November 2025 IPO Market Heats Up With Multiple Offerings
The primary market in India is currently buzzing with a flurry of activity, presenting a wide array of choices for investors. The subscription for the highly anticipated Pine Labs IPO is drawing to a close today, November 11, after opening on November 7. Simultaneously, the public offering windows for Emmvee Photovoltaic Power and the PhysicsWallah IPO have opened today, although initial responses have been somewhat muted. Adding to the week's momentum, the Tenneco Clean Air India IPO is set to commence on Tuesday, November 12.
A Closer Look at the Key IPOs
Pine Labs IPO Final Day
The fintech giant's public issue, which aims to raise a significant amount, will conclude its subscription period today. The latest data indicates the overall subscription status stood at 1.26 times. The retail investor portion was subscribed 1.09 times, while the Non-Institutional Investors (NII) category saw 21% of bids filled. The Qualified Institutional Buyers (QIBs) segment garnered 1.85 times the bids, and the employee portion was heavily oversubscribed at 6.28 times.
The Pine Labs IPO price band is fixed between ₹210 and ₹221 per share, targeting a valuation north of ₹25,300 crore. The offer comprises a fresh issue of shares worth ₹2,080 crore and an Offer for Sale (OFS) of over 8.23 crore shares. Notably, the grey market premium (GMP) for Pine Labs was reported at ₹0, indicating shares were trading at the issue price with no premium.
PhysicsWallah IPO Details
The edtech unicorn's initial public offering began today, November 11, and will close on November 13. The PhysicsWallah IPO price band has been set at ₹103 to ₹109 per share. This offering includes a fresh issue of equity shares valued at ₹3,100 crore and an OFS of shares worth ₹380 crore by promoters. The current GMP for PhysicsWallah is ₹3, suggesting a potential listing price of around ₹112, a 2.75% gain over the upper price band.
Emmvee Photovoltaic Power IPO Opens
Tenneco Clean Air India IPO Tomorrow
Scheduled to start on November 12, this automotive supplies company's IPO is purely an offer-for-sale by its promoter, Tenneco Mauritius Holdings. The company has increased its IPO target to ₹3,600 crore. With a price band of ₹378 to ₹397 per share, Tenneco boasts the highest GMP in the current batch at ₹50, which could lead to a listing at approximately ₹447.
Expert Outlook and Investor Advice
Market analysts anticipate the IPO market will remain vibrant throughout November 2025, featuring new subscriptions and listings. They observe that investor interest is balancing enthusiasm for growth with a cautious approach to company valuations. This diverse landscape, spanning fintech, renewable energy, edtech, and SaaS, offers significant opportunities but also demands careful scrutiny.
Experts unanimously advise potential investors to conduct extensive due diligence before participating in this IPO surge. Understanding the company fundamentals, valuation metrics, and broader sector trends is paramount to navigating this dynamic market phase successfully.
