IPO Frenzy: ₹10,000 Crore Rush! Which of these 3 Hot IPOs Will Soar for Investors?

IPO

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Updated on 13 Nov 2025, 05:57 am

The Indian stock market is witnessing significant activity with three major IPOs open for subscription: Tenneco Clean Air India, Emmvee Photovoltaic, and PhysicsWallah, collectively targeting to raise approximately ₹10,000 crore. PhysicsWallah plans to raise ₹3,480 crore, Emmvee Photovoltaic ₹2,900 crore, and Tenneco Clean Air ₹3,600 crore. As of their second and third days of bidding, PhysicsWallah and Emmvee Photovoltaic have seen low subscription rates, at 13% and 17% respectively. In contrast, Tenneco Clean Air India has garnered a stronger response, achieving 42% subscription on its first day. Investor sentiment is also reflected in the grey market. Tenneco Clean Air India is trading at a significant premium of 21.5%, while Emmvee Photovoltaic and PhysicsWallah command much lower premiums, indicating varying investor confidence. Analysts are largely positive on Tenneco Clean Air India, citing its strong fundamentals, backing from global parent Tenneco Inc., and the favorable outlook driven by tightening emission norms. Brokerages like Reliance Securities and SBI Securities have issued 'Subscribe' ratings. Emmvee Photovoltaic also receives upbeat reviews for its rapid growth, integrated solar manufacturing operations, and strong prospects in India's renewable energy sector, with several brokerages recommending a 'Subscribe' rating for long-term investment. However, views on PhysicsWallah are cautious. Despite substantial revenue growth, the edtech company faces concerns over widening net losses, increasing costs, and intense competition, leading to 'Neutral' ratings from analysts who suggest waiting for clearer profitability signals. Impact: This news directly impacts the primary market, influencing investor sentiment and capital allocation towards these specific sectors. It also signals the broader health of the IPO market. Rating: 7/10. Definitions: IPO: Initial Public Offering, the first time a company sells its shares to the public. Mainboard IPO: An IPO listed on the main segment of a stock exchange. Subscription: The process where investors apply for shares offered in an IPO. Grey Market Premium (GMP): Unofficial trading of IPO shares before listing, indicating demand and price expectations. Price Band: The range within which IPO shares are offered. Equity Shares: Ordinary shares representing ownership. OEMs: Original Equipment Manufacturers, companies that produce goods or components for other businesses. FY25/FY26: Financial Year ending in 2025 or 2026. P/E Ratio: Price-to-Earnings ratio, a valuation metric. EV/EBITDA: Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization, another valuation metric. ROE: Return on Equity, a profitability measure. ROCE: Return on Capital Employed, another profitability measure. CAGR: Compound Annual Growth Rate.