India’s IPO market is gaining momentum with three major companies launching public issues: edtech firm PhysicsWallah, solar manufacturer Emmvee Photovoltaic, and auto-tech company Tenneco Clean Air.
India’s IPO season is heating up again and this time, all eyes are on three major names: PhysicsWallah, Emmvee Photovoltaic Power, and Tenneco Clean Air India. As these companies gear up to launch their public issues next week, investor buzz is soaring, with grey market premiums (GMPs) jumping by as much as Rs 96 per share, according to market trackers.
In simple terms, the GMP, which reflects how much traders are willing to pay above the issue price before a stock lists, serves as a barometer of investor sentiment. And right now, that sentiment is clearly bullish.
| IPO | Price Band (Rs) | GMP |
| PhysicsWallah | 103–109 | 5% |
| Emmvee Photovoltaic | 206–217 | 9% |
| Tenneco Clean Air | 378–397 | 24% |
PhysicsWallah: India’s Edtech Star Heads for Dalal Street
Once a YouTube channel started by Alakh Pandey, PhysicsWallah (PW) has become one of India’s most successful edtech companies and now it’s stepping onto Dalal Street.
The company’s Rs 3,480-crore IPO opens on November 11 and closes on November 13, with anchor allotments a day before. Priced between Rs 103 and Rs 109 per share, the issue values the company at roughly Rs 31,500 crore at the upper end.
Despite recent challenges in India’s online learning sector, analysts say PW’s strong brand recall, loyal student base, and hybrid learning model make it an attractive bet. “This IPO could test whether India’s edtech story still excites investors,” said one market expert.
Emmvee Photovoltaic: Powering Up the Solar Story
With the world racing toward renewable energy, Emmvee Photovoltaic Power is entering the market at just the right time. The solar module and cell manufacturer’s Rs 2,900-crore IPO will run from November 11 to November 13, with shares priced between Rs 206 and Rs 217 per piece.
At the top end, Emmvee is valued at over Rs 15,000 crore. Investors are optimistic thanks to India’s booming solar energy policies and government incentives under the PLI scheme. The company’s 9% grey market premium hints at strong pre-listing demand, with many betting that clean energy will be the next long-term growth story on the bourses.
Tenneco Clean Air India: A Global Giant’s Indian Spin
Tenneco Clean Air India, backed by the US-based automotive giant Tenneco Group, is also making its market debut with a Rs 3,600-crore IPO. The issue opens on November 12 and closes on November 14.
The price band has been set between Rs 378 and Rs 397 per share, and with a GMP of nearly 24%, Tenneco’s issue appears to be the most in-demand of the three.
Unlike the others, this IPO is a pure Offer for Sale (OFS) meaning the promoter, Tenneco Mauritius Holdings Ltd, will sell shares, and no new stock will be issued. The company recently revised its issue size upward from Rs 3,000 crore to Rs 3,600 crore, showing growing investor appetite.
Festive Cheer Meets Market Momentum
With Diwali just around the corner, investors seem to be in a risk-on mood. The combination of strong brand stories, sectoral diversity, and festive sentiment is likely to keep IPO buzz high through November.
“Renewable energy, auto tech, and education these are three spaces investors believe in for the next decade,” said a Mumbai-based market analyst. “This week’s IPOs are hitting all the right notes.”