The current primary market provides an overwhelming number of options for investors, with the Pine Labs IPO, which started on Friday, November 7, approaching its final day of the subscription period today. The Emmvee Photovoltaic Power IPO and the PhysicsWallah IPO have opened for subscription today, but so far, the response appears to be tepid. The Tenneco Clean Air India IPO is scheduled to start tomorrow, November 12.
The market is anticipated to stay vibrant in November 2025, featuring new subscriptions and listings across different segments. Experts believe that investor interest will strike a balance between zeal for growth and a careful assessment of valuations.
This shifting landscape offers both chances and challenges, making it crucial for potential investors to conduct extensive due diligence before engaging in the IPO surge in November 2025, according to experts.
The IPO offerings in November 2025 reflect a strong market demand spanning various sectors, highlighting prominent firms like Pine Labs in fintech, Emmvee Photovoltaic in renewable energy, PhysicsWallah in edtech, Tenneco Clean Air India in automotive supplies, and Capillary Technologies India in the software-as-a-service (SaaS) space. This variety emphasizes the significant interest and potential in these sectors.
Pine Labs IPO
The public subscription for Pine Labs IPO commenced on November 7 and will close on November 11. On the last day, Pine Labs IPO subscription status was at 1.26x so far. The retail segment saw a subscription rate of 1.09x, while the Non-Institutional Investors (NII) category received 21% of bids. The Qualified Institutional Buyers (QIBs) portion garnered only 1.85x of bids. Additionally, the employee segment was subscribed at a rate of 6.28x.
Pine Labs IPO price band has been set between ₹210 and ₹221 per share, aiming to achieve a valuation exceeding ₹25,300 crore.
The Pine Labs IPO features a fresh share issuance worth ₹2,080 crore along with an Offer for Sale () of more than 8.23 crore equity shares, projected at ₹1,819.9 crore at the maximum price level, coming from current shareholders.
Pine Labs IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹221 with no premium or discount in the grey market according to investorgain.com
According to the recent analysis of grey market activities over the past 10 sessions, the current IPO GMP shows a downward trend and is anticipated to decrease further. The minimum GMP recorded is ₹0.00, with the maximum reaching ₹60, as per expert opinions.
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 seven sessions, today’s IPO GMP shows a decline and is anticipated to decrease further. Experts indicate that the lowest GMP is ₹3.00, 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 comprises a new share issue totaling ₹2,143.86 crore, coupled with an offer for sale (OFS) of shares valued at ₹756.14 crore from the promoters, thus making the overall size of the issue ₹2,900 crore.
Emmvee IPO GMP today is ₹10. 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 ₹227 apiece, which is 4.61% higher than the IPO price of ₹217.
Based on the grey market activity of the last seven sessions, today’s IPO GMP is trending downward and is anticipated to decline further. Experts indicate that the lowest GMP is ₹10.00, 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 India 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 India IPO is solely an offer-for-sale by its promoter, Tenneco Mauritius Holdings, and does not include any new issuances, as noted in the Red Herring Prospectus submitted to the Registrar of Companies on November 5.
The company has increased its IPO target to ₹3,600 crore, up from the initially intended ₹3,000 crore mentioned in the draft red herring prospectus filed in June 2025.
Tenneco Clean Air India IPO GMP today is ₹50. 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 ₹447 apiece, which is 12.59% higher than the IPO price of ₹397.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.