The buzz in India’s primary market remains strong, whether the secondary market is rallying or slowing down. IPOs continue to draw attention as they give early investors a chance to exit and allow new investors to participate in India’s fast-growing businesses.
November is shaping up to be one of the most active months for IPOs, with several companies from the technology, renewable energy, healthcare, and consumer sectors preparing to go public. Together, these issues are expected to raise around Rs 76,000 crore, marking a busy phase for the market.
Let us explore how the primary market performed last month and the upcoming IPOs in November.
October 2025: IPOs Performance
During October, a total of 18 mainboard IPOs debuted on the bourses compared to 17 in September. Of these, eight IPOs listed with negative returns on the debut day, while 10 opened with gains. Among the gainers, LG Electronics India recorded the highest listing gain of 48.24%, followed by Jain Resource Recycling with an impressive 31.28% gain.
Conversely, among the eight IPOs that listed with negative returns, Om Freight Forwarders and Glottis saw declines of over 30% on the listing day itself. Additionally, these two IPOs continue to trade with negative returns.
On the SME Board, a total of 35 IPOs were listed during the month. Out of these, 11 debuted at a discount, while the remaining 24 opened with a premium. Among them, Infinity Infoway delivered the strongest debut, closing its listing day with impressive gains of 99.48%.
Foreign Money Flows: From Secondary to Primary Market
Foreign investors often make headlines for pulling large amounts out of India’s secondary market. However, the same investors are actively participating in the primary market, acting as opportunistic investors.
Between January 1 and October 17, 2025, foreign portfolio investors (FPIs) invested about Rs 54,178 crore or $6.23 billion in IPOs and other fresh issuances. During the same period, they sold shares worth Rs 2.02 lakh crore or $23.13 billion in the secondary market. This shows a clear shift in focus from trading existing shares to backing new opportunities. A similar trend was seen in 2024 when FPIs bought Rs 1.22 lakh crore worth of equities through the primary market while selling nearly the same amount in the secondary market.
According to Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, FPIs are selling in the secondary market mainly because Indian valuations are higher than in other emerging markets. However, the primary market continues to attract them with more reasonable pricing and access to high-growth sectors and new-age businesses.
Draft Offer Documents filed with SEBI
Before we move on to the upcoming IPOs in November, it is worth noting the surge in draft IPO filings with SEBI. In October alone, around 60 companies filed their DRHPs, marking a sharp rise compared to any month of CY25.
The number of filings during the month was more than double that of previous months. Some of the prominent names include Duroflex, Rays Power Infra, Sterlite Electric (part of the Vedanta Group), and Eldeco Infrastructure. Additionally, companies like Meesho and boAt (Imagine Marketing) have also submitted updated versions of their DRHPs.
Upcoming Mainboard IPOs in November 2025
Lenskart Solutions IPO
Lenskart Solutions is a tech-driven eyewear company that designs, manufactures, brands, and retails prescription glasses, sunglasses, contact lenses, and related accessories.
- Opening & Closing Date: October 31 to November 04, 2025
- Price Band: Rs 382 – Rs 402 per share
- Issue Size: Rs 7,278.02 crore (Including both fresh issue and offer for sale)
- Lot Size: 37 shares
- Listing: Expected on 10 November 2025 on both BSE and NSE
- IPO Objective: Lenskart Solutions IPO aims to use the proceeds to invest in technology, Capex, brand marketing, acquisition, and general corporate purposes.
Billionbrains Garage Ventures IPO
Groww is a Bengaluru-based fintech platform offering retail investors direct access to wealth creation through a range of digital financial products and services.
- Opening & Closing Date: November 04 to November 07, 2025
- Price Band: Rs 95 – Rs 100 per share
- Issue Size: Rs 6,632.30 crore (Including both fresh issue and offer for sale)
- Lot Size: 150 shares
- Listing: Expected on 12 November 2025 on both BSE and NSE
- IPO Objective: Groww IPO aims to use the proceeds to invest in cloud infrastructure, investment in subsidiaries, brand marketing, acquisition, and general corporate purposes.
Pine Labs IPO
Pine Labs is one of India’s leading merchant commerce platforms, offering point-of-sale (POS) solutions, payment processing, and financing services for businesses.
- Opening & Closing Date: November 07 to November 11, 2025
- Price Band: Rs 210 – Rs 221 per share
- Issue Size: Rs 3,899.91 crore (Both fresh issue and Offer for Sale)
- Lot Size: 67 shares
- Listing: Expected on 14 November 2025 on both NSE and BSE
- IPO Objective: Pine Labs IPO aims to use the proceeds for repayment of borrowings, invest in subsidiaries and IT assets, and general corporate purposes.
Upcoming SME IPOs in November 2025
Shreeji Global FMCG IPO
Shreeji Global FMCG, under the brand name “SHETHJI,” offers a wide range of spices, blends, seeds, grains, pulses, flours, and other food products.
- Opening & Closing Date: November 04 to November 07, 2025
- Price Band: Rs 120 – Rs 125 per share
- Issue Size: Rs 85 crore (Fresh issue)
- Lot Size: 1,000 shares
- Listing: Expected on 12 November 2025 on NSE SME
- IPO Objective: Shreeji Global FMCG IPO aims to use the proceeds for Capex, working capital requirements, and general corporate purposes.
Finbud Financial Services IPO
Finbud Financial Services Ltd is an Indian loan aggregator that offers individuals personal loans, business loans, and home loans from banks and NBFCs.
- Opening & Closing Date: November 06 to November 10, 2025
- Price Band: Rs 140 – Rs 142 per share
- Issue Size: Rs 71.68 crore (Fresh issue)
- Lot Size: 1,000 shares
- Listing: Expected on 13 November 2025 on NSE SME
- IPO Objective: Finbud Financial Services IPO aims to use the proceeds for repayment of borrowings, working capital requirements, investment in subsidiaries, and general corporate purposes.
Curis Lifesciences IPO
Curis Lifesciences Ltd develops, manufactures, and markets a wide range of pharmaceutical products for both domestic and global markets, operating under its own brand and on a contract basis.
- Opening & Closing Date: November 07 to November 11, 2025
- Price Band: Rs 120 – Rs 128 per share
- Issue Size: Rs 27.52 crore (Fresh issue)
- Lot Size: 1,000 shares
- Listing: Expected on 14 November 2025 on NSE SME
- IPO Objective: Curis Lifesciences IPO aims to use the proceeds for Capex, repayment of borrowings, product registration globally, working capital requirements, and general corporate purposes.
What’s Next?
Experts are calling it the biggest IPO year in the country’s history. According to top executives from foreign banks, the strong momentum seen so far is expected to continue, making the next two months especially active for new listings.
Citi India Head K Balasubramanian noted that in the past decade, India saw only around five IPOs worth over a billion dollars. However, in 2025 alone, including the first 10 months and the upcoming two months, this figure is expected to reach nearly nine to ten.
As reported by The Economic Times, several major companies are preparing to list in November. These include ICICI Prudential AMC with an estimated issue size of Rs 10,000 crore, Pine Labs with Rs 6,100 crore, Cleanmax Enviro Energy with Rs 5,200 crore, and Juniper Green Energy with Rs 3,000 crore. With this strong pipeline, India’s capital markets are gearing up for an eventful close to 2025, signaling sustained investor interest and confidence in the country’s growth story.
*The companies mentioned in the article are for information purposes only. This is not investment advice.
*Disclaimer: Teji Mandi Disclaimer
