The present primary market offers a vast array of choices for investors, with the Emmvee Photovoltaic Power IPO and the PhysicsWallah IPO attempting to navigate through the second day of bidding. The Tenneco Clean Air IPO, which commenced today, November 12, is also witnessing a sluggish beginning. The allotment for the Pine Labs IPO is set to take place today.
The IPO market is expected to remain active in November 2025, showcasing fresh subscriptions and listings across various segments. Analysts suggest that investor enthusiasm will find a middle ground between a desire for growth and a cautious evaluation of valuations.
This evolving environment presents both opportunities and challenges, making it essential for prospective investors to perform thorough due diligence before participating in the IPO wave in November 2025, as per experts.
The IPO offerings in November 2025 demonstrate strong market interest across multiple sectors, spotlighting notable companies such as Pine Labs in fintech, Emmvee Photovoltaic in renewable energy, PhysicsWallah in the edtech sector, Tenneco Clean Air India in automotive supplies, Fujiyama Power Systems, which specializes in rooftop solar solutions, and Capillary Technologies India in the software-as-a-service (SaaS) industry. This diversity underscores the considerable interest and potential within these sectors.
PhysicsWallah IPO
PhysicsWallah IPO date of subscription is scheduled for Tuesday, November 11 and will close on Thursday, November 13. PhysicsWallah IPO price band has been fixed in the range of ₹103 to ₹109 per equity share of the face value of Re 1.
The PhysicsWallah IPO includes a fresh equity share issuance valued at ₹3,100 crore, along with a sale of shares worth ₹380 crore by the promoters through an offer for sale (OFS), as mentioned.
PhysicsWallah IPO GMP today is ₹3. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of PhysicsWallah share price was indicated at ₹112 apiece, which is 2.75% higher than the IPO price of ₹109.
Analyzing the grey market trends from the last 8 sessions, today’s IPO GMP shows a decline and is anticipated to decrease further. Experts indicate that the lowest GMP is ₹1.50, whereas the highest reaches ₹9.00.
Emmvee Photovoltaic IPO
Emmvee Photovoltaic Power IPO has opened for public subscription on November 11 and will conclude on November 13. Emmvee Photovoltaic IPO price band has been set in the range of ₹206 to ₹217 per share.
The Emmvee Photovoltaic Power IPO includes a fresh share issuance amounting to ₹2,143.86 crore, along with a share sale (OFS) worth ₹756.14 crore from the promoters, resulting in a total issue size of ₹2,900 crore.
Emmvee IPO GMP today is ₹5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Emmvee Photovoltaic share price was indicated at ₹222 apiece, which is 2.30% higher than the IPO price of ₹217.
Based on the grey market activity of the last 8 sessions, today’s IPO GMP is trending downward and is anticipated to decline further. Experts indicate that the lowest GMP is ₹5.00, while the highest is ₹20.
Tenneco Clean Air India IPO
The Tenneco Clean Air India IPO date of subscription is scheduled for Wednesday, November 12 and will close on Friday, November 14. Tenneco Clean Air IPO price band has been fixed in the range of ₹378 to ₹397 per equity share of the face value of ₹10.
Tenneco Clean Air IPO consists entirely of an offer-for-sale by its promoter, Tenneco Mauritius Holdings, and does not feature any new share issuances, as indicated in the Red Herring Prospectus filed with the Registrar of Companies on November 5.
The company has raised its IPO target to ₹3,600 crore, an increase from the previously planned ₹3,000 crore outlined in the draft red herring prospectus submitted in June 2025.
Tenneco Clean Air IPO GMP today is ₹75. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Tenneco Clean Air India share price was indicated at ₹472 apiece, which is 18.89% higher than the IPO price of ₹397.
Fujiyama Power Systems IPO
Fujiyama Power Systems IPO date of subscription is scheduled for Thursday, November 13 and will close on Monday, November 17. The allocation to anchor investors for the Fujiyama Power Systems IPO is scheduled to take place on Wednesday, November 12. Fujiyama Power Systems IPO price band has been fixed in the range of ₹216 to ₹228 per equity share of the face value of Re 1.
The initial public offering consists of a new equity shares issue amounting to up to ₹600 crore and a sale of 10 lakh shares valued at ₹228 crore at the upper price range, conducted by the promoters.
The funds raised from the new issue, totaling ₹180 crore, will be allocated by the company to cover the expenses associated with setting up the manufacturing facility in Ratlam, Madhya Pradesh, ₹275 crore for debt repayment, and the remainder for general corporate activities.
Fujiyama Power Systems IPO GMP today is ₹0, which meant shares were trading at their issue price of ₹228 with no premium or discount in the grey market according to investorgain.com
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
