IPO calendar is buzzing with Sudeep Pharma (Nov 21–25) and Excelsoft Technologies (Nov 21–23), alongside SME offerings like Gallard Steel. GMP trends show strong premiums (Sudeep Pharma ~₹115, ~19% listing gain), while Capillary Technologies just closed fully subscribed and lists on Nov 2124
🧾 Mainboard IPOs
- Sudeep Pharma IPO (Nov 21–25)
- Price Band: ₹563–593
- GMP: ~₹115 (~19% premium)
- Allotment: Nov 26 | Listing: Nov 28
- Excelsoft Technologies IPO (Nov 21–23)
- Issue Size: ₹500 crore
- Subscription: QIB 0.04x, Retail 4.26x, NII 8.97x
- Capillary Technologies IPO (Nov 14–18)
- Fully subscribed (1.01x overall; retail 1.8x)
- GMP: ₹30–35 | Listing: Nov 213
🧮 SME IPOs
- Gallard Steel (Nov 19–21) – BSE SME, lot size 1000 shares
- Other SME issues lined up in late November include regional manufacturing & tech firms, reflecting strong retail appetite.
🏦 Policy & Macro Events
- RBI’s December MPC Preview: Markets expect status quo on repo rate, but liquidity tightening could impact IPO flows.
- Union Budget 2026 buzz: Early discussions on tax incentives for manufacturing & green energy sectors.
- Global cues: US Fed’s stance on rate cuts and crude oil prices remain key for FII inflows.
📊 Sectoral Themes to Watch
- Pharma & Healthcare: Sudeep Pharma’s IPO highlights investor interest in specialty chemicals and healthcare supply chains.
- Tech SaaS: Capillary Technologies’ listing will test appetite for AI-driven SaaS firms.
- Green Energy & Manufacturing: SME IPOs in steel and renewables align with India’s “Make in India” and sustainability push.
📊 Recent IPO Performance (India – November 2025)
| Company / IPO | Issue Price | Listing Price | Current Price | Performance |
|---|---|---|---|---|
| Tenneco Clean Air (Nov 18) | ₹397 | ₹505 | ~₹480.15 | +27.2% on listing; ~+21% above issue |
| Fujiyama Power Systems (Nov 19) | ₹228 | ₹220 | ~₹208.44 | –3.5% on listing; ~–5% below issue |
| Emmvee Photovoltaic Power (Nov 17) | ₹217 | ₹219.4 | ~₹236.28 | +1.1% on listing; ~+8.9% above issue |
| PhysicsWallah (Nov 18) | ₹118 (approx GMP) | Debut expected | Tracking GMP ~₹9 | Edtech IPO; moderate subscription (1.81×) |
| Workmates Core2Cloud (SME) (Nov 17) | ₹204 | ₹387.6 | ~₹367.3 | +90% on listing; ~+80% above issue |
| Mahamaya Lifescience (SME) (Nov 17) | ₹114 | Strong retail demand | Premium trading | Oversubscribed; healthy gains |
🔑 Key Insights
- Tech & SaaS IPOs (PhysicsWallah, Workmates Core2Cloud) are driving strong retail enthusiasm.
- Manufacturing & Power IPOs show mixed results — Fujiyama slipped, Emmvee gained modestly.
- SME IPOs continue to deliver outsized listing gains, reflecting retail appetite.
- GMP remains a reliable indicator of listing performance.
📅 Upcoming IPO Listings & Allotments
| Company | Allotment Date | Listing Date | GMP Trend |
|---|---|---|---|
| Capillary Technologies | Nov 19 | Nov 21 | ₹30–35 |
| Sudeep Pharma | Nov 26 | Nov 28 | ₹115 |
| Excelsoft Technologies | Nov 24 | Nov 27 | ₹80–90 |
| Gallard Steel (SME) | Nov 22 | Nov 25 | ₹50–60 |
🔎 GMP & Subscription Trends
- Strong retail participation in SME IPOs (Gallard Steel oversubscribed).
- Mainboard IPOs show mixed QIB interest but robust NII demand (Excelsoft 8.97x).
- GMP premiums suggest healthy listing gains across pharma and tech sectors.
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📌 FAQ Section
❓ Should you apply for Sudeep Pharma IPO?
Answer: Sudeep Pharma has shown strong GMP trends (~₹115 premium, ~19% expected listing gain). Retail and NII participation looks robust, while QIB demand is moderate. If you’re seeking exposure to specialty chemicals and healthcare supply chains, this IPO could be attractive. However, final decisions should align with your personal risk appetite and financial goals.
❓ How can you check IPO allotment status?
Answer: Investors can check allotment status via the registrar’s website or NSE/BSE portals. For convenience, use our IPO Allotment Tracker to get real‑time updates.
❓ What is GMP (Grey Market Premium) and why does it matter?
Answer: GMP reflects investor sentiment before listing. A positive GMP suggests potential listing gains, while a weak GMP signals caution. Track live GMP updates here.
❓ Which IPOs are listing after 20 Nov 2025?
Answer: Key listings include Capillary Technologies (Nov 21), Sudeep Pharma (Nov 28), and Excelsoft Technologies (Nov 27). SME IPOs like Gallard Steel are also lined up.
