“This article expresses my personal analysis based on publicly available financial data and market reports.”

The bustling week for IPOs in India

A wave of excitement is rolling across India’s stock markets as November 2025 ushers in a packed IPO calendar. The upcoming week promises fresh public issues, listing debuts, and investor attention — enough to stir meaningful ripples in the primary market.

What’s really interesting? The fact that companies from very different industries — education technology, emissions control, solar manufacturing — all hit the market at once. This tells us something about the breadth of investor appetite in 2025.

PhysicsWallah, Tenneco Clean Air, Emmvee Photovoltaic

Let’s zoom in on the big names driving the activity:

PhysicsWallah IPO

The ed-tech player PhysicsWallah is making its debut with an IPO. The price band is set around ₹103-109 per share, and the issue size is around ₹3,480 crore. While the brand already enjoys high recognition and deep reach across India, profitability remains under the scanner. One analyst flagged that its valuation—10.9× FY25 sales—is high given the profitability constraints. 

For many investors, it’s a story of hope: scalable model, younger demographic, hybrid offline-online presence. But it’s also a reminder that growth doesn’t always equal instant profit.

Tenneco Clean Air India IPO

According to The Economic Times, the name might sound technical, but the business of Tenneco Clean Air India is critical in a time of emissions and regulatory focus. Price band: ₹378-397 per share; issue size: roughly ₹3,600 crore. 

Given tightening pollution controls and stricter automotive emission norms, the company sits in a tailwind.
From a human viewpoint, it’s someone betting on regulation-led demand rather than trendy tech alone.

Emmvee Photovoltaic Power IPO

Then we have Emmvee Photovoltaic Power, a solar-module and cell manufacturer, issue size of about ₹2,900 crore, price band ₹206-217. For many, clean-energy themes are attractive long-term. But caution flags arise: the grey-market premium (GMP) is muted here, suggesting investors are not blindly optimistic. 

It’s a reminder: even “good theme” stocks need solid fundamentals.

What the trend tells us about the IPO market in 2025

Crowded Calendar, Changing Sentiment

Next week alone sees five major issues (three mainboard, two SME) expected to raise over ₹10,000 crore. That says primary-market activity is alive and kicking.

But inside that brisk pace, we see mixed interest: while Tenneco drew strong GMP signals, PhysicsWallah and Emmvee had more muted responses. For example, PhysicsWallah’s retail subscription was moderate.

The takeaway: Investors are picking more selectively.

Sectoral diversity

Education/Ed-tech (PhysicsWallah), automotive emissions (Tenneco), solar manufacturing (Emmvee) — the sectors covered are wide. This shows companies are trying to tap the IPO window, whatever their field.

For regular investors, this means more choices — but also more homework.

Caution still rules

Grey-market premiums (an informal indicator) show cautious optimism: Tenneco had GMP ~24 %, but Emmvee had much lower. A healthy warning: hype alone won’t drive success; true value and fundamentals matter.

What should investors keep in mind?

• Check valuation: A hot theme is good, but if the price is very high relative to earnings or growth, risk increases.
• Understand business model: For example, PhysicsWallah is big in ed-tech but may face margin pressure; Emmvee is a solar manufacturer with debt concerns.
• Market listing above price band isn’t guaranteed: GMP signals exist, but they fluctuate.
• Liquidity & timing matter: In a busy IPO week, competition is high, and getting allotment is tougher.
• Stay disciplined: Because it’s emotional (everyone tends to react when big names appear), try to be objective.

Conclusion

It’s an exciting time on India’s IPO front — the week ahead promises major listings and stories that could shape investor sentiment. Personally, I feel this surge reflects something deeper: a maturing primary market willing to venture into diverse sectors, but also one where investors are asking tougher questions.

If I were to pick one takeaway: Don’t get swept up by the excitement. Use the buzz as a signal, but dig into the numbers and business. Because in the end, it’s your money — make it count.

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Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not US News Weeks. We advise investors to check with certified experts before making any investment decisions.

Source : Business Today & The Economic Times -