₹11,000-Crore IPO Wave Set to Hit Dalal Street Next Week, Signaling Strong Momentum in India’s Primary Markets

Updated: November 17, 2025 03:50

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India’s primary markets are gearing up for a busy week with seven IPOs worth over ₹11,000 crore. Companies spanning eyewear, fintech, ed-tech, and renewable energy are set to debut, including Lenskart Solutions, Groww’s parent Billionbrains Garage Ventures, Pine Labs, PhysicsWallah, and Emmvee Photovoltaic Power. Investor sentiment remains strong but selective.

Primary Market Buzz: A Packed IPO Calendar

The coming week promises heightened activity in India’s equity markets as seven IPOs collectively valued at over ₹11,000 crore open for subscription. The diverse lineup reflects the depth of India’s capital markets, with offerings across consumer, fintech, education, and clean energy sectors.

Key Highlights of the Upcoming IPOs:

Lenskart Solutions: The eyewear giant’s IPO, opening November 10, was oversubscribed 28 times, signaling robust investor appetite for consumer-focused businesses.

Groww (Billionbrains Garage Ventures): Scheduled for November 12, the fintech platform’s IPO saw 17 times subscription in earlier rounds, underscoring strong demand for digital financial services.

Pine Labs: The payments solutions provider opens on November 14, with early subscription data showing 13% uptake, reflecting cautious optimism in the fintech space.

PhysicsWallah: The ed-tech firm’s ₹3,480 crore IPO launches November 11. Despite brand recognition, investor sentiment is more measured, with questions around profitability and growth sustainability.

Emmvee Photovoltaic Power: A ₹2,900 crore issue in the renewable energy segment, appealing to long-term investors aligned with India’s clean energy transition.

Other Listings: Several SME and sectoral IPOs will also debut, adding breadth to the week’s primary market activity.

Market Sentiment and Trends:

Strong Demand in Select Sectors: Consumer and fintech IPOs are drawing heavy oversubscription, while ed-tech faces valuation scrutiny.

Renewables Appeal: Solar and clean energy offerings continue to attract patient capital, reflecting global and domestic policy tailwinds.

Investor Selectivity: Grey market premiums (GMPs) vary widely, highlighting cautious optimism and preference for companies with proven cash flows.

Broader Outlook: November’s IPO calendar is among the busiest in recent years, with ₹41,500 crore worth of issues expected across the month, according to market trackers.

Implications:

The surge in IPOs underscores India’s deepening capital market maturity, offering opportunities for retail and institutional investors alike. However, the divergence in sectoral sentiment suggests that profitability and execution credibility will be decisive in determining post-listing performance.

Sources: Moneycontrol, Chittorgarh IPO Calendar,

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