Emmvee Photovoltaic vs PhysicsWallah vs Tenneco IPO: Check subscription & GMP of 3 issues
Three mainboard IPOs- Tenneco Clean Air India, Emmvee Photovoltaic Power and PhysicsWallah- are open for investors for primary market investments have seen mixed response.
- Nov 12, 2025,
- Updated Nov 13, 2025 6:26 AM IST
Three mainboard IPOs- PhysicsWallah, Emmvee Photovoltaic Power and Tenneco Clean Air India- are open for investors for primary market investment, cumulatively raising a total of Rs 9,980 crore, attracting a mixed response from the investors. All the three issues, with different opening and closing dates, are commanding a muted premium in the grey market.
PhysicsWallah IPO: Day 2 bidding status and GMP
The IPO of PhysicsWallah was overall subscribed only 11 per cent as of 2.30 pm. The portion for retail bidders was booked 53 per cent, while the allocation for non-institutional bidders was subscribed only 4 per cent. Employee portion was booked over 1.64 times. However, qualified institutional bidders quota was yet to see any bids as of this time.
The ed-tech player PhysicsWallah is selling its shares in the price band of Rs 103-109 apiece, which could be applied for a minimum of 137 shares and its multiples to raise Rs 3,480 crore. Its GMP had remained around to Rs 3, hinting at muted gains of nearly 3 per cent gains for the investors. The issue, which opened on Tuesday, November 11, shall close on Thursday, November 13.
PhysicsWallah has established a strong brand and wide reach across India through its affordable, hybrid education model and asset-light expansion strategy. While its scalability and low customer acquisition costs support long-term operating leverage, profitability remains constrained by rising employee expenses and continued investments in offline infrastructure, said Perumal Raja KJ, Associate Director of Research at FundsIndia.
"The company is valued at a price-to-sales multiple of 10.92 times based on FY25 revenue from operations of Rs 2,886.64 crore, which is higher than the industry average. This premium valuation, coupled with the absence of sustained profitability, warrants for a cautious approach. Based on the above views, we provide a 'neutral' rating for the IPO," it added.
Emmvee Photovoltaic Power IPO: Day 2 bidding status and GMP
Solar PV modules player Emmvee Photovoltaic Power IPO was overall booked only 16 per cent as of the same time. Allocation for retail bidders was subscribed 55 per cent, while non-institutional investors' quota was booked only 10 per cent. The allocation for institutional bidders was booked at only 6 per cent.
Emmvee Photovoltaic Power is selling its shares in the price band of Rs 206-217 apiece, which could be applied for a minimum of 69 shares and its multiples to raise Rs 2,900 crore. Last heard, it was commanding a grey market premium plunged to Rs 2 apiece from 20 earlier, suggesting a flat listing for the investors.
Emmvee Photovoltaic shows strong financial performance with a 94 per cent CAGR (FY23–25), supported by industry leading Ebitda margins of 30.9 per cent. Its ROCE and ROE also outperform peer averages. Though the debt-to-equity ratio of 3.8 times is higher than peers, it will improve after the planned Rs 1,621.3 crore debt repayment from IPO proceeds, said Nirmal Bang Securities.
"On valuation, Emmvee trades at lower EV/Ebitda (23.2 times) and P/E (40.7 times) multiples versus peers, indicating attractive pricing. Backed by strong order visibility, capacity expansion, and robust profitability, we recommend a 'subscribe' rating to this IPO," it added.
Tenneco Clean Air India IPO: Day 1 bidding status and GMP
Automotive solutions player Tenneco Clean Air India is selling its shares in the range of Rs 378-397 apiece with a lot size of 37 equity shares. The company is looking to raise a total of Rs 3,600 crore via its IPO. Last heard, the company was commanding a grey market premium of Rs 75-80 apeice, suggesting a listing pop of 20 per cent for the investors.
According to data from BSE, the IPO of Tenneco Clean Air was booked 26 per cent as of the same time on Wednesday, November 12. On an individual basis, the retail portion was booked 25 per cent, while quota for non-institutional bidders was subscribed 60 per cent. Allocation for qualified institutional bidders was due for any bids.
Tenneco Clean Air leverages Tenneco Group’s extensive portfolio of over 5,000 active patents and 7,500 trademarks, as of June 2025, to deliver innovation-led solutions for Indian OEMs. Stricter emission and efficiency standards-are expected to drive demand for advanced after-treatment and catalytic solutions, positioning it for continued wallet-share growth, said Geojit Investments.
"Tenneco leverages is valued at 29 times FY25 P/E, which appears reasonable relative to peers. Supported by strong parentage, market leadership in clean-air and ride performance systems, established OEM partnerships, robust financials, and healthy return ratios, the company is well-positioned to capitalize on structural tailwinds in India’s auto sector," it said with a 'subscribe for long-term' rating.
Three mainboard IPOs- PhysicsWallah, Emmvee Photovoltaic Power and Tenneco Clean Air India- are open for investors for primary market investment, cumulatively raising a total of Rs 9,980 crore, attracting a mixed response from the investors. All the three issues, with different opening and closing dates, are commanding a muted premium in the grey market.
PhysicsWallah IPO: Day 2 bidding status and GMP
The IPO of PhysicsWallah was overall subscribed only 11 per cent as of 2.30 pm. The portion for retail bidders was booked 53 per cent, while the allocation for non-institutional bidders was subscribed only 4 per cent. Employee portion was booked over 1.64 times. However, qualified institutional bidders quota was yet to see any bids as of this time.
The ed-tech player PhysicsWallah is selling its shares in the price band of Rs 103-109 apiece, which could be applied for a minimum of 137 shares and its multiples to raise Rs 3,480 crore. Its GMP had remained around to Rs 3, hinting at muted gains of nearly 3 per cent gains for the investors. The issue, which opened on Tuesday, November 11, shall close on Thursday, November 13.
PhysicsWallah has established a strong brand and wide reach across India through its affordable, hybrid education model and asset-light expansion strategy. While its scalability and low customer acquisition costs support long-term operating leverage, profitability remains constrained by rising employee expenses and continued investments in offline infrastructure, said Perumal Raja KJ, Associate Director of Research at FundsIndia.
"The company is valued at a price-to-sales multiple of 10.92 times based on FY25 revenue from operations of Rs 2,886.64 crore, which is higher than the industry average. This premium valuation, coupled with the absence of sustained profitability, warrants for a cautious approach. Based on the above views, we provide a 'neutral' rating for the IPO," it added.
Emmvee Photovoltaic Power IPO: Day 2 bidding status and GMP
Solar PV modules player Emmvee Photovoltaic Power IPO was overall booked only 16 per cent as of the same time. Allocation for retail bidders was subscribed 55 per cent, while non-institutional investors' quota was booked only 10 per cent. The allocation for institutional bidders was booked at only 6 per cent.
Emmvee Photovoltaic Power is selling its shares in the price band of Rs 206-217 apiece, which could be applied for a minimum of 69 shares and its multiples to raise Rs 2,900 crore. Last heard, it was commanding a grey market premium plunged to Rs 2 apiece from 20 earlier, suggesting a flat listing for the investors.
Emmvee Photovoltaic shows strong financial performance with a 94 per cent CAGR (FY23–25), supported by industry leading Ebitda margins of 30.9 per cent. Its ROCE and ROE also outperform peer averages. Though the debt-to-equity ratio of 3.8 times is higher than peers, it will improve after the planned Rs 1,621.3 crore debt repayment from IPO proceeds, said Nirmal Bang Securities.
"On valuation, Emmvee trades at lower EV/Ebitda (23.2 times) and P/E (40.7 times) multiples versus peers, indicating attractive pricing. Backed by strong order visibility, capacity expansion, and robust profitability, we recommend a 'subscribe' rating to this IPO," it added.
Tenneco Clean Air India IPO: Day 1 bidding status and GMP
Automotive solutions player Tenneco Clean Air India is selling its shares in the range of Rs 378-397 apiece with a lot size of 37 equity shares. The company is looking to raise a total of Rs 3,600 crore via its IPO. Last heard, the company was commanding a grey market premium of Rs 75-80 apeice, suggesting a listing pop of 20 per cent for the investors.
According to data from BSE, the IPO of Tenneco Clean Air was booked 26 per cent as of the same time on Wednesday, November 12. On an individual basis, the retail portion was booked 25 per cent, while quota for non-institutional bidders was subscribed 60 per cent. Allocation for qualified institutional bidders was due for any bids.
Tenneco Clean Air leverages Tenneco Group’s extensive portfolio of over 5,000 active patents and 7,500 trademarks, as of June 2025, to deliver innovation-led solutions for Indian OEMs. Stricter emission and efficiency standards-are expected to drive demand for advanced after-treatment and catalytic solutions, positioning it for continued wallet-share growth, said Geojit Investments.
"Tenneco leverages is valued at 29 times FY25 P/E, which appears reasonable relative to peers. Supported by strong parentage, market leadership in clean-air and ride performance systems, established OEM partnerships, robust financials, and healthy return ratios, the company is well-positioned to capitalize on structural tailwinds in India’s auto sector," it said with a 'subscribe for long-term' rating.