Top IPOs to watch out for this November 2025

2025 is a year of record-breaking numbers of IPOs. Till now, from January 2025 to September 2025, 56 IPOs have been listed on the Indian stock market, bringing ₹75,384 crore in the IPO markets. Adding to this momentum, November 2025 will feature a series of high-profile new IPO stocks across various industries. These new IPO additions bring attractive possibilities for investors to invest in a large variety of sectors. In this blog, we will explore different upcoming IPOs coming in November 2025.Lenskart Solutions Ltd (Lenskart IPO)Lenskart solutions operate in the eyewear sector. Recently, DMart promoter Radhakishan Damani's wife, Shrikanta R Damani, invested ₹90 crore in Lenkart. The Lenskart IPO date is set between October 31 and November 4, 2025, and is likely to be listed on November 10, 2025. The company intends to raise an amount of ₹7,278 crore, which would consist of a fresh issue of ₹2,150 crore and an Offer-for-Sale (OFS) of ₹5,128 crore from current investors, including SoftBank, Temasek, and Kedaara Capital. The Lenskart IPO price band is fixed between ₹382 and ₹402 per share with a lot size of 37 shares.The funds raised through IPO will be used strategically in opening new company-owned stores (CoCo), lease and rent payments, technology and cloud investments, brand marketing investments, inorganic acquisitions, and other general corporate needs. Since its inception in 2010, Lenskart has grown to become a multinational omnichannel eyewear retailer with a presence in more than 2,500 outlets in India, Southeast Asia, and the Middle East. The company reported its very first full-year profitability in FY25, with a net profit of ₹297 crore on a revenue of ₹6,625 crore. It is valued at about ₹70,000 crore (US $8 billion). The IPO is aimed at enhancing its omnichannel model, physical presence, and investing in AI-based optical technology, but investors must consider its high valuation before making their IPO bid.Billionbrains Garage Ventures Ltd – Groww IPOGroww operates in the fintech sector. The platform recently introduced features like “Groww Cloud: Algo Trading in One Click” and added commodity trading on its app. The Groww IPO date is expected to be launched during the first week of November 2025, likely from November 4 to November 7. The company intends to raise an amount of ₹6,632.30 crore, which will consist of a fresh issue amounting to ₹1,060 crore, and an OFS amounting to ₹5572.30 crore. The new capital raised will be used to focus on product diversification, expansion of the platforms, and the improvement of technology infrastructure, with the OFS aspect enabling early stakeholders, such as marquee global players like Microsoft CEO Satya Nadella, to exit or dilute their holdings.The price band for the shares will be between ₹95 and ₹100 per share. Groww is among the most rapidly expanding fintech platforms in India and has more than 12.6 million active NSE customers, or 26.3% of the NSE retail market share. In Q1 FY26, the company recorded Profit After Tax (PAT) of ₹378 crore. The strategic goal of the Groww IPO is to cement the position of Groww as a leader in the retail investment sector and to propel its expansion into new asset classes, with a valuation of approximately $8 billion. Although it has high brand recognition and a substantial user base, prospective investors should remain cautious about the competition and changing regulatory risks in the fintech industry. Investors should keep an eye on the Grow IPO date announcement.PhysicsWallah (PW) IPOPhysicsWallah operates in the edtech sector, and it has recently acquired a 40% stake in the Delhi-based UPSC coaching institute Sarrthi IAS in September 2025. PhysicsWallah (PW) IPO is projected to launch in the middle of November 2025. The company intends to raise ₹3,820 crore with the help of this public offering. This includes OFS of ₹720 crore and fresh issue of ₹3100 crore. The fresh issue capital will be strategically used to boost its digital content offerings, increase its vernacular coverage to reach more people, and increase its technological infrastructure to sustain its growing platform.PhysicsWallah has quickly become one of the fastest-growing educational technology companies in India. It has successfully changed from a YouTube learning channel to a complete online education platform. The main goals of its IPO are to improve access to local content and to strengthen its position in providing affordable online education.Having a proven history of profitability and an extensive student base, PhysicsWallah can be a lucrative investment option in the edtech industry, especially due to the rebound attitude toward online learning.Pine Labs Ltd (Pine Labs IPO)The PineLabs operate in the fintech infrastructure sector. It has recently partnered with Flipkart to launch the “Bharat Yatra Card” for public transport payments and unveiled its UPI Tap & Pay feature at a fintech event. The PineLabs IPO date is expected to be in November. It received SEBI approval for IPO on September 11. The IPO size is estimated to be approximately ₹5,800 crores, including fresh issue of ₹2,600 crores and OFS issues of up to 14.78 crores shares. The IPO proceeds are aimed to be used in international expansion, technology infrastructure renovations, debt reduction, and the scaling of Software-as-a-Service (SaaS) and Buy Now Pay Later (BNPL) operations. Pine Labs is a leading fintech merchant-commerce company providing payment solutions, point-of-sale (POS) devices, and merchant commerce solutions in Asia, competing with other companies such as Paytm and PhonePe. This IPO will help unlock its value and grow its fintech ecosystem in India and Southeast Asia. Backed by Sequoia Capital and Temasek, the PineLabs IPO demonstrates India’s strong fintech momentum, although investors must note that it has reported losses of about ₹187 crore in FY24, which could affect its valuation.Imagine Marketing Ltd (boAt IPO)The boAt is one of the leading Indian companies in the consumer electronics and wearables sector. The boAt IPO date is provisionally set for late 2025. The IPO will involve a fresh issue of ₹500 crore and an Offer-for-Sale (OFS) of ₹1,000 crore, hence bringing in a total of ₹1,500 crore in the company. The boAt IPO files updated the DRHP on October 29, where it cut its IPO issue size from₹ 2,000 crore to ₹1,500 crore.The proceeds of the fresh issue will be used to make investments in research and development (R&D), brand marketing, meeting working capital needs, and global expansion initiatives. The parent company, BoAt, is the most popular audio wearables company in India, dominating a large portion of the affordable accessories market with its broad product portfolio, such as smart watches, earphones, and speakers. Through this IPO, the company aims to support the Make in India manufacturing, strengthen the offline retail presence of the brand, and substantially increase its export markets. Although boAt has a high brand equity and has a strong association with its consumer base, it is in a competitive environment with other global players, which can cause margin pressures.ICICI Prudential Asset Management Co. Ltd (ICICI Pru IPO)ICICI Prudential Asset Management is one of India’s leading financial services and asset management companies. It has resumed its subscriptions for its “Silver ETF Fund-of-Funds” from 28 October after a temporary suspension due to rising silver prices. ICICI Prudential Asset Management Company IPO is awaiting final SEBI approvals, and the ICICI Pru IPO date is set to be in November 2025. The estimated size of this IPO is approximately ₹10,000 crore, which is all of the Offer for Sale (OFS) of 1.77 crore shares by the shareholder, Prudential Corporation Holdings Limited. The price range on the IPO remains undecided as it is yet to be officially announced.Being a pure OFS, the IPO proceeds will be directly allocated to the selling stockholder, so no new capital will be injected into the company itself to directly grow the company. ICICI Prudential AMC is a leading asset management company within the Indian asset management sector with a significant QAAUM of 8,794.1 billion and a client base of 14.6 million investors. The core objective of the IPO is to create value for the stakeholders and to list the Asset Management Company as the fifth publicly traded company under the ICICI Group. The attractive fundamentals and brand stability make this IPO appealing to conservative investors, but the lack of a fresh issue implies that the company will not have much immediate capital to grow.Final thoughtsNovember 2025 will be a month to remember in the history of the IPO market, with a wide range of options in the fintech, retail innovation, education, and asset management sectors. Note that not every IPO can provide immediate listing returns. The goal should be long-term wealth creation. Before subscribing, investors are advised to carefully do due diligence of each company and scrutinise the financials, valuation, and business sustainability of the companies.

Top IPOs to watch out for this November 2025

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