The IPO market in November 2025 continues to buzz with activity as companies across sectors — from renewable energy and education to automotive and power — make their public debut.
However, investor sentiment appears cautious this week as grey market premium (GMP) trends show mixed signals for upcoming listings including Physics Wallah, Emmvee Photovoltaic Power, Tenneco Clean Air India, and Fujiyama Power Systems.
While some IPOs promise moderate listing gains, others are showing clear signs of investor hesitation amid market volatility and valuation concerns.
Physics Wallah IPO: Edtech Giant Sees Weak Grey Market Interest
Subscription Window: November 11–13, 2025
Price Band: ₹103–₹109 per share
Issue Size: ₹3,480 crore (Fresh Issue ₹3,100 crore + OFS ₹380 crore)
Physics Wallah, one of India’s fastest-growing edtech unicorns, entered the primary market with strong brand recognition but a muted market response.
According to grey market reports, the Physics Wallah IPO GMP stands at ₹3, suggesting a listing gain of about 2.75% over its upper price band.
Over the past week, the premium has dropped significantly from its earlier high of ₹9, indicating limited enthusiasm from retail investors. Analysts believe the cooling GMP reflects cautious sentiment toward the edtech sector, which has seen slower growth compared to its pandemic peak.
Emmvee Photovoltaic IPO: Renewable Energy Play Sees Modest Premium
Subscription Window: November 11–13, 2025
Price Band: ₹206–₹217 per share
Issue Size: ₹2,900 crore (Fresh Issue ₹2,143.86 crore + OFS ₹756.14 crore)
Solar energy firm Emmvee Photovoltaic Power opened to decent investor interest, though not at the levels seen in previous renewable listings.
The Emmvee Photovoltaic IPO GMP is currently around ₹5, signaling a 2.30% listing gain based on the upper price band.
Market observers note that Emmvee’s strong fundamentals and focus on solar module manufacturing could attract long-term investors, even though short-term grey market enthusiasm remains subdued.
Tenneco Clean Air IPO: Automotive Supplier Leads the Pack
Subscription Window: November 12–14, 2025
Price Band: ₹378–₹397 per share
Issue Size: ₹3,600 crore (Offer for Sale by Tenneco Mauritius Holdings)
Among all active issues, Tenneco Clean Air India has emerged as the clear leader in grey market trends.
With a GMP of ₹75, the IPO indicates an estimated listing gain of nearly 18.9%. The strong response is driven by optimism in the auto component sector and Tenneco’s global brand recognition.
Market analysts believe the solid GMP is also a reflection of institutional investor interest and the stock’s perceived valuation comfort compared to peers.
Fujiyama Power Systems IPO: Flat Debut Expected
Subscription Window: November 13–17, 2025
Price Band: ₹216–₹228 per share
Issue Size: ₹828 crore (₹600 crore Fresh Issue + ₹228 crore OFS)
In contrast to others, Fujiyama Power Systems IPO is showing no action in the grey market.
The Fujiyama Power IPO GMP is reported at ₹0, suggesting a flat listing with no immediate premium or discount.
Analysts point out that while the company’s focus on rooftop solar solutions is promising, investors seem to be adopting a “wait-and-watch” approach amid concerns over profitability and competition.
Expert View: Selective Optimism in Primary Market
Experts say the November IPO lineup highlights the market’s selective optimism. Sectors tied to industrial growth and automotive technology are attracting stronger traction, while tech and renewable plays are witnessing more measured participation.
According to analysts, “Investors are evaluating each IPO on fundamentals rather than momentum. Grey market trends show a clear preference for value-driven listings like Tenneco, while high-growth but high-valuation names such as Physics Wallah are seeing tepid sentiment.”
Summary: Grey Market Premium Snapshot (as of November 12, 2025)
| Company | Price Band (₹) | GMP (₹) | Expected Gain (%) | Sector |
|---|---|---|---|---|
| Physics Wallah | 103–109 | 3 | 2.75% | EdTech |
| Emmvee Photovoltaic Power | 206–217 | 5 | 2.30% | Renewable Energy |
| Tenneco Clean Air India | 378–397 | 75 | 18.89% | Auto Components |
| Fujiyama Power Systems | 216–228 | 0 | 0% | Power Solutions |
Key Highlights
- Tenneco Clean Air IPO leads with nearly 19% grey market gain, showing strong institutional interest.
- Physics Wallah IPO and Emmvee Photovoltaic IPO signal mild listing premiums, reflecting investor caution.
- Fujiyama Power Systems IPO trades flat in the grey market, showing no immediate listing excitement.
- Analysts expect moderate investor participation as markets turn valuation-sensitive in late 2025.
The November 2025 IPO season presents a nuanced picture — neither euphoric nor dull. While companies like Tenneco Clean Air are riding high on investor confidence, others like Physics Wallah and Emmvee Photovoltaic are witnessing tempered enthusiasm. For retail investors, experts advise focusing on fundamentals and avoiding decisions solely based on short-term grey market trends.