for world-class AI infrastructure that will power India's growth."

Why This Matters for Investors and the Market

This announcement carries significant implications for L&T's long-term growth story. The company is strategically positioning itself at the intersection of infrastructure development and the AI economy — two of the most capital-intensive and high-growth sectors globally. For retail investors tracking L&T's stock, this partnership signals a meaningful diversification into the digital infrastructure space, complementing its traditional engineering and construction business.

As India advances its national AI agenda under the "Making AI in India and Making AI Work for India" vision, L&T's early-mover advantage in sovereign AI infrastructure could translate into substantial long-term value creation.

Adani Group to Invest $100 Billion in AI Data Centres, Targets $250 Billion Ecosystem

By Blogger February 18, 2026 No comments

Adani Group to Invest $100 Billion in AI Data Centres, Targets $250 Billion Infrastructure Ecosystem

The Adani Group has unveiled an ambitious plan to invest $100 billion in building renewable energy-powered, AI-ready data centres by 2035. The ports-to-power conglomerate aims to position India as a global hub for artificial intelligence (AI) infrastructure, aligning its strategy with the country’s growing digital and AI ambitions.

The company stated that this massive capital deployment could act as a catalyst for an additional $150 billion in investments across related industries such as server manufacturing, advanced electrical systems, and supporting infrastructure. Together, this could create a potential $250 billion AI infrastructure ecosystem in India over the next decade.

Scaling AI Infrastructure Across India

The new investment will expand upon AdaniConneX’s existing 2 GW national data centre capacity, which is now progressing toward a 5 GW target. The expansion is supported by strategic partnerships with major global technology firms.

Previously, AdaniConneX announced a collaboration with Google to establish what is expected to be India’s largest AI data centre hub along with energy infrastructure in Visakhapatnam. Google has committed $15 billion toward the project.

Additionally, partnerships with Microsoft are driving the development of data centre campuses in Hyderabad and Pune, strengthening the company’s AI-ready footprint across key technology corridors.

New Partnerships and Expansions

Beyond existing collaborations, the group is actively engaging with other global players to establish large-scale data centre campuses across India. It has also partnered with Walmart-owned Flipkart to build a second AI-focused data centre tailored to support Flipkart’s AI workloads and next-generation digital commerce operations.

This coordinated expansion underscores the increasing demand for AI infrastructure fueled by:

Rapid enterprise-level AI adoption
Competitive data centre construction costs in India
Government-mandated data localisation norms
Rising cloud and digital commerce penetration

Five-Layer AI Stack and Technological Sovereignty

The Adani Group’s strategy extends beyond physical infrastructure. The company has outlined plans to develop a comprehensive five-layer AI stack, integrating green energy, data centres, digital infrastructure, advanced computing, and AI applications.

According to the company leadership, the objective is to ensure that India becomes a creator and exporter of AI capabilities rather than merely a consumer of global technologies. This vision aligns with the broader national push to strengthen technological self-reliance.

Renewable Energy Backbone: Additional $55 Billion Commitment

To power this large-scale AI infrastructure sustainably, Adani Enterprises also announced a further $55 billion investment in expanding its renewable energy portfolio. This includes the development of one of the world’s largest battery energy storage systems.

The integration of renewable energy with data centre infrastructure is expected to:

Lower long-term operational costs
Reduce carbon footprint of AI workloads
Enhance energy security and grid stability
Support ESG-focused investment mandates

India’s Emerging AI Investment Landscape

The announcement comes at a time when global corporations are committing substantial capital to India’s digital ecosystem. Technology giants and conglomerates have pledged multi-billion-dollar investments to set up data centres across the country.

India’s growing digital economy, expanding internet penetration, and regulatory emphasis on data localisation are driving this investment wave. As AI adoption accelerates across financial services, telecommunications, manufacturing, and e-commerce sectors, demand for hyperscale, energy-efficient data centres is expected to rise sharply.

For retail investors, this development signals a long-term structural shift toward AI infrastructure and green energy integration. Companies with exposure to data centres, renewable power, electrical equipment, and semiconductor ecosystems could potentially benefit from this investment cycle.

With a combined potential impact of $250 billion over the next decade, Adani Group’s strategy represents one of the most significant private-sector commitments toward building India’s AI infrastructure backbone.

Infosys partners with Anthropic to deploy enterprise AI solutions across sectors

By Blogger February 17, 2026 No comments

Infosys Partners with Anthropic to Accelerate Enterprise AI Adoption Across Key Industries

Strategic Collaboration to Deliver Advanced AI Solutions

Infosys has announced a strategic collaboration with AI research and safety firm Anthropic to develop and deploy advanced enterprise artificial intelligence (AI) solutions across multiple industries. The partnership will initially focus on the telecommunications sector before expanding into financial services, manufacturing, and software development.

The collaboration underscores a shared objective: to move beyond experimental AI deployments and deliver scalable, secure, and industry-ready AI systems capable of driving meaningful business transformation.

Telecom Sector to Lead the Rollout

The partnership will begin with the establishment of a dedicated Anthropic Center of Excellence within the telecommunications sector. This center will focus on designing and deploying AI agents tailored to telecom-specific operations.

In telecom, AI agents are expected to:

Modernize network operations
Streamline customer lifecycle management
Enhance service delivery efficiency

By embedding AI into core operational workflows, telecom providers can improve responsiveness, reduce operational bottlenecks, and enhance customer experience.

Integration of Claude Models with Infosys Topaz

At the core of the collaboration is the integration of Anthropic’s Claude AI models, including Claude Code, with Infosys’ Topaz AI platform. This combination is designed to help enterprises automate complex workflows while maintaining governance, transparency, and compliance — especially critical in regulated industries.

The integration aims to:

Automate multi-step enterprise processes
Accelerate software development cycles
Ensure AI adoption with built-in governance controls
Enhance operational efficiency without compromising compliance standards

Focus on Agentic AI Systems

A key highlight of the partnership is the development of agentic AI systems. Unlike traditional AI models that respond to prompts, agentic AI can independently execute multi-step tasks across workflows.

These systems can handle processes such as:

Processing insurance claims
Generating, testing, and debugging code
Conducting compliance reviews
Managing risk assessments

Using tools like the Claude Agent SDK, enterprises will be able to deploy AI agents capable of managing long-running and complex tasks efficiently.

Expanding Across Financial Services and Manufacturing

Following the telecom rollout, the collaboration will expand into financial services, manufacturing, and engineering sectors.

Financial Services

In the financial domain, AI agents will support:

Faster risk detection and assessment
Automated compliance reporting
Personalized customer engagement based on historical and market data

Manufacturing and Engineering

For manufacturing and engineering companies, AI integration will accelerate product design and simulation processes. Engineers will be able to test multiple iterations quickly, significantly reducing research and development timelines.

Software Development

In software development, teams will leverage Claude Code to write, test, and debug programs more efficiently, enabling faster transitions from design to production.

Modernizing Legacy Systems and Reducing Costs

The collaboration also targets modernization of legacy IT systems. By combining Infosys Topaz with Claude models, enterprises can accelerate digital transformation initiatives while reducing infrastructure upgrade costs.

Infosys is already deploying Claude Code internally within its Exponential Engineering organization to build expertise and refine best practices before scaling solutions to clients globally.

Strategic Implications for Enterprises

This partnership reflects a broader industry trend toward enterprise-grade AI adoption that prioritizes scalability, governance, and domain expertise. By combining engineering scale with advanced AI capabilities, Infosys and Anthropic aim to help enterprises redesign operating models and unlock long-term value.

For investors and market participants, this collaboration signals Infosys’ continued push into high-value AI services — a segment expected to drive future revenue growth and margin expansion in the global IT services industry.

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