In November 2025, there were nine IPOs introduced and 12 listings, with eight stocks trading above their IPO prices, three trading below the issue price, and one flat. Leading the pack is Groww, which has seen an increase of 58.85%, followed closely by today’s newcomer, Sudeep Pharma, with a gain of 30.5%, and Tenneco Clean Air, which is up 22% since its issue price. Physicswallah, Capillary Technologies, and Pine Labs are all trading between 12% and 15% above their IPO prices. The three underperformers are Studds Accessories (6.6% down), Fujiyama Power Systems (8.2% down), and Orkla (11.4% down).
Currently, what we witness supports the fatigue factor that experts have highlighted; although some show positivity, the level of optimism is not significant. Only a small number, specifically three or four, stocks are performing decent.
This indicates two things according to experts: first, the valuations at which companies are entering the market are unreasonable. Second, individuals tend to overlook companies they do not understand. In both scenarios, this suggests that merchant bankers and promoters are not effectively fulfilling their roles.
| Company | Listing Date | Issue Price | Friday’s closing price on BSE (28/11/2025) | Current Gains(%) |
|---|---|---|---|---|
| Billionbrains Garage Ventures (Groww) | 12 Nov `25 | ₹100 | ₹158.85 | 58.85% |
| Sudeep Pharma | 28 Nov `25 | ₹593 | ₹773.70 | 30.50% |
| Tenneco Clean Air | 19 Nov `25 | ₹397 | ₹483.85 | 22% |
| Physicswallah | 18 Nov `25 | ₹109 | ₹125.15 | 15% |
| Capillary Technologies | 21 Nov `25 | ₹577 | ₹645.30 | 12% |
| Pine Labs | 14 Nov `25 | ₹221 | ₹249.65 | 13% |
| Excelsoft Technologies | 26 Nov `25 | ₹120 | ₹120 | 0% |
| Lenskart Solutions | 10 Nov `25 | ₹402 | ₹411.20 | 2.30% |
| EMMVEE Photovoltaic Power | 18 Nov `25 | ₹217 | ₹219.80 | 1.30% |
| Studds Accessories | 07 Nov `25 | ₹585 | ₹546.65 | -6.60% |
| Fujiyama Power Systems | 20 Nov `25 | ₹228 | ₹209.40 | -8.20% |
| Orkla | 06 Nov `25 | ₹730 | ₹647 | -11.40% |
When discussing the implications for upcoming IPOs, Arun Kejriwal, the founder of Kejriwal Research and Investment Services, clarified that due to investor fatigue and IPOs underperforming compared to historical trends, there needs to be a fresh approach to valuations. They must become more realistic and reasonable, despite the market reaching an all-time high today or in recent weeks.
This situation doesn’t change the essential fact that it is crucial to enable investors to profit, as an IPO is not a guaranteed method of earning money akin to purchasing shares. It carries elements of chance, involves risk, and there is a chance of investing without seeing returns due to the lack of allotment. Therefore, it is necessary for merchant bankers and promoters to provide assurance to investors regarding the risks they undertake, according to Kejriwal.
Upcoming IPOs
Meesho IPO
Meesho, an e-commerce company backed by SoftBank, is looking to secure ₹5,421 crore through its initial public offering, which is set to begin subscription on December 3.
The firm has established a price range of ₹105-111 per share, giving Meesho a valuation of ₹50,096 crore (USD 5.6 billion) at the highest price point. In its announcement made on Friday, Meesho indicated that the inaugural public offering will conclude on December 5, with allocations for anchor investors planned for December 2.
Aequs IPO
Aequs, a contract manufacturing company that focuses on consumer durable items and aerospace components, announced on Friday a price range of ₹118-124 per share for its upcoming initial public offering worth ₹922 crore.
If priced at the upper end, the company’s valuation will exceed ₹8,300 crore. The share sale is scheduled to open for subscription on December 3 and will conclude on December 5, with allocations for anchor investors taking place on December 2, according to Aequs’s public announcement.
Vidya Wires IPO
Winding and conductivity products manufacturer Vidya Wires established a price band of ₹48-52 per share for its forthcoming ₹300-crore initial public offering. If priced at the higher limit, the company’s valuation will exceed ₹1,100 crore.
The initial public offering will be available for subscription from December 3 to December 5, with allocations for anchor investors scheduled for December 2, as announced by the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
