Next week’s IPOs send mixed signals: autos and solar shine while ed-tech cools amid hesitant returns

Updated: November 17, 2025 02:52

Image Source: Business Standard

India’s primary market shows an uneven tone for next week: auto components and solar names are drawing stronger interest, while ed-tech sentiment looks softer. Four IPOs—Tenneco Clean Air, PhysicsWallah, Emmvee Photovoltaic Power, and Fujiyama Power Systems—face selective demand, with grey market premiums diverging and investors prioritizing profitability and cash-flow visibility.

Market snapshot and sector tone

Analysts expect autos and clean energy to outpace ed-tech, with Tenneco Clean Air viewed as best placed for near-term listing gains and Emmvee/Fujiyama suiting long-horizon investors focused on renewables. PhysicsWallah, despite brand visibility, faces a tougher path as investors scrutinize unit economics and post-pandemic growth durability. Broader pipeline commentary also points to renewable energy strength through Nov–Decstockyaari.com.

Key highlights for the upcoming pack

Line-up and scale: Four IPOs are slated: Tenneco Clean Air, PhysicsWallah, Emmvee Photovoltaic Power, and Fujiyama Power Systems, collectively signaling a diversified slate across autos, solar, and ed-tech amid selective sentiment.

Auto leadership: Tenneco Clean Air’s ₹3,600 crore offer has attracted strong grey-market interest, suggesting potential listing gains, even as the issue is an OFS with no fresh capital inflow.

Ed-tech caution: PhysicsWallah’s ₹3,480 crore IPO has softer demand; reported GMPs in the single digits imply modest listing upside, with price band in the ₹103–109 range and valuation near ₹28,000 crore.

Renewables momentum: Emmvee and Fujiyama are positioned for long-term investors prioritizing energy transition exposure and manufacturing depth, aligning with sustained investor appetite for clean-energy plays.

Selective sentiment: Primary market interest is uneven, skewing toward cash-generative sectors with clearer order books and visibility, while discretionary tech models are being priced more conservatively.

What to watch next week

GMP and book-build signals: Grey market movement and QIB anchors will be critical for price discovery, especially for ed-tech versus industrials.

Order book quality: Auto and solar names with tier-1 customers, capacity expansion, and export optionality may command tighter discounts at listing.

Profitability narrative: Markets favor steady cash flows over growth-at-any-cost; watch margin resilience and capex efficiency statements in RHPs and management roadshows.

Outlook

With macro sentiment cautious, investors appear to prefer defensiveness and tangible cash generation. Autos and solar benefit from clearer demand pathways and policy tailwinds, while ed-tech faces valuation discipline and proof-of-profitability hurdles. Expect differentiated outcomes at listing and post-listing performance driven by sector fundamentals and execution credibility.

Sources: The New Indian Express; Newsd; Stock Yaari

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