IPOs of ₹33,014 crore hit primary markets in November 2025

18 Dec 2025 , 11:00 AM

NOVEMBER 2025: ANOTHER GRAND MONTH FOR IPOS 

After H1FY26 saw IPOs worth ₹64,921 Crore, October added another ₹40,404 Crore worth of IPOs, November has seen IPOs worth ₹33,014 Crore. Here is what we read from the IPO story (only mainboard IPOs listed in November 2025). The table is self-explicit. 

Company	Listing	Issue Size	Subscribed	IPO Interest	Issue Price	Market Price	Returns
Billionbrains Garage (Groww)	12-Nov	6,632.30	17.60	67,171.54	100.00	147.62	47.62%
PhysicsWallah	18-Nov	3,480.00	1.92	5,176.17	109.00	139.74	28.20%
Tenneco Clean Air	19-Nov	3,600.00	61.79	1,56,788.87	397.00	491.95	23.92%
Capillary Technologies	21-Nov	877.50	52.98	26,006.75	577.00	672.45	16.54%
Sudeep Pharma	28-Nov	895.00	93.71	58,981.44	593.00	655.00	10.46%
Pine Labs	14-Nov	3,899.91	2.48	7,078.58	221.00	239.79	8.50%
Lenskart Solutions	10-Nov	7,278.02	28.27	1,16,585.96	402.00	411.05	2.25%
Emmvee Photovoltaic	18-Nov	2,900.00	0.00	2,933.47	217.00	202.57	-6.65%
Studds Accessories	07-Nov	455.49	73.25	23,491.96	585.00	517.15	-11.60%
Fujiyama Power	20-Nov	828.00	2.21	1,531.15	228.00	200.07	-12.25%
Orkla Ltd	06-Nov	1,667.54	48.74	57,414.96	730.00	610.65	-16.35%
Excelsoft Technologies	26-Nov	500.00	45.46	16,060.90	120.00	90.22	-24.82%
Data Source: BSE & NSE (Price on 09-Dec at 13.25 pm)

The above table of the 12 IPOs listed in November 2025 is indexed on returns. 

• A total of 12 IPOs listed in November 2025. Out of these 12 IPOs, 7 IPOs are trading at a premium to the IPO price, while 5 are at a discount. This is absolute point-to-point returns, and these returns are not annualized.

• Against the purported collection of ͅ33,014 Crore from these 12 IPOs, the total investor interest received was to the tune of ₹5,39,2222 Crore. At a macro level, that translates into an IPO oversubscription of 16.33 times.

• Groww, PhysicsWallah, and Tenneco Clean Air were the best performers in terms of post-listing returns. The worst performers in terms of post-listing returns were Excelsoft Technologies, Orkla Ltd, Fujiyama Power, and Studds Accessories.

• Had an investor been allotted 1 lot of shares in each of these 12 IPOs, the returns on the investment would have been 15.12% for the month. However, 100% of the rupee returns have come from just 3 stocks viz.; Groww, PhysicsWallah, and Tenneco.

• Now comes the most interesting part of the November 2025 IPO story. Sudeep Pharma, Studds Accessories, and Tenneco Clean Air had the best oversubscription ratio.  However, the average returns of the top 5 IPOs by subscription was just 4.59%. Ironically, the bottom-5 by subscription ratio had average returns of 13.08%. 

Does this mean that the level of subscription does not matter for post-listing returns? That may be the wrong inference as we are just looking at 1-month data and data over 1 year may give a better picture. We now turn to the more macro FY26 picture of IPOs. 

FY26 (APR-NOV) – IPO STORY FOR 8 MONTHS OF FY26 

With 8 months of FY26 gone, the IPOs have collected a total of ₹1,38,338 Crore across 84 mainboard IPOs, with 4 months still to go for the completion of the financial year. Here is a macro picture of IPOs in the first 8 months of FY26. 

• The action has been concentrated in the second half of FY26. The first half of FY26 saw 46.9% of total IPO funds raised. October and November collected 53.1% of IPO funds.

• The average oversubscription across the 84 IPOs of FY26 has been around 18-20 times, which is an attractive number.

• Had you been allotted 1 lot of each of these 84 IPOs, your return on investment (ROI) would have been 12.2% in 8 months, which is reasonably good returns on equity. 

Let us turn to FY26 rankings of all the 84 IPOs on post-listing returns. 

FY26 (APR-NOV) – IPOS RANKED ON POST-LISTING RETURNS 

The table below ranks the IPOs on absolute returns post listing. These returns are irrespective of the time elapsed since the IPO and are purely indicative.  

Company	Listing Date	Issue Size	Subscribed	Issue Price	Market Price	Returns
Aditya Infotech	05-Aug	1,300.00	106.23	675.00	1,463.50	116.81%
Ather Energy	06-May	2,980.76	1.50	321.00	661.30	106.01%
Belrise Industries	28-May	2,150.00	43.14	90.00	158.89	76.54%
Prostarm Infosystems	03-Jun	168.00	96.68	105.00	183.36	74.63%
Jain Resource	01-Oct	1,250.00	16.76	232.00	373.80	61.12%
Anlon Healthcare	03-Sep	121.03	7.12	91.00	143.60	57.80%
EPACK Prefab	01-Oct	504.00	3.14	204.00	307.10	50.54%
Anand Rathi Stocks	30-Sep	745.00	21.83	414.00	616.35	48.88%
Billionbrains Garage (Groww)	12-Nov	6,632.30	17.60	100.00	147.62	47.62%
LG Electronics	14-Oct	11,607.01	54.02	1,140.00	1,593.40	39.77%
Data Source: BSE & NSE (Price on 09-Dec at 13.25 pm)

Here are some quick takeaways based on ranking of post-listing returns. 

• Out of the 84 IPOs in FY26 so far, 40 are trading above their issue price and 44 are trading lower. However, time is too short in most cases.

• The top 10 IPOs by post-listing returns had average subscription ratio of 36.8X, while the bottom 10 had 31.0X subscription. This data is not too suggestive. 

Once again it looks like the level of subscription has not been too material for the post-listing returns. That is more dependent on the pricing of the IPO. 

FY26 (APR-NOV) – IPOS RANKED ON SUBSCRIPTION RATIO 

The table below ranks the IPOs on the number of times the IPO got subscribed overall. One caveat is that this ranking could be biased in favour of smaller sized IPOs. 

Company	Listing Date	Issue Size	Subscribed	Issue Price	Market Price	Returns
Highway Infrastructure	12-Aug	130.00	316.64	70.00	61.96	-11.49%
Regaal Resources	20-Aug	306.00	159.87	102.00	72.24	-29.18%
GNG Electronics	30-Jul	460.43	150.21	237.00	294.10	24.09%
Borana Weaves	27-May	144.89	147.85	216.00	278.00	28.70%
Rubicon Research	16-Oct	1,377.50	109.35	485.00	630.00	29.90%
Urban Company	17-Sep	1,900.24	108.98	103.00	129.05	25.29%
Aditya Infotech	05-Aug	1,300.00	106.23	675.00	1,463.50	116.81%
VMS TMT Ltd	24-Sep	148.50	102.24	99.00	52.07	-47.40%
Prostarm Infosystems	03-Jun	168.00	96.68	105.00	183.36	74.63%
Patel Retail	26-Aug	242.66	95.69	255.00	212.75	-16.57%
Data Source: BSE & NSE (Price on 09-Dec at 13.25 pm)

Here is what we read from the above table. 

• Out of the 84 IPOs in FY26 so far; 8 IPOs were subscribed over 100X, and 34 IPOs were subscribed over 50X. A total of 31 IPOs got single-digit subscription in FY26. 

• The top-10 by subscription had average returns of 19.48%. However, 4 out of the top 6 on subscription gave negative returns post listing.

• What about the subscription list at the bottom? The bottom 10 list has given average returns of 7.84%, with 6 out of 10 giving negative returns. 

The moral of the story is that subscription level may not be the only driving force, but it has been an important determinant of post-listing returns.  

FINALLY, A LOOK AT THE IPO ALPHA STORY IN FY26 

Returns and subscriptions are vulnerable to small size effect. You cannot dispute value addition by the IPO, over and above the IPO funds raised. That is the market cap alpha. 

Company	Listing	issue Size	Subscribed	Issue Price	Returns	Alpha (₹ Cr)
LG Electronics	14-Oct	11,607.01	54.02	1,140.00	39.77%	4,616.33
Ather Energy	06-May	2,980.76	1.50	321.00	106.01%	3,159.98
Billionbrains Garage (Groww)	12-Nov	6,632.30	17.60	100.00	47.62%	3,158.30
Belrise Industries	28-May	2,150.00	43.14	90.00	76.54%	1,645.71
Aditya Infotech	05-Aug	1,300.00	106.23	675.00	116.81%	1,518.59
NSDL Ltd	06-Aug	4,010.95	41.02	800.00	33.00%	1,323.61
PhysicsWallah	18-Nov	3,480.00	1.92	109.00	28.20%	981.42
Tenneco Clean Air	19-Nov	3,600.00	61.79	397.00	23.92%	861.01
Jain Resource	01-Oct	1,250.00	16.76	232.00	61.12%	764.01
Anthem Biosciences	24-Jul	3,395.00	67.42	570.00	15.18%	515.21
Data Source: BSE & NSE (Price on 09-Dec at 13.25 pm)

Here, the focus is on rupee wealth created by the IPO and is meaningful for retail investors in the IPO. Interestingly, many of the big wealth creators in FY26 are the mega-IPOs. The good news is that 3 IPOs from November (Groww, PhysicsWallah, and Tenneco Clean Air) are also in this list. November has been a significantly productive month for IPO investors!