November 2025 IPO Market Shows Mixed Performance
The Indian primary market witnessed significant activity in November 2025 with nine initial public offerings introduced and twelve listings during the month. According to the latest data, the performance of these newly listed stocks presents a mixed picture for investors, with eight companies trading above their IPO prices, three trading below their issue price, and one remaining flat.
Top Performers and Underperformers
Leading the pack of November 2025 IPOs is Billionbrains Garage Ventures (Groww), which has delivered impressive returns of 58.85% since its listing on November 12, 2025. The financial services platform saw its share price surge from its issue price of ₹100 to ₹158.85 as of Friday, November 28, 2025.
Close on its heels is the newest entrant, Sudeep Pharma, which made its market debut on November 28, 2025. The pharmaceutical company has already gained 30.5%, with its shares climbing from ₹593 to ₹773.70. Tenneco Clean Air secured the third position with a 22% gain since its November 19 listing, moving from ₹397 to ₹483.85.
Other notable performers include Physicswallah (up 15%), Capillary Technologies (up 12%), and Pine Labs (up 13%), all trading comfortably above their IPO prices. However, not all listings have been successful. Studds Accessories has declined by 6.6%, Fujiyama Power Systems has fallen by 8.2%, and Orkla has seen the steepest drop of 11.4% since their respective listings in early November.
Expert Analysis: Market Fatigue and Valuation Concerns
Market experts have identified what they term as the "fatigue factor" affecting IPO performance. Arun Kejriwal, founder of Kejriwal Research and Investment Services, emphasized that despite some positive performances, the overall optimism in the IPO market remains limited. "Only a small number, specifically three or four stocks, are performing decently," he noted.
According to Kejriwal, this situation highlights two critical issues in the current IPO landscape. "First, the valuations at which companies are entering the market are unreasonable. Second, individuals tend to overlook companies they do not understand," he explained. The expert further pointed out that in both scenarios, merchant bankers and promoters are not effectively fulfilling their roles in ensuring fair valuations and proper investor education.
The current market conditions, despite reaching all-time highs in recent weeks, don't change the fundamental reality that IPOs carry inherent risks. "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," Kejriwal cautioned.
Upcoming IPOs: What Investors Can Expect
The IPO pipeline remains active with several significant offerings scheduled for December 2025. Meesho, the e-commerce platform backed by SoftBank, is preparing to raise ₹5,421 crore through its initial public offering. The company has set a price band of ₹105-111 per share, valuing Meesho at ₹50,096 crore (USD 5.6 billion) at the upper end. The subscription window opens on December 3 and closes on December 5, with anchor investor allocation scheduled for December 2.
Another prominent offering comes from Aequs, a contract manufacturing company specializing in consumer durable items and aerospace components. The company has announced a price range of ₹118-124 per share for its ₹922 crore IPO. At the upper price band, Aequs will command a valuation exceeding ₹8,300 crore. Similar to Meesho, the Aequs IPO will be available for subscription from December 3 to December 5.
Vidya Wires, a manufacturer of winding and conductivity products, has established a price band of ₹48-52 per share for its ₹300 crore initial public offering. The company aims to achieve a valuation of over ₹1,100 crore at the higher end of the price range. The IPO subscription period runs from December 3 to December 5.
As the IPO market continues to evolve, experts stress the importance of realistic valuations and transparent communication from merchant bankers and promoters. The November 2025 performance data serves as a crucial reminder that while opportunities exist, investors must approach IPOs with careful analysis and risk awareness.
