IPO Calendar: Busy week ahead; PhysicsWallah, Tenneco listings in focus

IPO Calendar: Market attention will be on upcoming listings, including PhysicsWallah, Emmvee Photovoltaic, Tenneco Clear Air, Fujiyama Power Systems and Capillary Technologies

IPO Calendar: Following a buzzing week, activity in the Indian primary market is expected to remain steady next week, from Monday, November 17, to Friday, November 21, 2025. The week will see a limited number of new issues, with one mainboard IPO from Excelsoft Technologies and an SME issue by Gallard Steel. Market attention will be on upcoming listings, including five mainboard companies: PhysicsWallah, Emmvee Photovoltaic, Tenneco Clear Air, Fujiyama Power Systems and Capillary Technologies, along with two SME listings from Workmates Core2Cloud Solution and Mahamaya Lifesciences.

Excelsoft Technologies IPO details

The public offering of Excelsoft is set to open for subscription on Wednesday, November 19, 2025, and close on Friday, November 19, 2025. Excelsoft Technologies IPO is a book-built issue of ₹500 crore, comprising a fresh issue of 15 million equity shares and an offer for sale (OFS) of 26.7 million shares. The price band is set at ₹114 to ₹120 per share, and the lot size is 125 shares.  A retail investor can bid for a minimum of one lot comprising 125 shares, requiring a minimum investment of ₹15,000. The basis of allotment is expected to be finalised on Monday, November 24, 2025, and the shares are scheduled to be listed on exchanges, BSE and NSE, tentatively on Wednesday, November 26, 2025. 

 

IPO listings next week

PhysicsWallah and Emmvee Photovoltaic are scheduled to list on Tuesday, November 18. Tenneco Clear Air will follow with listing on Wednesday, November 19, after allotment on November 17. Fujiyama Power Systems is set to debut on Thursday, November 20, following allotment on November 18, while Capillary Technologies will list on Friday, November 21, after allotment on November 19.

 

In the SME segment, Workmates Core2Cloud Solution and Mahamaya Lifesciences are both set to list on Tuesday, November 18.

 

PhysicsWallah IPO closed for bidding on November 13 and received a muted response from investors. According to data from the NSE, the issue was subscribed 1.81 times, receiving bids for 336.22 million shares against 186.2 million shares on offer. 

 

Similarly, Emmvee Photovoltaic IPO drew lacklustre interest from the market. Its IPO closed on Thursday, November 13, 2025, and was subscribed only 97 per cent, with investors bidding for 75 million shares compared to the 77.42 million shares available.

 

Among the ongoing issues, the IPOs of Tenneco Clean Air will close on Friday, November 14. As of 02:45 PM, the issue was subscribed 26.2 times.

 

Meanwhile, Fujiyama Power Systems IPO, which opened on Thursday, November 13, has seen a slow start, with only 38 per cent of the issue subscribed so far. Capillary Technologies IPO was booked 27 per cent so far on Day 1.