Major IPOs in the Indian Market — October & November 2025

Introduction

India’s IPO market is buzzing again — and this time, it’s not about what’s coming, but what’s already here.

After months of anticipation, several big names have hit the market, drawing strong interest from both retail and institutional investors.

From consumer brands like Orkla India (MTR Foods) and Studds Accessories Ltd., to fast-growing innovators like Lenskart Solutions, the current IPO lineup showcases India’s expanding growth story across FMCG, automotive, and retail technology sectors.

While the sentiment is clearly positive, investors are also being more selective — focusing on fundamentals, brand strength, and valuation comfort. With multiple listings opening and closing within days, knowing which IPOs are worth applying for right now can make all the difference.

 

Major IPOs

 

LENSKART SOLUTIONS LTD

About the Company

Lenskart has revolutionised eyewear shopping in India by combining digital convenience with an expansive offline network. With over 2,000 domestic and 600 international stores, it stands among India’s most recognisable lifestyle brands.

IPO Highlights

 

• Dates: Oct 31 – Nov 4, 2025
  
  

• Price Band: Rs. 382–402 per share
  
  

• Issue Size: Rs. 7,278.02 crore
  
  

• Lot Size: 37 shares
  
  

• Minimum Investment: Rs. 14,134
  
  

Key Metrics

 

• FY25 Revenue: Rs. 3,800 crore
  
  

• PAT Margin: ~8%
  
  

• FY25 Net Profit: Rs. 310 crore
  
  

Investor View

Lenskart offers strong brand recall, profitability, and visible growth. However, valuation comfort remains key — it’s priced more like a premium lifestyle company than a traditional retailer.

 

ORKLA INDIA LTD

About the Company

Orkla India Limited, part of Norway’s Orkla ASA Group, owns popular Indian food brands like MTR and Eastern. The company offers a wide range of packaged foods — from ready mixes and snacks to beverages and desserts — catering to India’s rapidly expanding FMCG market.

IPO Highlights

 

• Dates: Oct 29 – Oct 31, 2025
  
  

• Price Band: Rs. 695 – Rs. 730 per share
  
  

• Issue Size: Rs. 1,667 crore
  
  

• Lot Size: 20 shares
  
  

• Minimum Investment: Rs. 13,900
  
  

Key Metrics

 

• FY25 Revenue: Rs. 2,950 crore
  
  

• PAT Margin: ~7%
  
  

• FY25 Net Profit: Rs. 210 crore
  
  

Investor View

Orkla India brings a legacy of strong brand recognition through MTR and Eastern. Its steady growth and FMCG stability make it a low-risk, steady-growth play. However, being an Offer for Sale (OFS) issue, no fresh capital will enter the company, slightly limiting near-term expansion upside.

 

STUDDS ACCESSORIES LTD

About the Company

Studds Accessories Ltd., based in Faridabad, Haryana, is India’s largest manufacturer of two-wheeler helmets and motorcycle accessories. With a global presence across 40+ countries, Studds has positioned itself as a trusted safety brand among riders.

IPO Highlights

 

• Dates: Oct 30 – Nov 3, 2025
  
  

• Price Band: Rs. 557 – Rs. 585 per share
  
  

• Issue Size: Rs. 455 crore
  
  

• Lot Size: 25 shares
  
  

• Minimum Investment: Rs. 13,925
  
  

Key Metrics

 

• FY25 Revenue: Rs. 680 crore
  
  

• PAT Margin: ~10%
  
  

• FY25 Net Profit: Rs. 68 crore
  
  

Investor View

Studds benefits from strong domestic demand and an expanding export base. It’s a niche market leader with consistent financials. However, being a 100% OFS, investors should focus on valuation and post-listing performance rather than near-term growth triggers.

 

BILLIONBRAINS GARAGE VENTURES LTD (GROWW)

About the Company

Groww is one of India’s fastest-growing fintech and investment platforms, offering online stockbroking, mutual fund investments, and ETFs. The company has revolutionised retail investing through a simple, mobile-first interface and transparent pricing.

IPO Highlights

 

• Dates: Nov 4 – Nov 7, 2025
  
  

• Price Band: Rs. 95 – Rs. 100
  
  

• Issue Size: Rs. 6,632.30 crore
  
  

• Lot Size: 150 shares
  
  

• Minimum Investment: Rs. 14,250
  
  

Key Metrics

 

• FY25 Revenue: Rs. 1,498 crore
  
  

• PAT Margin: ~12%
  
  

• FY25 Net Profit: Rs. 180 crore
  
  

Investor View

Groww’s IPO is one to watch — it combines profitability with scale in India’s booming fintech space. The brand enjoys high trust among retail investors. Key factors to watch include valuation multiples and regulatory developments before final pricing is announced.

 

SHREEJI GLOBAL FMCG LTD

About the Company

An emerging packaged consumer goods player with products across personal care, hygiene, and food staples.

IPO Highlights 

 

• Dates: Nov 4 – Nov 7, 2025

 

• Issue Size: Rs. 85 crore

 

• Price Band: Rs.120 - Rs.125

 

• Lot Size:1000 Shares

 

• Minimum Investment:Rs.1,20,000.00
  
  

Investor View

Ideal for investors looking for small-cap FMCG exposure; scale and brand expansion to watch.

 

FINBUD FINANCIAL SERVICES LTD

About the Company

A financial services provider catering to personal and SME loans with a growing digital presence.

IPO Highlights

 

• Dates: Nov 6 – Nov 10, 2025
  
  

• Issue Size: Rs. 71.68 crore
  
  

• Price Band: Rs.140 - Rs.142
  
  

• Lot Size:1000 Shares
  
  

• Minimum Investment:Rs.1,40,000.00

 

Investor View

Well-placed in the NBFC space; moderate risk profile with potential for strong post-listing traction.

 

PINE LABS LTD

About the Company

One of India’s leading fintech payment processors, offering POS systems and digital payment solutions across India and Southeast Asia.

IPO Highlights

 

• Dates: Nov 7 – Nov 11, 2025
  
  

• Issue Size: Rs. 3,899.91 crore
  
  

• Price Band: Rs.210 - Rs.221
  
  

• Lot Size:67 Shares
  
  

• Minimum Investment:Rs.14,070.00

 

Investor View

 High institutional interest expected; strong fintech fundamentals, but valuations likely premium.

 

CURIS LIFESCIENCES LTD

About the Company

A pharmaceutical research and formulation company focusing on API and specialty drugs for export markets.

IPO Highlights

 

• Dates: Nov 7 – Nov 11, 2025
  
  

• Issue Size: Rs. 27.52 crore
  
  

• Price Band: Rs.120 - Rs.128
  
  

• Lot Size: 1000 Shares

 

• Minimum Investment: Rs.1,20,000.00

 

Investor View

Smaller issue size with strong export growth story; suited for high-risk, high-return investors.

 

PHYSICS WALLAH LTD

About the Company

PhysicsWallah is one of India’s fastest-growing edtech platforms, known for affordable online and offline learning solutions. It serves students preparing for board exams, engineering and medical entrance tests, and various competitive exams. The company has also expanded into hybrid offline coaching centers across multiple states.

IPO Highlights

 

• Dates: Nov 11 – Nov 13, 2025
  
  

• Issue Size: Rs. 3,480 crore
  
  

• Price Band: Rs.103 - Rs.109
  
  

• Lot Size:137 Shares
  
  

• Minimum Investment: Rs.14,111.00

 

Investor View

Strong brand trust among students and parents supports continued growth. However, the edtech space is competitive, and sustaining margins while scaling offline centers will be a key factor to watch.

 

EMMVEE PHOTOVOLTAIC POWER LTD

About the Company

Emmvee is a solar energy solutions company specializing in manufacturing high-efficiency photovoltaic modules and executing solar power projects.The company serves industrial, commercial, and utility-level clients, positioning itself within India’s growing renewable energy push.

IPO Highlights

 

• Dates: Nov 11 – Nov 13, 2025
  
  

• Issue Size: Rs. 2,900 crore
  
  

• Price Band: Rs.206 - Rs.217
  
  

• Lot Size:69 Shares
  
  

• Minimum Investment: Rs.14,214.00

 

Investor View

The renewable energy sector outlook remains strong, and Emmvee stands to benefit from rising solar adoption. Investors should evaluate manufacturing scalability and execution strength before considering long-term allocation.

 

TENNECO CLEAN AIR INDIA LTD

About the Company

Tenneco Clean Air India is a part of the global Tenneco Group, a major supplier of automotive clean-air and emissions control systems. The company manufactures catalytic converters, diesel particulate filters, mufflers, and exhaust after-treatment solutions for leading passenger and commercial vehicle OEMs. Its business is closely linked to India’s expanding automobile and EV ecosystem, as well as tightening emission norms.

IPO Highlights

 

• Dates: November 12 – November 14, 2025

 

• Price Band: Rs.378 – Rs.397

 

• Issue Size: Rs.3,600 crore

 

• Lot Size: 37 shares

 

• Minimum Investment: Rs.13,986.00

 

Investor View

Tenneco stands to benefit from:

• Rising vehicle production volumes in India
  
  

• Stricter Bharat Stage emission norms
  
  

• Increasing shift toward cleaner mobility solutions
  
  

However, margins may be sensitive to:

• Raw material input costs
  
  

• OEM order cycles
  
  

• Currency movement affecting import components
  
  

Investors may view the IPO positively from a long-term manufacturing & mobility supply-chain growth perspective, while watching for valuation clarity once the price band is declared.

 

FUJIYAMA POWER SYSTEMS LTD

About the Company

Fujiyama Power Systems manufactures power backup equipment including generators, inverters, and energy systems for residential and commercial use. The company has a strong dealer network and presence in renewable-ready power solutions.

IPO Highlights

 

• Dates: Nov 13 – Nov 17, 2025

 

• Price Band: Rs.216 to Rs.228

 

• Issue Size: Rs. 828 crore

 

• Lot Size:65 shares

 

• Minimum Investment: Rs.14,040.00

 

Investor View

The company stands to gain from growing power backup demand in Tier-2 and Tier-3 regions, but faces strong competition. Investors should assess its pricing strategy, distribution strength, and order book visibility before applying.

 

CAPILLARY TECHNOLOGIES INDIA LTD

About the Company

Capillary Technologies India Ltd is a Bengaluru-based SaaS company that offers AI-powered, cloud-native loyalty, engagement and customer-data-platform solutions to enterprise brands across India and global markets.

IPO Highlights

 

• Dates: Nov 14 – Nov 18, 2025

 

• Price Band: Rs.549 -Rs.577

 

• Issue Size: Rs.877.50 Cr

 

• Lot Size: 25 shares

 

• Minimum Investment: Rs.13,725.00

 

Investor View

Capillary Technologies is benefiting from growing demand for loyalty and customer-engagement platforms, and has recently turned profitable. The business has strong enterprise clients and global presence, which supports long-term growth prospects. However, valuation comfort and the competitive SaaS landscape should be reviewed before applying, especially for investors seeking stable margins over high-growth tech exposure.

 

EXCELSOFT TECHNOLOGIES LTD

About the Company

Excelsoft Technologies Ltd is a leading digital learning solutions provider offering e-learning platforms, assessment systems, and educational technology products to global universities, corporates, and test-prep companies. The company specialises in digital content delivery, interactive learning tools, and customised ed-tech software for international clients.

IPO Highlights

 

• Dates: Nov 19 – Nov 21, 2025

 

• Price Band:Rs.114 to Rs.120

 

• Issue Size: Rs.500.00 Cr

 

• Lot Size:125 Shares

 

• Minimum Investment: Rs.14,250.00

 

Investor View

Strong presence in global edtech, stable recurring revenue from long-term clients, and scalable SaaS-based products make it attractive — but investors should watch valuations and project-based revenue dependence.

 

SUDEEP PHARMA LTD

About the Company

Sudeep Pharma Ltd is a manufacturer of high-purity excipients and specialty mineral-based ingredients used in pharmaceutical, food, and nutrition industries. The company produces advanced formulation ingredients through processes such as encapsulation, spray drying, granulation, and blending, serving domestic and global clients.

IPO Highlights

 

• Dates: Nov 21 – Nov 25, 2025

 

• Price Band: Rs.563 to Rs.593

 

• Issue Size: Rs.895.00 Cr

 

• Lot Size: 25 Shares

 

• Minimum Investment: Rs.14,075.00

 

Investor View

Strong presence in niche pharma excipients, established global customer base, and differentiated manufacturing technologies make it attractive — but investors should watch working-capital needs and the high OFS component in the issue.

 

How Investors Should Approach Each IPO

1. Don’t Get Swayed by Brand Names
   Familiar brands create buzz, but markets reward earnings — not hype. Evaluate    profitability, leverage, and valuation before subscribing.
   
   

2. Seek Industry Tailwinds
   Sectors such as EVs, fintech, and SaaS have structural growth. Investors with a 2–3-year view can consider selective participation.
   
   

3. Balance Your Allocation
   Diversify across 2–3 IPOs rather than concentrating funds in one issue.
   
   

4. Watch for Overvaluation
   A bullish market often pushes pricing higher. Avoid IPOs that appear stretched relative to earnings prospects.

 

Market Context — Why Q4 2025 Looks Promising

Liquidity Support: Monthly SIP inflows above Rs. 23,000 crore ensure ample domestic participation.

Global Stability: Cooling inflation and steady rates are bringing foreign flows back to India.

Sector Rotation: Investors are moving beyond IT and BFSI into consumer, fintech, and EV themes — mirroring this IPO pipeline.

Policy Environment: Budget expectations for FY26 include tax reforms and manufacturing incentives, lifting market sentiment.

 

FAQ

1. How can I apply for Lenskart IPO?
You can apply directly through your Enrich Money trading account.
Just log in, go to the IPO section, select Lenskart Limited, enter the lot size, and submit your bid.Apply for the Lenskart IPO via Enrich Money

 

2. Can I pre-apply for an IPO before it officially opens?
Yes. Enrich Money allows pre-application two days before the IPO opens for the public. This helps investors avoid last-minute UPI or bank delays.

 

3. What is the minimum investment amount for IPOs?
The minimum amount depends on the lot size and price band. You can check this on the Enrich Money IPO dashboard once bidding opens.

 

4. Where can I track my IPO status and allotment results?
First, log into ORCA and go to the IPO section.
Then, open the “My IPO” tab to view your current IPO applications, allotment results, and refund status once the issue closes.

 

Conclusion

The ongoing IPO wave of late 2025 marks an exciting phase for India’s equity markets — where trusted consumer names and new-age disruptors are coming together on Dalal Street.

From Lenskart’s tech-driven retail model and Orkla India’s FMCG legacy, to Studds Accessories’ leadership in automotive safety gear, each IPO reflects a different strength of India’s evolving economy.

Meanwhile, Groww’s upcoming fintech debut promises to be one of the most closely watched listings of the year, symbolising the growing maturity of India’s digital investing ecosystem.

However, even in this vibrant IPO season, selectivity matters. Investors should look beyond brand popularity and evaluate financial performance, profitability, and valuation comfort before subscribing.

In short, this IPO phase isn’t just about new listings — it’s about India’s transformation into a broad-based investor economy, where participation and prudence go hand in hand.

Those who invest with insight today could be holding tomorrow’s market leaders.

New to IPOs? Read our simple guide to the IPO process in India.

 

Disclaimer:  This blog is dedicated exclusively for educational purposes. Please note that the securities and investments mentioned here are provided for informative purposes only and should not be construed as recommendations. Kindly ensure thorough research prior to making any investment decisions. Participation in the securities market carries inherent risks, and it's important to carefully review all associated documents before committing to investments. Please be aware that the attainment of investment objectives is not guaranteed. It's important to note that the past performance of securities and instruments does not reliably predict future performance.