IPO Calendar: Two Issues To Hit The Market; PhysicsWallah Listing In Focus This Week

IPO Calendar 2025: As we head to the third week of November, primary market will remain abuzz, with two new mainboard and SME issues hitting the market and listing of PhysicsWallah. November also witnessed the launch of several stellar and heavyweight IPOs of 2025, including Billionbrains Garage Ventures (Groww), Pine Labs, Lenskart, etc.

One Mainboard And One SME IPOs To Hit The Market

The market is seeing four IPOs that are currently accepting applications or are about to open this week.

Excelsoft Technologies IPO will open this week between Friday, November 19, 2025, and November 21, 2025. The company is raising Rs 500 and will list shares on both BSE and NSE exchnages. The price band of the issue is Rs 114-120.

Another IPO is Gallard Steel. It is BSE SME IPO, raising Rs 37.50 crore. The issue

will open between Friday, November 19, 2025, and November 21, 2025. The price band is Rs 142-150.

Meanwhile, two other major IPOs are closing soon. Fujiyama Power Systems Ltd. IPO is active from Thursday, November 13, 2025, to Monday, November 17, 2025. This large offering, managed by Motilal Oswal Investment, is raising Rs 828.00 crore and has shares priced between Rs 216.00 and Rs 228.00. The Capillary Technologies India Ltd. IPO, which runs from Friday, November 14, 2025, to Tuesday, November 18, 2025, is seeking an even higher amount of Rs 877.50 crore at a premium price of Rs 549.00 to Rs 577.00 per share. Both Fujiyama and Capillary will be listing on the main BSE and NSE exchanges, with JM Financial acting as the lead manager for Capillary.

Upcoming Listings

Five companies have recently concluded their Initial Public Offerings and are now in the process of getting listed on the stock exchanges.

Three of these are very large Main Board issues. The Tenneco Clean Air India Ltd. IPO, which closed on Friday, November 14, 2025, is the biggest, having raised a massive Rs. 3,600.00 crore. The PhysicsWallah Ltd. IPO closed on Thursday, November 13, 2025, and successfully raised a substantial Rs. 3,480.71 crore with an issue price of Rs. 103.00 to Rs. 109.00. Also closing on the 13th was the Emmvee Photovoltaic Power Ltd. IPO, which raised Rs. 2,900.00 crore at a price between Rs. 206.00 and Rs. 217.00 per share. All three will list on the BSE and NSE. JM Financial managed Tenneco and Emmvee, while Kotak Mahindra Capital managed PhysicsWallah.

The remaining two are smaller issues listed on the BSE SME platform, both closing on Thursday, November 13, 2025. Mahamaya Lifesciences Ltd. IPO raised Rs. 70.44 crore with an issue price between Rs. 108.00 and Rs. 114.00, led by Oneview Corporate. The Workmates Core2Cloud Solution Ltd. IPO raised a similar amount, Rs. 69.84 crore, at an issue price of Rs. 204, managed by Horizon Management.

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