The Indian primary market continues its red-hot streak with four mainboard public offerings preparing to list next week. Following the spectacular back-to-back debuts of Groww and Pine Labs, market expectations are running high that these upcoming listings could deliver strong returns to IPO investors, despite varying grey market premium signals.
Upcoming IPO Listings: Week Overview
Investors are closely watching four companies set to make their stock market debut: PhysicsWallah, Emmvee Photovoltaic Power, Tenneco Clean Air India and Fujiyama Power Systems. The recent stellar performances of Groww and Pine Labs, which saw stocks surge up to 31% on debut day, have created optimistic sentiment around these new entrants.
PhysicsWallah IPO Analysis
PhysicsWallah's grey market premium has shown remarkable recovery, standing at ₹6 per share after being nil just two days ago. This indicates that shares are trading ₹6 above the issue price of ₹109, potentially leading to a listing price of ₹115 - representing a 5.50% premium.
The company's IPO allocation was finalized on Friday, November 14, with the share sale witnessing 1.81 times overall subscription. The qualified institutional buyers segment showed strong interest with 2.70 times subscription, while retail investors subscribed 1.06 times. However, non-institutional investors showed limited interest with only 48% subscription.
PhysicsWallah had fixed its price band at ₹103-109 per share, potentially valuing the company at over ₹31,500 crore at the upper end. The IPO comprised a fresh issue of equity shares worth ₹3,100 crore and an Offer for Sale of up to ₹380 crore by promoters. Shares are expected to list on Tuesday, November 18.
Emmvee Photovoltaic Power IPO Status
Emmvee Photovoltaic Power presents a contrasting picture with nil grey market premium, suggesting shares could list at par with the IPO price of ₹217. The company's ₹2,900-crore IPO failed to sail through completely, achieving only 97% subscription at the end of the three-day bidding period.
Subscription data reveals qualified institutional buyers showed moderate interest with 1.26 times subscription, while retail investors subscribed 1.10 times. The non-institutional investor category saw weak demand with only 30% subscription.
The company has fixed its price band at ₹206-217 per share, targeting a valuation exceeding ₹15,000 crore at the upper end. The IPO combines a fresh issue worth ₹2,143.86 crore with an OFS of ₹756.14 crore by promoters. Listing is scheduled for November 18.
Tenneco Clean Air: The Star Performer
Tenneco Clean Air emerges as the standout among the four IPOs, commanding an impressive grey market premium of ₹120 per share. This translates to potential listing at ₹517, representing a substantial 20% premium over the issue price of ₹397 - the highest GMP recorded for the company so far.
The Tenneco Clean Air India IPO, part of the US-based Tenneco Group, witnessed overwhelming response with nearly 59 times subscription on the final day. Qualified institutional buyers led the charge with 166.42 times subscription, while non-institutional investors subscribed 40.74 times. Retail investors showed healthy interest with 5.11 times subscription.
The company fixed its price band at ₹378-397 per share, aiming for a valuation exceeding ₹16,000 crore at the upper end. Unlike other offerings, this IPO is entirely an Offer for Sale by promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance. The company increased its issue size to ₹3,600 crore from the initially planned ₹3,000 crore. Shares are likely to list on November 19.
Fujiyama Power Systems IPO Details
Fujiyama Power Systems joins Emmvee in showing nil grey market premium, indicating shares could list at the upper end of the price band at ₹228. The IPO has seen tepid response, with only 40% subscription on the second day of bidding.
Subscription breakdown shows qualified institutional buyers at 81%, retail investors at 28%, and non-institutional investors at a mere 10%. The ₹828-crore IPO opened on November 13 and will close next week on November 17.
The company has priced its IPO in the range of ₹216-228 per share, comprising a fresh issue of equity shares worth up to ₹600 crore and an offer for sale of 10 lakh shares valued at ₹228 crore at the upper end. Shares will list on November 20.
Market Outlook and Investor Guidance
The contrasting grey market premiums and subscription patterns highlight the selective appetite among investors despite the overall bullish primary market sentiment. While Tenneco Clean Air appears positioned for strong listing gains, others might see moderate to flat openings.
Investors should note that market conditions can change rapidly, and grey market premiums serve only as indicators rather than guarantees. The recent successful debuts of Groww and Pine Labs have certainly raised expectations, but each company's fundamentals and market positioning will ultimately determine post-listing performance.
Disclaimer: This analysis is for educational purposes only. The views expressed represent market analysis and not investment recommendations. Investors should consult certified experts before making investment decisions, as market conditions are dynamic and individual circumstances vary.
