As November begins, the stock market opens with a burst of fresh investment opportunities, with several new IPOs entering the scene. The primary market is buzzing with activity as four new public issues open for subscription today, November 11, 2025. Market analysts believe these offerings are likely to attract significant investor participation and could deliver notable listing gains.
This week is shaping up to be a dynamic one for the IPO space, reflecting growing investor confidence and optimism as the year draws to a close. The companies launching their IPOs represent a mix of sectors, allowing investors to broaden their portfolios and invest in high-potential growth stories. Experts note that these IPOs appear to be attractively valued and supported by solid business fundamentals, making them appealing to both retail and institutional investors alike.
What is an IPO?
An Initial Public Offering (IPO) is the process through which a private company offers its shares to the public for the first time, becoming a publicly traded entity on a stock exchange. Companies typically go public to raise funds for business expansion, debt repayment, or new projects, while also enhancing their market visibility and credibility. Additionally, an IPO provides an opportunity for early investors and promoters to partially or fully exit their investments.
Example – When companies such as Zomato or LIC launched their IPOs, it marked the first opportunity for everyday investors to purchase their shares directly through the stock market.
List of 4 New IPOs launching Today
1. PhysicsWallah
History and Overview
- Founded (2016): Started by Alakh Pandey as a YouTube channel dedicated to simplifying Physics for JEE and NEET aspirants.
- Incorporated (2020): Partnered with Prateek Maheshwari to formally establish the company and launch the PhysicsWallah app and website.
- Mission: Committed to providing high-quality education at affordable prices, particularly for students in tier-2 and tier-3 cities.
- Business Model: Evolved from free YouTube lessons to offering budget-friendly online courses, offline coaching centres (Vidyapeeth and Pathshala), and comprehensive study materials.
- Funding Highlights:
- June 2022: Secured $100 million in Series A funding, achieving unicorn status.
- September 2024: Raised $210 million in Series B, reaching a valuation of approximately $2.8 billion.
- IPO Plans (2025): Submitted draft papers to SEBI to raise nearly ₹3,820 crore through an Initial Public Offering.
- Current Scale (2025):
- Educates over 20 million students online.
- Operates 100+ offline centres across India.
- Adopts a hybrid learning model combining online and offline education.
- Core Strengths: Focuses on affordability, accessibility, and strong teacher-student engagement.
- Key Challenge: Sustaining quality and cost-effectiveness while rapidly expanding its offline presence.
2. Emmvee Photovoltaic Power
History and Overview
- Origin: Established as part of the Emmvee Group, which began operations in 1992 in Bengaluru, India.
- Incorporation: Formally registered in 2007 as Emmvee Toughened Glass and Photovoltaics Pvt. Ltd., later renamed to Emmvee Photovoltaic Power Pvt. Ltd. in 2010.
- Core Operations: Initially focused on solar water-heating systems, later diversified into solar photovoltaic (PV) module and cell manufacturing.
- Product Portfolio: Produces mono- and bifacial solar PV modules, utilizing high-efficiency technologies such as TOPCon.
- Manufacturing Capacity (2025): Around 7.8 GW module capacity and 2.94 GW cell capacity.
- Major Milestones:
- 2007: Commenced PV module production.
- 2017: Marked 25 years in the solar industry with a 0.5 GW capacity milestone.
- 2025: Launched its IPO, including both a fresh issue and offer for sale.
- Key Strengths: Integrated cell and module manufacturing, early adoption of advanced solar technologies, and ALMM certification for domestic market participation.
- Challenges: Managing rapid capacity expansion, capital investment, and sustaining profitability amid global competition.
- Vision: To promote energy independence through affordable and sustainable solar energy solutions.
3. Workmates Core2Cloud
History and Overview
- Establishment: Incorporated as a private limited company on November 14, 2018.
- Public Conversion: Reorganized as a public limited company and renamed Workmates Core2Cloud Solution Limited on January 16, 2025.
- Headquarters: Located in Kolkata, West Bengal, India.
- Core Business: Specializes in cloud and digital transformation services built on Amazon Web Services (AWS) infrastructure—offering cloud assessment, migration, modernization, managed services, cybersecurity, and analytics solutions.
- Partnerships & Recognition: Holds AWS Premier Tier Partner status with multiple AWS competencies, placing it among India’s leading cloud service providers.
- Client Base & Reach: Serves diverse sectors such as IT/ITES, BFSI, manufacturing, e-commerce, and media, with a growing international presence through subsidiaries like one in Singapore.
- Financial Performance: Reported revenues rising from ₹28.95 crore in FY23 to ₹107.64 crore in FY25, with a profit after tax (PAT) of approximately ₹13.92 crore in FY25.
- IPO Launch: Rolled out its IPO in November 2025 on the SME platform, with an issue size of about ₹69.8 crore and a price band of ₹200–₹204 per share.
- Key Strengths: Strong expertise in cloud technology, an asset-light business model, and expansion into next-generation services such as GenAI and automation.
- Challenges: Operating in a highly competitive cloud market while scaling efficiently and maintaining service quality amid rapid technological changes.
- Vision: Aims to empower enterprises to embrace digital transformation securely and efficiently through cloud, automation, and AI-driven solutions.
4. Mahamaya Lifesciences
History and Overview
- Incorporation: Mahamaya Lifesciences was established on May 7, 2002, under the name Mahamaya Life Sciences Private Limited.
- Name & Status Change: On February 15, 2016, the company was renamed Mahamaya Lifesciences Private Limited and later transitioned into a public limited company as Mahamaya Lifesciences Limited on November 19, 2024.
- Headquarters & Facilities: Based in New Delhi, the company operates a modern agrochemical formulation plant located in Dahej, Gujarat.
- Business Overview: It specializes in the manufacture, formulation, and marketing of crop protection chemicals and biological agro-inputs such as insecticides, herbicides, fungicides, bio-stimulants, and bio-fertilisers for both Indian and global markets.
- Global Presence: The company exports to multiple countries, including the Dominican Republic, Egypt, Turkey, UAE, Jordan, and Ethiopia, catering to domestic as well as multinational agrochemical firms.
- Manufacturing Milestone: Its Dahej manufacturing unit, commissioned in December 2021, is equipped for large-scale production of agrochemical formulations.
- Financial Growth: The company’s revenue increased from around ₹162.83 crore in FY24 to ₹267 crore in FY25, with profits showing a parallel rise.
- IPO Details: In November 2025, Mahamaya Lifesciences launched an SME IPO worth ₹70.44 crore at a price band of ₹108–₹114 per share, aimed at funding expansion, setting up a new technical plant and warehouse, and meeting working capital needs.
- Strategic Approach: Focuses on backward integration, registration of key pesticide molecules, and promoting eco-friendly, sustainable crop-care solutions.
- Challenges: Faces challenges such as regulatory compliance, rising input costs, global competition, and complex molecule registration processes.
- Vision: Aims to become a globally competitive agrochemical leader, combining strong R&D capabilities, manufacturing excellence, and sustainable innovation.
Why Experts Expect a Good Listing Performance?
Several factors are driving the optimistic sentiment around these IPOs:
- Emmvee Photovoltaic is witnessing healthy demand in the grey market, with a premium of about ₹20 per share above the issue price — indicating an expected listing gain of nearly 9%. (Source: Mint)
- PhysicsWallah also shows positive grey-market trends, trading around ₹3 higher than its upper price band, reflecting an estimated 2.75% premium, as per recent reports. (Source: Mint)
- The overall IPO market in India remains vibrant, supported by multiple listings and strong investor participation.
- Moreover, both companies operate in high-growth sectors — ed-tech and renewable energy — which continue to attract investor confidence due to their long-term potential and solid business fundamentals.
Final Thoughts
The IPOs launching on November 11 are drawing attention as they signal a fresh wave of activity in India’s capital markets. Early indicators from the grey market suggest a positive trend, hinting at potential listing gains. However, certain sectors particularly ed-tech face narrower margins for error, making valuation and overall market sentiment crucial factors. Experts advise investors to approach these offerings with optimism but also with measured caution, viewing them as promising opportunities rather than guaranteed winners.
Sources: msn
