Mumbai (Maharashtra) [India], November 8: Dalal Street’s IPO party isn’t slowing down. With nine listings queued up and grey market premiums climbing, investors are eyeing quick gains, some as high as 22%.
India’s IPO Season Is Back in Beast Mode
If you thought India’s IPO wave was cooling, think again. The coming week will see a new burst of listings led by three heavyweight startups, Lenskart, PhysicsWallah, and Groww, alongside a clutch of manufacturing and SME players.
Tenneco Clean Air Leads with 22% Premium
Automotive systems supplier Tenneco Clean Air India is revving the loudest. With a grey market premium (GMP) of ₹87 over its issue price of ₹397, the listing implies a 22% upside.
The company’s strong fundamentals, exposure to clean-tech components, and a well-timed narrative around “green mobility” make it the week’s hottest pick.
PhysicsWallah: India’s Edtech Star Goes Public
Next up, PhysicsWallah, India’s most profitable online learning unicorn, is heading for its market debut. The IPO, valued at ₹3,480 crore, opens on November 11 and lists on November 18.
With a modest GMP of ₹5, roughly a 5% premium over the issue price of ₹109, the listing might not light up the sky. But it carries symbolic weight. PhysicsWallah is the first Indian edtech firm to go public while profitable, a rare headline in a sector that’s been all burn, no earn.
For India’s retail investors, this listing is a confidence test for the entire edtech ecosystem.
Emmvee Photovoltaic Rides the Solar Boom
Solar power manufacturer Emmvee Photovoltaic Power has caught the clean-energy wave, trading at a ₹20 GMP or about 9% above its issue price of ₹217.
Investors are betting on the government’s push toward renewable energy and domestic manufacturing incentives.
Groww IPO: Retail’s New Darling
Fintech unicorn Groww, already a household name among millennial investors, closed its ₹6,632 crore IPO with a bang, subscribed 17.6 times.
Its GMP of ₹5, a 5% listing gain over the issue price of ₹100, might seem humble, but the strong institutional demand says it all. Investors clearly see long-term value in Groww’s digital-first investing model.
Even with high valuations, Groww’s brand power, scale, and trust factor keep it a must-watch listing.
Lenskart’s ₹7,278 Crore IPO Eyes Steady Start
Eyewear retail giant Lenskart Solutions rounds out the trio of headline acts. Its issue, worth ₹7,278 crore, saw an impressive 28x subscription.
Still, the GMP sits at a modest ₹17, or about 4% over its issue price, likely capped by valuation worries.
But make no mistake: Lenskart is a consumer-tech success story India can claim proudly. With omnichannel dominance, slick branding, and expanding global reach, it’s more marathon than sprint.
SME Segment: Select Buzz, Muted Premiums
In the SME corner, enthusiasm is more selective. Curis Lifesciences is leading with a ₹7.5 premium (6% upside), while Shining Tools follows at ₹7 (6%).
The Bigger Picture
Nine IPOs in a single week. A market riding high on liquidity, retail euphoria, and India’s growth story.
Sure, some of these listings will cool off after debut day. But the underlying sentiment is clear: Dalal Street is back to betting on Bharat’s next-gen economy.
The data-driven optimism, backed by real profits in startups like PhysicsWallah and established scale in Groww and Lenskart, signals a maturing market. Investors are no longer chasing hype alone; they’re rewarding sustainability and brand strength.
Verdict? Watch the Momentum, Respect the Valuations
The coming week will likely deliver solid pops, but expect volatility too. High-profile IPOs tend to attract fast hands, and post-listing corrections are common.
For serious investors, the smarter play might be to watch how these stocks settle after the first week. Long-term winners in India’s IPO arena often emerge after the initial chaos fades. Still, with sentiment this charged, even the cautious ones might find themselves reaching for the “subscribe” button.