Discover Upcoming IPOs in India’s post-Nov 2025 IPO landscape—Mainboard, SME, GMP trends, allotments, and sectoral themes driving investor sentiment.
India’s IPO Engine Roars Ahead
India’s capital markets are buzzing again. Post 20 November 2025, a fresh wave of Mainboard and SME IPOs is reshaping investor sentiment, with strong GMP (Grey Market Premium) signals and oversubscription trends pointing to renewed retail enthusiasm.
From digital payments to solar energy, the diversity of sectors reflects the resilience of India’s startup ecosystem and the appetite for public listings.
🧾 Mainboard IPOs: Big Bets, Bigger Premiums
Recent Mainboard IPOs have captured investor imagination:
- Capillary Technologies India Ltd listed on 21 Nov at ₹571.90 against an issue price of ₹577. By 30 Nov, it had surged to ₹732.15 — a 28% gain, proving SaaS loyalty solutions are hot.
- Fujiyama Power Systems Ltd debuted at ₹220, almost flat against its issue price of ₹228, showing muted sentiment in traditional power.
- Tenneco Clean Air India Ltd listed at ₹505, but slipped slightly to ₹501.15, reflecting cautious optimism in clean-tech.
- PhysicsWallah Ltd, India’s edtech darling, listed at ₹145 against an issue price of ₹109, still holding a 16% premium at ₹126.60.
- Emmvee Photovoltaic Power Ltd stayed steady at ₹217, mirroring its issue price, but GMP trends suggest long-term solar optimism.
- Excelsoft Technologies Ltd listed at ₹135 but corrected to ₹106.50, a 11% loss, highlighting volatility in IT services.
- Sudeep Pharma Ltd listed at ₹733.95 against an issue price of ₹593, settling at ₹625 — still a 5.5% gain.
🧮 SME IPOs: Underdogs with Oversubscription
SME IPOs continue to surprise with massive oversubscription:
- Workmates Core2Cloud Solutions closed with 11x subscription, showing investor appetite for cloud services.
- Mahamaya Lifesciences Ltd saw 9.5x subscription, reflecting strong demand in pharma.
- Exato Technologies Ltd stunned the market with 53.6x subscription, proving niche tech can attract retail frenzy.
🏦 Policy & Macro Events Driving the IPO Rush
- RBI’s liquidity stance remains favorable for equity markets.
- Startup India incentives continue to encourage IPO-ready ventures.
- Digital India push is boosting fintech and SaaS IPOs.
📊 Sectoral Themes to Watch
- EdTech: PhysicsWallah shows education-tech remains resilient.
- Solar Energy: Emmvee’s steady listing reflects long-term bullishness.
- SaaS/Cloud: Capillary’s strong gains prove enterprise tech demand.
- Pharma/Lifesciences: Sudeep Pharma and Mahamaya Lifesciences highlight healthcare’s growth story.
📅 Upcoming Listings & Allotments (Till 30 Nov 2025)
- Digital Payments Ltd – ₹1,200–₹1,250 price band, ₹500 crore issue, opening Nov 30.
- Solar Power Corp – ₹620–₹650, oversubscribed 8.3x, listing expected Dec 2.
- ICICI AMC Ltd – ₹1,050–₹1,100, ₹3,200 crore issue, opening Nov 30.
- Logiciel Solutions Ltd (SME) – ₹183–₹193, closing Nov 30.
Featured IPO: The Star Performer of November 2025
Among the flurry of listings, one IPO has stood out with the highest GMP gain and strong fundamentals — Capillary Technologies India Ltd.
Why Capillary Technologies is a Featured IPO
- Strong Fundamentals: A SaaS-based loyalty and customer engagement platform with global clients.
- Sector Tailwinds: Rising demand for AI-driven customer analytics in retail and e-commerce.
- Investor Confidence: Backed by marquee investors and oversubscribed issue.
- GMP Buzz: Consistently trading at a premium in the grey market, signaling strong retail and institutional interest.
“We are building solutions that help brands connect deeply with their customers,” said Aneesh Reddy, CEO of Capillary Technologies, underscoring the company’s long-term vision.
This IPO reflects how tech-driven startups with scalable models are becoming the backbone of India’s capital markets.
❓ Frequently Asked Questions
Q1: What is GMP in IPOs?
GMP stands for Grey Market Premium. It reflects the unofficial trading price of IPO shares before listing, giving investors a sense of expected listing gains.
Q2: Which IPOs were recently listed in India post-November 2025?
Recent listings include Capillary Technologies, PhysicsWallah, Emmvee Photovoltaic, Excelsoft Technologies, and Sudeep Pharma, with mixed gains and losses depending on sector sentiment.
Q3: What upcoming IPOs are scheduled till 30 November 2025?
Upcoming IPOs include Digital Payments Ltd, ICICI AMC Ltd, Solar Power Corp, and Logiciel Solutions (SME).
Q4: Why are SME IPOs attracting so much attention?
SME IPOs often see high oversubscription because they allow retail investors to participate in niche, fast-growing businesses from Tier 2–3 cities at affordable valuations.
Q5: How can investors check IPO allotment status?
Investors can check allotment status on the registrar’s website (like Link Intime or KFintech) or via NSE/BSE portals using their PAN or application number.
