After a brief Diwali lull, India’s primary market is set to see heightened activity with several new public offerings lined up in mid-November 2025. A total of five mainboard IPOs and two SME issues are scheduled to open this week, spanning sectors such as education technology, renewable energy, automotive components, lifesciences, and cloud infrastructure.
IPO Calendar: Mainboard and SME Issues (November 11–18, 2025)
| Company | Issue Price (₹) | Opening Date |
| PhysicsWallah | 103 – 109 | Nov 11, 2025 |
| Emmvee Photovoltaic Power | 206 – 217 | Nov 11, 2025 |
| Mahamaya Lifesciences | 108 – 114 | Nov 11, 2025 |
| Workmates Core2Cloud Solution | 200 – 204 | Nov 11, 2025 |
| Tenneco Clean Air India | 378 – 397 | Nov 12, 2025 |
| Fujiyama Power Systems | 216 – 228 | Nov 13, 2025 |
| Capillary Technologies India | To be announced | Nov 14, 2025 |
Mainboard IPOs
- PhysicsWallah Ltd. IPO
- Open: November 11–13, 2025
- Price Band: ₹103 – ₹109 per share
- Issue Size: ₹3,480 crore
- Listing: BSE, NSE
- Lead Manager: Kotak Mahindra Capital
PhysicsWallah aims to raise ₹3,480 crore through a combination of fresh issue and offer-for-sale. Proceeds will support expansion of its platform, acquisitions in the test-preparation segment, and growth of offline learning centers.
- Emmvee Photovoltaic Power Ltd. IPO
- Open: November 11–13, 2025
- Price Band: ₹206 – ₹217 per share
- Issue Size: ₹2,900 crore
- Listing: BSE, NSE
- Lead Manager: JM Financial
The Bengaluru-based solar manufacturer plans to use the proceeds to expand cell and module manufacturing capacity, invest in renewable energy R&D, and repay debt.
- Tenneco Clean Air India Ltd. IPO
- Open: November 12–14, 2025
- Price Band: ₹378 – ₹397 per share
- Issue Size: ₹3,600 crore
- Listing: BSE, NSE
- Lead Manager: JM Financial
Tenneco Clean Air India, a leading automotive emission control systems maker, will deploy the IPO funds to strengthen its India operations, establish a new manufacturing facility in Gujarat, and reduce borrowings.
- Fujiyama Power Systems Ltd. IPO
- Open: November 13–17, 2025
- Price Band: ₹216 – ₹228 per share
- Issue Size: ₹228 crore
- Listing: BSE, NSE
- Lead Manager: Motilal Oswal Investment
The electric vehicle component manufacturer plans to utilize the proceeds for EV battery plant expansion, working capital requirements, and general corporate purposes.
- Capillary Technologies India Ltd. IPO
- Open: November 14–18, 2025
- Price Band & Issue Size: To be announced
- Listing: BSE, NSE
- Lead Manager: JM Financial
The SaaS-based customer engagement platform will use the funds for product innovation, international expansion, and potential acquisitions.
SME IPOs
- Mahamaya Lifesciences Ltd. IPO
- Open: November 11–13, 2025
- Price Band: ₹108 – ₹114 per share
- Issue Size: ₹70.44 crore
- Listing: BSE SME
- Lead Manager: Oneview Corporate
The pharmaceutical and biotech firm focuses on formulation development and research-driven products. Funds will be used for capacity expansion, working capital, and R&D enhancement.
- Workmates Core2Cloud Solution Ltd. IPO
- Open: November 11–13, 2025
- Price Band: ₹200 – ₹204 per share
- Issue Size: ₹69.84 crore
- Listing: BSE SME
- Lead Manager: Horizon Management
The cloud and cybersecurity solutions provider will deploy proceeds toward technology upgrades, new data center setup, and general corporate purposes.
Summary
The IPO market is set to regain momentum with seven new issues opening this week, led by PhysicsWallah, Emmvee Photovoltaic Power, and Tenneco Clean Air India. The offerings collectively span high-growth industries including edtech, renewables, automotive, lifesciences, and IT infrastructure, signaling strong investor activity in the post-Diwali period.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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