Vijay Singh
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.
Grey market whispers suggest healthy listing pops, with premiums ranging between 4% and 22%. For short-term traders, that’s music. For long-term investors, it’s a reminder that India’s capital market still loves a good growth story.
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.
The firm’s ₹2,900 crore issue is expected to fund capacity expansion and working capital, both crucial in India’s surging solar market.
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%).
Others, like Mahamaya Lifesciences and Workmates Core2Cloud, haven’t seen major grey market movement, showing that while retail appetite is strong, it’s also picky.
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.
