Pine Labs IPO vs Emmvee Photovoltaic IPO vs PhysicsWallah IPO vs Tenneco Clean IPO - how much gain grey market signals?

The IPO market in November 2025 is expected to remain active, with additional subscriptions, listings across various segments . Investor interest is likely to balance enthusiasm for growth with a focus on valuation discipline, believes experts.

This dynamic environment presents both opportunities and risks, making thorough due diligence essential for prospective investors participating in the IPO wave in November 2025, according to experts.

The IPOs in November 2025 clearly demonstrate a robust market appetite across various sectors, including notable players like Pine Labs in fintech, Emmvee Photovoltaic in renewable energy, PhysicsWallah in edtech, and Tenneco Clean Air India in automotive supplies. This diversity underscores the strong demand and potential in these industries.

Pine Labs IPO

The public subscription for Pine Labs IPO commenced on November 7 and will close on November 11. On the first day, Pine Labs IPO subscription status was at 13%. The retail segment saw a subscription rate of 54%, while the Non-Institutional Investors (NII) category received 7% of bids. The Qualified Institutional Buyers (QIBs) portion garnered only 2% of bids. Additionally, the employee segment was subscribed at a rate of 2.96 times.

Pine Labs IPO price band has been established between ₹210 and ₹221 per share, with an objective of surpassing a valuation of ₹25,300 crore.

Pine Labs IPO includes a fresh share issue valued at ₹2,080 crore and an Offer for Sale (OFS) of over 8.23 crore equity shares, which is estimated at ₹1,819.9 crore at the higher price point, from existing shareholders.

Pine Labs IPO GMP is ₹5.5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Pine Labs share price was indicated at ₹226.5 apiece, which is 2.49% higher than the IPO price of ₹221.

Emmvee Photovoltaic IPO

Emmvee Photovoltaic Power IPO will be open for public subscription on November 11 and conclude on November 13. Emmvee Photovoltaic IPO price band has been set in the range of ₹206 to ₹217 per share.

The Emmvee Photovoltaic Power IPO includes a fresh issue of shares amounting to ₹2,143.86 crore, along with an offer for sale (OFS) of shares worth ₹756.14 crore from the promoters, bringing the total size of the issue to ₹2,900 crore.

Emmvee Photovoltaic IPO GMP today is ₹20. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Emmvee Photovoltaic share price was indicated at ₹237 apiece, which is 9.22% higher than the IPO price of ₹217.

PhysicsWallah IPO

PhysicsWallah IPO date of subscription is scheduled for Tuesday, November 11 and will close on Thursday, November 13. PhysicsWallah IPO price band has been fixed in the range of ₹103 to ₹109 per equity share of the face value of Re 1.

The PhysicsWallah IPO features a new issuance of equity shares worth ₹3,100 crore, in addition to an offer for sale (OFS) of shares amounting to ₹380 crore by the promoters, as stated.

PhysicsWallah IPO GMP today is ₹5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of PhysicsWallah share price was indicated at ₹114 apiece, which is 4.59% higher than the IPO price of ₹109.

Tenneco Clean Air India IPO

The Tenneco Clean Air India IPO date of subscription is scheduled for Wednesday, November 12 and will close on Friday, November 14. Tenneco Clean Air India IPO price band has been fixed in the range of ₹378 to ₹397 per equity share of the face value of ₹10.

Tenneco Clean Air India IPO is solely an offer-for-sale by its promoter, Tenneco Mauritius Holdings, and does not include any new issuances, as noted in the Red Herring Prospectus submitted to the Registrar of Companies on November 5.

The company has increased its IPO target to ₹3,600 crore, up from the initially intended ₹3,000 crore mentioned in the draft red herring prospectus filed in June 2025.

Tenneco Clean Air India IPO GMP today is ₹86. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Tenneco Clean Air India share price was indicated at ₹483 apiece, which is 21.66% higher than the IPO price of ₹397.

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