Grey market buzz hints at double-digit IPO pops for Tenneco, Emmvee, more. Details inside
Tenneco Clean Air India leads with the most aggressive GMP, trading at a Rs 87 premium over its issue price of Rs 397, implying a 22% listing gain. The automotive systems supplier is attracting strong institutional attention.
- Nov 9, 2025,
- Updated Nov 9, 2025 7:59 AM IST
India’s IPO juggernaut rolls on as nine companies, including Lenskart, PhysicsWallah, and Groww, gear up to list next week with grey market signals pointing to listing gains as high as 22%.
Investor frenzy on Dalal Street is showing no signs of cooling. The grey market premium (GMP) for upcoming IPOs suggests a spectrum of listing day pops—ranging from modest single digits to a potential 22% windfall.
Tenneco Clean Air India leads with the most aggressive GMP, trading at a Rs 87 premium over its issue price of Rs 397, implying a 22% listing gain. The automotive systems supplier is attracting strong institutional attention.
Among the new-age startups, PhysicsWallah and Groww—both unicorns—are expected to deliver around 5% gains each. PhysicsWallah’s Rs 3,480 crore IPO, opening November 11, has a GMP of Rs 5 over its Rs 109 issue price. Groww, backed by marquee investors and fresh off a 17.6x oversubscription, is also trading at a Rs 5 premium on its Rs 100 price.
Lenskart, despite high demand and a hefty Rs 7,278 crore offering, is showing a subdued GMP of Rs 17, indicating a 4% gain. Analysts attribute this to valuation concerns tempering enthusiasm.
Solar manufacturer Emmvee Photovoltaic is generating mid-tier traction, with a Rs 20 GMP on a Rs 217 issue price—a potential 9% premium. The Rs 2,900 crore raise will support its capacity expansion.
In the SME space, Curis Lifesciences and Shining Tools are trading at Rs 7–7.5 premiums (about 6%), while other smaller listings are seeing limited grey market movement.
The next week’s listings underscore growing retail appetite, but the variance in GMPs reflects a cautious optimism amid high valuations.
India’s IPO juggernaut rolls on as nine companies, including Lenskart, PhysicsWallah, and Groww, gear up to list next week with grey market signals pointing to listing gains as high as 22%.
Investor frenzy on Dalal Street is showing no signs of cooling. The grey market premium (GMP) for upcoming IPOs suggests a spectrum of listing day pops—ranging from modest single digits to a potential 22% windfall.
Tenneco Clean Air India leads with the most aggressive GMP, trading at a Rs 87 premium over its issue price of Rs 397, implying a 22% listing gain. The automotive systems supplier is attracting strong institutional attention.
Among the new-age startups, PhysicsWallah and Groww—both unicorns—are expected to deliver around 5% gains each. PhysicsWallah’s Rs 3,480 crore IPO, opening November 11, has a GMP of Rs 5 over its Rs 109 issue price. Groww, backed by marquee investors and fresh off a 17.6x oversubscription, is also trading at a Rs 5 premium on its Rs 100 price.
Lenskart, despite high demand and a hefty Rs 7,278 crore offering, is showing a subdued GMP of Rs 17, indicating a 4% gain. Analysts attribute this to valuation concerns tempering enthusiasm.
Solar manufacturer Emmvee Photovoltaic is generating mid-tier traction, with a Rs 20 GMP on a Rs 217 issue price—a potential 9% premium. The Rs 2,900 crore raise will support its capacity expansion.
In the SME space, Curis Lifesciences and Shining Tools are trading at Rs 7–7.5 premiums (about 6%), while other smaller listings are seeing limited grey market movement.
The next week’s listings underscore growing retail appetite, but the variance in GMPs reflects a cautious optimism amid high valuations.