The Indian primary market is witnessing remarkable activity in November 2025, with planned public offerings exceeding an impressive ₹76,000 crore. This substantial pipeline features a diverse array of companies spanning fintech, consumer technology, clean energy, and financial services sectors, indicating robust investor appetite across multiple industries.
Current IPO Subscription Status
Currently, two significant initial public offerings are available for investor participation in the primary market. Excelsoft Technologies IPO has achieved complete subscription, demonstrating strong market confidence, while the Sudeep Pharma IPO has reached the halfway mark in its subscription period, showing steady investor interest.
Expert Analysis: Sudeep Pharma IPO
According to Kalp Jain, Research Analyst at INVasset PMS, Sudeep Pharma presents investors with exposure to the specialty ingredients and pharmaceutical excipients domain. The company boasts an extensive international footprint, serving over 100 export markets worldwide.
Jain highlighted that the company's operational profile benefits from stable demand drivers in the pharmaceutical and nutrition sectors. However, he cautioned investors about noticeable working-capital intensity and revenue concentration from a limited client base, which could introduce earnings sensitivity.
The analyst emphasized that the issue size appears significantly larger due to a substantial offer-for-sale component, making valuation discipline crucial for potential investors.
Expert Analysis: Excelsoft Technologies IPO
Excelsoft Technologies represents a fundamentally different investment proposition, as explained by Jain. The company has built its business around education-focused SaaS products, digital learning platforms, and assessment solutions catering to global clients.
The firm operates with low leverage, demonstrates improving profitability, and maintains a scalable operating model. The risk factors include modest margins, which are typical for vertical SaaS businesses, and meaningful revenue dependence on a few large clients.
Comparative Investment Perspective
Jain provided a clear comparative analysis: "Sudeep Pharma represents a manufacturing-plus-exports narrative with stable end-market demand but higher working-capital requirements. In contrast, Excelsoft embodies a technology-driven, globally scalable SaaS story with lower capital intensity but greater dependence on digital adoption cycles."
He concluded that investor preference ultimately depends on whether they prioritize manufacturing stability or technology-led scalability in their portfolio allocation.
Grey Market Premium Trends
The grey market provides valuable insights into investor sentiment and expected listing performance for both IPOs.
Excelsoft Technologies GMP Analysis
Excelsoft Technologies IPO grey market premium stands at ₹10 today. Considering the upper price band of ₹120 and the current premium, the estimated listing price indicates ₹130 per share, representing an 8.33% gain over the IPO price.
Based on the last ten sessions of grey market activity, the current GMP of ₹10 shows signals toward the lower side. The recorded GMP range shows the lowest at ₹0.00 and the highest reaching ₹30, according to market experts.
Sudeep Pharma GMP Analysis
Sudeep Pharma IPO grey market premium today is ₹14. With the upper price band at ₹120 and current premium levels, the estimated listing price suggests ₹134 per share, indicating a 11.67% increase over the issue price.
Recent grey market activities over the past five sessions show today's IPO GMP trending upward, signaling expectations of a strong market debut. The GMP range recorded shows the lowest at ₹0.00 and the highest reaching ₹130, as noted by industry experts.
Grey market premium serves as a key indicator of investor willingness to pay above the official issue price, reflecting market sentiment and demand dynamics.
