Upcoming IPOs in March 2026: Sedemac Mechatronics Issue Opens, Clean Max Enviro, PNGS Reva & Omnitech Engineering Set for Listings

Mumbai | March 5, 2026 – India’s primary market has opened March on a packed note. One mainboard IPO is actively seeking bids while three companies are set to debut on the stock exchanges within days of each other, covering control electronics, renewable energy, diamond jewellery and precision engineering.

Sedemac Mechatronics IPO: Key Details and Financials

Sedemac Mechatronics, a Pune-based maker of powertrain controllers and integrated starter-generator (ISG) solutions, opened its mainboard Initial Public Offering (IPO) on March 4, 2026 and closes on March 6. The issue is a pure Offer for Sale of 80,43,300 equity shares worth Rs 1,087.45 crore – the company itself receives no proceeds. Shares are priced at Rs 1,287 to Rs 1,352 per share, with a lot size of 11 and a minimum retail application of Rs 14,872. Allotment is set for March 9 and the tentative listing date on BSE and NSE is March 11, 2026. ICICI Securities, Avendus Capital and Axis Capital are the book-running lead managers.

Founded in 2007, Sedemac is India’s first manufacturer of sensorless commutation (SLC)-based ISG ECUs for ICE-powered two- and three-wheelers. Revenue grew from Rs 535.90 crore in FY24 to Rs 662.54 crore in FY25, while net profit surged from Rs 5.88 crore to Rs 47.05 crore. Anchor investors including ICICI Prudential, HDFC, SBI and Nippon India mutual funds were allocated shares worth Rs 325.89 crore on March 2, 2026.

Clean Max Enviro Energy Solutions: Listing Update

Clean Max Enviro Energy Solutions listed on March 2, 2026, making a weak debut – opening at Rs 952 on BSE (a 9.57% discount to the issue price of Rs 1,053) and at Rs 960 on NSE (8.83% discount). The Rs 3,100 crore issue, comprising Rs 1,200 crore fresh and Rs 1,900 crore OFS, ran from February 23 to 25 and was subscribed 0.99 times overall, with QIBs at 2.99 times, NIIs at 0.57 times and retail at just 0.07 times. Price band: Rs 1,000 to Rs 1,053; lot size: 14 shares; minimum investment: Rs 14,742.

Ranked by CRISIL as India’s largest commercial and industrial (C&I) renewable energy provider as of March 31, 2025, Clean Max operates 2.54 GW of capacity and has 2.53 GW under execution, serving 555 customers on PPAs averaging 23 years in tenor. FY25 revenue came in at Rs 1,610 crore (FY24: Rs 1,425 crore), and the company turned profitable with a net profit of Rs 19.43 crore compared to a loss of Rs 37.64 crore the year prior. Fresh issue proceeds are earmarked for debt repayment across the company and its subsidiaries.

PNGS Reva Diamond Jewellery: Listing Update

PNGS Reva Diamond Jewellery listed on March 4, 2026, opening at Rs 372 – a 3.63% discount to the issue price of Rs 386. The Rs 380 crore IPO was entirely a fresh issue of 98,44,559 equity shares, priced at Rs 367 to Rs 386 with a lot size of 32 shares and a minimum retail investment of Rs 12,352. Bidding ran from February 24 to 26 and the issue was subscribed 1.23 times overall – NIIs at 1.54 times, retail at 1.29 times and QIBs at 1.04 times – with allotment finalised on February 27.

Promoted under the P. N. Gadgil & Sons umbrella and incorporated in 2004, PNGS Reva sells diamond jewellery in gold and platinum under its “Reva” brand through 34 stores across 25 cities in Maharashtra, Gujarat and Karnataka. Net proceeds of Rs 286.56 crore are directed at opening 15 new stores, with Rs 35.40 crore set aside for related marketing. FY25 revenue rose to Rs 259.11 crore (FY24: Rs 196.24 crore) and net profit climbed to Rs 59.47 crore (FY24: Rs 42.41 crore).

Omnitech Engineering: Listing on March 5

Omnitech Engineering, a Gujarat-based precision components manufacturer, lists on BSE and NSE today, March 5, 2026. Its Rs 583 crore IPO – a Rs 418 crore fresh issue combined with a Rs 165 crore OFS by promoter Udaykumar Arunkumar Parekh – ran from February 25 to 27, closing at an overall subscription of 1.20 times. QIBs subscribed 3.0 times, NIIs at 0.77 times and retail at 0.35 times. The price band was Rs 216 to Rs 227 with a lot size of 66 shares (minimum retail investment: Rs 14,982). Allotment was finalised March 2; Equirus Capital and ICICI Securities were the lead managers.

The company supplies precision-engineered components and assemblies to 256-plus global customers across 24 countries – including Suzlon, Halliburton, Oshkosh Aerotech and Donaldson Company – across energy, automation and industrial sectors. It reported revenue of Rs 349.71 crore in FY25 (FY24: Rs 181.95 crore) and net profit of Rs 43.87 crore (FY24: Rs 18.91 crore), backed by an order book of Rs 1,764.78 crore as of September 30, 2025. Fresh issue proceeds are allocated across two new manufacturing facilities (Rs 233.55 crore), debt repayment (Rs 50 crore) and existing plant capex (Rs 18.70 crore).

Outlook

The first week of March 2026 has brought four sharply different primary market stories. Weak openings for Clean Max Enviro and PNGS Reva show the market applying careful scrutiny to aggressively priced issues with modest retail backing. Omnitech Engineering’s debut today – QIBs keen, retail cautious – will test how that imbalance plays out at listing. Sedemac Mechatronics closes bidding on March 6, and its subscription data will cap off a notably active stretch. Investors should weigh financials, valuations and subscription distribution before committing capital to any of these issues.

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