Upcoming IPOs in November 2023


Last updated on December 3, 2023

Indian primary markets are on a roll with IPOs being launched left, right, and center in the mainboard as well as SME segments. On similar lines, November is expected to be a busy month with several high-profile names lined up to launch their IPOs. Here is the list of upcoming IPOs in November 2023, full with all the details you need.

Tata Technologies – Among the Most Anticipated Upcoming IPOs in November 2023

Tata Technologies – a subsidiary of Tata Motors – offers engineering, digital services, product development, and outsourcing services to its global clients. There are very high expectations from Tata Technologies IPO as far as retail investors are concerned. Since a Tata Group IPO is coming after a long time, last being TCS in 2004, high demand among investors is warranted. Such demand usually leads to poor allotment chances but thankfully, there is a special reservation for shareholders of Tata Motors.

Investors still have time to simply buy at least one share of Tata Motors and boost their allotment chances in the IPO.

Tata Technologies Upcoming IPOs in November 2023

ESAF Bank – Leading Name Among the Upcoming IPO in November 2023

ESAF Bank’s focus is on providing loans to customers in rural and semi-urban areas. As of 31 March 2023, its gross advances to customers in rural and semi-urban areas accounted for 62.84% of gross advances, and 71.71% of the banking outlets were located in rural and semi-urban areas.

The bank’s liability products comprise current accounts, savings accounts, term deposits, and recurring deposits. As of 31 March 2023, it had 6.48 million deposit accounts. Its AUM grew from INR 8,425.93 crore as of 31 March 2021 to INR 16,331.27 crore in 2023, registering a CAGR of 39.22%, which was the highest CAGR among its peers.

ESAF Bank IPO is likely to raise around INR 629 crores through a mix of fresh shares and an OFS.

SPC Life Sciences

SPC Life Sciences is another upcoming IPO in November 2023. This Vadodara-based API manufacturer plans to raise INR 300 crore by issuing fresh shares. In addition, there will be an Offer For Sale (OFS) of 8,938,870 shares by existing shareholders.

SPC Life Sciences is the world’s largest manufacturer of 6-Chloro-Hexane-2-One (an intermediate for cardiovascular drug Pentoxifylline) with over 90% market share. It was also the only supplier for 2-N-Butyl-3-(3,5-Diiodo-4-Hydroxy Benzoyl) Benzofuran (which is a key structural component of Amiodarone HCL) and associated sub-products in India with 20% global market share in Fiscal 2022. The company has a global market share of 13% in another key component 2-Di Ethyl Amino Ethyl Chloride Hydrochloride.

Financially, the company is on a strong footing with rising top and bottom lines. For the six months that ended in September 2022, the company posted a 26.2% growth in topline to INR 88.5 crore while profits grew 2.5% to INR 10.1 crore.

Motisons Jewellers

The company’s business includes the sale of jewellery made of gold, diamond, Kundan, and the sale of other jewellery products that include pearl, silver, platinum, precious, semi-precious stones, and other metals. Currently, the company operates four showrooms in prominent locations in Jaipur, Rajasthan.

Motisons Jewellers product profile includes traditional, contemporary, and combination designs across jewellery lines, for special occasions such as weddings and festivals to daily wear jewellery for all ages, and genders, and across various price points.

The company also completed its pre-IPO placement this month and raised INR 33 crore from prominent investors including Sunil Kothari & Sons, Manish Parakh, Isha Parakh, Manish Parakh HUF, Rajesh Kumar Kabra, Jagdamba Coal House, Prabhudas Lilladhar Advisory Services, Readiprint International LLP, and Rajan Propcon Private Ltd. Accordingly, the size of this upcoming IPO in November is now reduced to nearly INR 150 crore.

EbixCash – Biggest Among IPOs in November 2023

EbixCash IPO has been in the works for quite some time now. It was originally expected to be launched in September but certain market conditions and the deluge of IPOs forced the bankers to choose another spot. Nevertheless, the company is quite hopeful of launching its IPO in November 2023 and has also filed an addendum.

Ebix Cash Upcoming IPOs in November 2023

EbixCash offers technology-enabled digital products and services in the B2C, B2B, and financial technology domains and utilizes a ‘phygital’ strategy that combines over 650,000 physical agent distribution outlets for payment solutions, remittance, travel, and insurance products throughout India and Southeast Asia.

EbixCash IPO in November 2023 is likely to raise around INR 6,000 crore through an issue of fresh shares.

Protean eGov Technologies – IT-enabled Solutions from NSDL

Protean eGov Technologies – earlier known as NSDL e-Governance Infrastructure Limited – specializes in establishing public digital infrastructure and has played a crucial role in various projects for the government of India. This includes PAN issuance, revamping the Tax Information Network (TIN), and building the core IT infrastructure as a Central Recordkeeping Agency (CRA) for the National Pension System (NPS) and Atal Pension Yojana APY.

Protean eGov IPO will involve the sale of 12,080,140 shares, all of which will be sold by existing shareholders including IIFL, NSE, Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank, Punjab National Bank, Union Bank of India.

Flair Writing Industries – Another IPO in November 2023

Another interesting name among forthcoming IPOs in November includes Flair Writing Industries. This is the company’s second attempt at tapping primary markets following the filing of DRHP in 2018. The company is among the top three players in the writing instruments industry and makes and retails pens under the Flair, Hauser, and Pierre Cardin brands.

Flair Writing IPO has posted very impressive financial performance in the last few years with revenues more than tripling in the last three years. A similar trend is visible in the profit which grew from INR 1.2 crore in FY 2021 to INR 118 crore in FY 2023.

Upcoming IPOs in November 2023 – Expect More Companies to Join

While we have tried to include all the possible names in this list, we do expect some new names to spring a surprise and join this list of upcoming IPOs in November 2023. Some of the companies including RBZ Jewellers and Medi Assist Healthcare are looking at tapping the primary markets again. We have included these names in our IPO pipeline.


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