Five Indian IPOs in Nov 2025 aim to raise over ₹10,000 crore, led by edtech and solar firms, drawing strong retail interest amid analyst warnings.

November 2025 is witnessing a surge in Indian IPO activity, with five new offerings—three on the mainboard and two on the SME segment—set to open between November 11 and 14, collectively aiming to raise over ₹10,000 crore. Key listings include PhysicsWallah’s ₹3,480 crore edtech IPO, Tenneco Clean Air India’s ₹3,600 crore offer-for-sale, and Emmvee Photovoltaic’s ₹2,900 crore solar energy issue, all drawing strong early interest. Pine Labs and other prior-week IPOs continue to see high retail demand, with several showing significant grey market premiums. Analysts urge caution, stressing that investors should rely on due diligence rather than hype.