Archive · 8 Nov 2025
Multiple IPOs Launch in November with Varying Grey Market Premiums
Several companies are selling shares to the public in November through IPOs.
Pine Labs, which offers financial technology services, is opening its IPO soon.
Emmvee Photovoltaic is a company making solar power products.
PhysicsWallah is an education technology company, and Tenneco Clean Air India provides automotive parts.
Investors are looking at how much extra these shares might be worth on their first day of trading, which is shown by something called the grey market premium.
Tenneco Clean Air India has the highest expected gain based on this premium.
Pine Labs' IPO is seeing a lower subscription rate on the first day compared to the others.
Each company has a different price range for its shares and a different mix of selling new shares versus existing shares being sold.
Four companies – Pine Labs, Emmvee Photovoltaic, PhysicsWallah, and Tenneco Clean Air India – are launching IPOs in November 2025.
IPO subscription dates range from November 7 to November 14, with price bands differing across the companies.
Grey market premiums (GMP) indicate potential listing gains, with Tenneco Clean Air India showing the highest anticipated percentage increase.
Pine Labs' IPO saw a low initial subscription rate of 13% on its opening day.
IPOs range from fresh issuances for growth to Offer for Sale (OFS) structures, with Emmvee Photovoltaic having a combined fresh issue and OFS model.
- Who
- Pine Labs, Emmvee Photovoltaic Power, PhysicsWallah, and Tenneco Clean Air India
- What
- Launching Initial Public Offerings (IPOs) with varying subscription dates, price bands, and grey market premiums (GMP).
- When
- IPOs opening between November 7 and November 12, closing between November 11 and November 14.
- Where
- India
- Why
- To raise capital from public investors, with proceeds used for various purposes including fresh share issuance and offer for sale.
Investor Optimism (Grey Market Premium)
IPO Details and Structure
Grey Market Premium (GMP) as an Indicator
Investor Optimism (Grey Market Premium)
A higher GMP suggests strong investor demand and potential for listing gains, as seen with Tenneco Clean Air India and Emmvee Photovoltaic.
IPO Details and Structure
GMP is an unofficial indicator and does not guarantee listing performance; it reflects current market sentiment for IPOs.
IPO Structure and Proceeds
Investor Optimism (Grey Market Premium)
Investors are keen on IPOs with potential for high returns, as signaled by strong GMP.
IPO Details and Structure
IPOs vary in structure: some include fresh issues for growth (Pine Labs, PhysicsWallah), others focus on OFS (Tenneco Clean Air India), and some combine both (Emmvee Photovoltaic), impacting how proceeds are utilized.
- Pine Labs IPO Open Date
- November 7
- Pine Labs IPO Close Date
- November 11
- Pine Labs Price Band
- ₹210 to ₹221
- Pine Labs Estimated Listing Price (GMP)
- ₹226.5
- Emmvee Photovoltaic IPO Open Date
- November 11
- Emmvee Photovoltaic IPO Close Date
- November 13
- Emmvee Photovoltaic Price Band
- ₹206 to ₹217
- Emmvee Photovoltaic Estimated Listing Price (GMP)
- ₹237
- PhysicsWallah IPO Open Date
- November 11
- PhysicsWallah IPO Close Date
- November 13
- PhysicsWallah Price Band
- ₹103 to ₹109
- PhysicsWallah Estimated Listing Price (GMP)
- ₹114
- Tenneco Clean Air India IPO Open Date
- November 12
- Tenneco Clean Air India IPO Close Date
- November 14
- Tenneco Clean Air India Price Band
- ₹378 to ₹397
- Tenneco Clean Air India Estimated Listing Price (GMP)
- ₹483
Sources
Emvee Photovoltaic Power IPO to open on November 11: Check issue size, GMP, allotment and other key
Pine Labs IPO vs Emmvee Photovoltaic IPO vs PhysicsWallah IPO vs Tenneco Clean IPO - how much gain grey market signals?
PhysicsWallah IPO gets Rs 136 crore boost from Think Investments
