India’s primary market continues to thrive with strong investor sentiment and a robust pipeline of new issues. After an active October, several Upcoming IPOs in November 2025 are generating high anticipation among investors. Leading companies from diverse sectors—fintech, asset management, hospitality, education, and healthcare—are set to make their market debut, reflecting India’s growing capital market depth and investor confidence. This month promises exciting opportunities for both institutional and retail investors.
IPO Activity in October
In the month of October, IPOs received approval. Below is the list of SEBI IPO approvals in October:
| Issuer Company | Issue Type | Prospectus Filing Date | SEBI Approval Date |
| PNGS Reva Diamond Jewellery | Fresh | 6/18/2025 | 10/1/2025 |
| Wakefit Innovations | Fresh+OFS | 6/26/2025 | 10/3/2025 |
| Tenneco Clean Air India | OFS | 6/30/2025 | 10/3/2025 |
| Lenskart | Fresh+OFS | 7/28/2025 | 10/3/2025 |
| Shadowfax Technologies | Fresh+OFS | 7/2/2025 | 10/7/2025 |
| Amir Chand Jagdish Kumar Exports (Aeroplane Basmati) | Fresh | 6/27/2025 | 10/8/2025 |
| Sudeep Pharma | Fresh+OFS | 7/1/2025 | 10/13/2025 |
| Rayzon Solar | Fresh | 7/2/2025 | 10/13/2025 |
| Asset Reconstruction Company (ARCIL) | OFS | 8/4/2025 | 10/14/2025 |
| Safex Chemicals | Fresh+OFS | 7/8/2025 | 10/17/2025 |
| Aggcon Equipments | Fresh+OFS | 7/16/2025 | 10/17/2025 |
| Steamhouse India | 7/2/2025 | 10/14/2025 | |
| Kanodia Cement | OFS | 5/22/2025 | 10/20/2025 |
| Gaja Alternative Asset Management | Fresh | 6/28/2025 | 10/20/2025 |
| Curefoods India | Fresh+OFS | 6/28/2025 | 10/24/2025 |
| Milky Mist Dairy Food | Fresh+OFS | 7/21/2025 | 10/24/2025 |
Approvals for Metalman Auto lapsed on 31 October 2025.
The largest IPO so far in 2025 was of Tata Capital, which raised INR 15,512 crore. The smallest IPO was of Jinkushal Industries, which mobilized INR 116 crore from the market. With this background, the November 2025 IPO calendar is expected to continue the momentum. Here are the upcoming IPOs in November 2025 which are most awaited in recent times.
Mainboard Upcoming IPOs in November 2025
ICICI Prudential AMC IPO – One of the Biggest IPO in November 2025
ICICI Prudential AMC, India’s largest mutual fund house by active AUM, is gearing up for its much-awaited IPO, likely around November 2025. This IPO is a pure Offer for Sale (OFS) by Prudential Corporation Holdings, which currently owns 49% of the AMC. The promoter is set to offload up to 1.76 crore equity shares (pre-bonus), which could expand to 4.94 crore shares (post-bonus issue, if approved).
Backed by ICICI Bank (51%) and Prudential plc (49%), the AMC enjoys strong distribution, digital capabilities, and global investment expertise. Financially, the company has posted impressive numbers, with ~32% CAGR in revenue and PAT between FY23–FY25 and a stellar ROE of over 80%. As of March 2025, it commands a 13% share in active mutual funds and leads in hybrid schemes and retail SIP flows.
With 93%+ transactions done digitally, 14.6 million customers, and leadership across mutual funds, PMS, and AIFs, ICICI Prudential AMC offers a strong mix of scale, profitability, and retail investor stickiness. This IPO is expected to be a benchmark listing in India’s asset management industry, drawing high interest from both institutional and retail investors.
Groww IPO – A Key Upcoming IPOs in November 2025
India’s fintech giant Groww is gearing up for one of the most anticipated IPOs of the decade, is set to launch one of the key upcoming IPOs in November 2025. Founded in 2016 by ex-Flipkart employees, Groww has transformed from a mutual fund app into India’s largest stockbroker with 50M+ registered users and over 13 million active NSE clients, holding nearly 23.4% retail broking market share.
In May 2025, Groww confidentially filed its DRHP with SEBI and has now secured approval for a public issue worth INR 6,000–8,300 crore, targeting a valuation of USD 7–9 billion. The company has already turned profitable in FY25 with INR 1,819 crore net profit, a threefold jump from the previous year.
Ahead of its IPO, Groww made strategic moves such as acquiring Fisdom, launching Groww Wealth and India’s first Power ETF, and entering the corporate bonds market. With robust growth, innovation, and strong investor interest, the Groww IPO is set to be a milestone event in India’s capital markets.
Pine Labs IPO – Forthcoming IPO in November 2025
Pine Labs, one of India’s leading fintech companies, is gearing up for its much-awaited IPO in November 2025. The company, which had initially planned a USD 1 billion issue, has now sized the offering at USD 700 million (~INR 6,667 crore). This includes a fresh issue of INR 2,600 crore and an Offer for Sale (OFS) by key investors such as Peak XV Partners, Mastercard, PayPal, Temasek, and co-founder Lokvir Kapoor.
The timing is strategic — Pine Labs is tapping the markets during India’s festive season, a period known for strong consumer and investor sentiment. Founded in 1998, Pine Labs has transformed from a payment solutions provider to a full-fledged fintech platform offering POS terminals, QR-based payments, merchant lending, and consumer financing. With over 9 lakh merchants and presence in India, Southeast Asia, and the UAE, the company processed nearly INR 7.53 lakh crore in transaction value in FY24.
boAt IPO
boAt, India’s leading homegrown electronics and wearables brand, is gearing up for its IPO in November 2025, after receiving SEBI approval in September 2025. Founded in 2016 by Aman Gupta and Sameer Mehta, the company has grown into a dominant force with 50 million+ users, commanding around 32% of the audio market and 15% of the smartwatch segment.
The IPO is expected to raise INR 2,000–2,200 crore, including a fresh issue of INR 1,200 crore and an offer-for-sale portion. The company is eyeing a valuation of USD 1.4–1.6 billion, with existing investors like Warburg Pincus, Malabar Investments, and Fireside Ventures on board. Despite the listing, the founders aim to retain majority control post-IPO.
boAt turned profitable in FY25 with an INR 61 crore net profit on INR 3,073 crore revenue, driven by cost discipline and localization. The IPO proceeds will fund debt repayment, R&D, brand expansion, and offline growth. Competing strongly with Noise, Boult, Fire-Boltt, Apple, and Samsung, boAt’s IPO marks a key milestone for India’s D2C sector, highlighting its shift toward sustainable, innovation-led growth.
PhysicsWallah IPO
India’s edtech unicorn PhysicsWallah is poised for a landmark IPO expected in November 2025, aiming to raise around INR 3,820–4,600 crore at a valuation between INR 35,000–40,000 crore (~USD 4.3–4.9 billion). Founded in 2020 by Alakh Pandey and Prateek Boob, the company has grown rapidly with 64 million app downloads, a hybrid model across 109 cities, and 119 million social followers. As the first venture-backed edtech firm to receive SEBI approval for an IPO, it marks a milestone for India’s edtech sector.
The company reported a revenue of INR 2,886.6 crore in FY25, up 49% from the previous year, while cutting net losses sharply from INR 1,131 crore in FY24 to INR 243 crore in FY25, reflecting improved operational efficiencies. Funds raised will support expanding offline and hybrid centers, infrastructure development, marketing, technology upgrades, and strategic acquisitions.
Tenneco Clean Air IPO
Tenneco Clean Air India, a subsidiary of US-based Tenneco Inc., plans to launch its IPO in November 2025, aiming to raise about INR 3,000 crore. The company, which develops emission-control technologies such as catalytic converters, DPFs, mufflers, and exhaust pipes, received SEBI approval in October 2025. The issue will be a book-built offer entirely through an Offer for Sale (OFS), with exact dates yet to be announced.
Tenneco Clean Air India reported revenue of INR 4,931.45 crore in FY25 with a profit after tax of INR 553.14 crore and EBITDA of INR 815.24 crore, reflecting improved profitability despite a slight revenue dip. The company plans to use IPO proceeds for debt repayment, R&D, brand expansion, and strategic growth initiatives. Positioned in a competitive and evolving automotive sector, the IPO supports its focus on sustained growth and market expansion.
Prestige Hospitality IPO
Prestige Hospitality Ventures, backed by Prestige Estates Projects, is preparing for an IPO in November 2025 to raise about INR 2,700 crore, comprising a fresh issue of INR 1,700 crore and an offer for sale of INR 1,000 crore. The company, a hospitality asset owner and developer, operates seven luxury and premium hotels with 1,445 keys, with more projects underway. Its properties are managed by Marriott International under renowned brands such as St. Regis, JW Marriott, Sheraton, and others.
The company’s revenue from hospitality services rose to INR 795.7 crore in FY24 from INR 636.2 crore in FY23, supported by strong EBITDA margins and rising net profit, indicating healthy growth. The IPO proceeds will be primarily used for repayment of borrowings, inorganic growth through acquisitions, and general corporate purposes.
Park Medi World IPO
Park Medi World, a leading healthcare service provider with a network of NABH-accredited multi-speciality hospitals across North India, is preparing for its IPO expected in November 2025. Founded in 2011, the company offers a broad range of medical services, including emergency care, diagnostics, surgery, cardiology, orthopedics, and neurology, focusing on affordable and accessible healthcare.
The IPO aims to raise around INR 1,260 crore through a fresh issue of INR 960 crore and an offer for sale of INR 300 crore. Park Medi World reported revenues of INR 1,383 crore and a net profit of INR 225 crore in FY25, showing steady financial growth. The proceeds will be utilized primarily for repayment of borrowings, hospital expansion, medical equipment acquisition, and general corporate purposes. Promoted by Dr. Ajit Gupta and Dr. Ankit Gupta, the company plans to leverage this public listing to expand its footprint and enhance service capabilities in the competitive healthcare sector.
SME Upcoming IPOs in November 2025
Shreeji Global FMCG IPO
Shreeji Global FMCG, founded in 2018 and headquartered in Rajkot, is set to launch its IPO from 4 – 7 November 2025, with a total issue size of INR 85 crore. The company manufactures and processes spices, seeds, grains, pulses, and flour under its “SHETHJI” brand and white labels, operating two modern plants and sourcing raw materials from Agricultural Produce Market Committees (APMCs). The IPO is a 100% fresh issue comprising 68 lakh equity shares priced between INR 120 and INR 125 per share, with a lot size of 1,000 shares, and it will list on the NSE Emerge platform on 12 November 2025.
Shreeji Global FMCG has demonstrated steady growth with revenues of INR 504.89 crore in FY25, marking an increase from INR 453.57 crore in FY24, and continues to expand its product range and domestic and export markets.
Conclusion
Despite global uncertainties, India’s IPO market stays strong with a diverse pipeline of upcoming IPOs in November 2025. Big issues of October like Tata Capital and LG India, along with SME listings, are set to sustain investor interest, balancing global caution with strong domestic momentum.
Investors should analyze each company’s financials, valuation, and market position carefully before investing. They must also review DRHPs, track SEBI approvals, and monitor grey market trends to make informed choices. For live GMP, subscription data, and other real-time updates on the Upcoming IPOs in November 2025, investors can follow trusted sources like IPO Central to stay ahead in this promising IPO season.
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