Pine Labs vs Emmvee Photovoltaic vs PhysicsWallah IPO: Check subscription, GMP of 3 issues
Three mainboard IPOs- Pine Labs, Emmvee Photovoltaic Power and PhysicsWallah- are open for investors for primary market investments have seen muted response.
- Nov 11, 2025,
- Updated Nov 11, 2025 3:13 PM IST
Three mainboard IPOs- Pine Labs, Emmvee Photovoltaic Power and PhysicsWallah- are open for investors for primary market investment, cumulatively raising nearly 10,300 crore, attracting a weak response from the investors. All the three issues, with different opening and closing dates, are commanding a muted premium in the grey market.
Pine Labs IPO: Day 3 bidding status and GMP
Payment solutions player Pine Labs is selling its shares in the range of Rs 210-221 apiece with a lot size of 67 equity shares. The company is looking to raise a total of Rs 3,899.91 crore via its IPO. Last heard, the company was commanding no grey market premium, suggesting a flat listing for the investors. The issue will close for bidding today.
According to data from BSE, the IPO of Orkla India was booked 2.13 times as of 2.55 pm on Tuesday, November 11. On an individual basis, the retail portion was booked 1.13 times, while quota for non-institutional bidders was subscribed only 24 per cent. Allocation for qualified institutional bidders was booked 3.34 times
Over the years, Pine Labs has expanded organically and through acquisitions — including Qwikcilver (prepaid solutions), Mosambee (SME digitization), Setu (API infrastructure), and Credit+ (card issuance and processing) — to strengthen its ecosystem and address diverse commerce workflows, said IDBI Capital.
"As of June 30, 2025, Pine Labs served nearly 988,000 merchants, 716 consumer brands and enterprises, and 177 financial institutions. At the upper price band, the stock is trading at EV/Sales and EV/EBITDA of 8.0x and 82.8 times respectively, based on post-issue capital. We recommend 'subscribe' for the long term," it added.
PhysicsWallah IPO: Day 1 bidding status and GMP
The IPO of PhysicsWallah was overall subscribed only 6 per cent as of the given time. The portion for retail bidders was booked 28 per cent, while the allocation for non-institutional bidders was subscribed only 2 per cent. 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. Last heard, its GMP had dropped to Rs 3, hinting at muted gains of nearly 3 per cent gains for the investors. The issue opened on Tuesday, November 11, shall close on Thursday, November 13.
The issue is valued at a P/S of 10.9 times based on FY25 sales, which seems expensive relative to fundamentals, a low margin business and high capex for offline growth, warranting a cautious stance despite strong growth prospects. We recommend an 'avoid' rating for this issue, said BP Equities.
Emmvee Photovoltaic Power IPO: Day 1 bidding status and GMP
Solar PV modules player Emmvee Photovoltaic Power IPO was overall booked only 7 per cent as of the same time. Allocation for retail bidders was subscribed 28 per cent, while non-institutional investors' quota was booked only 2 per cent. The allocation for institutional bidders was yet to see any bids.
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 10 apiece from 20 earlier, suggesting nearly 5 per cent gains for the investors.
The IPO appears expensively priced, commanding a P/E multiple exceeding 230x, which leaves little room for valuation comfort. The Indian eyewear market remains 77 per cent unorganised, posing significant structural challenges for Lenskart in scaling its organised share meaningfully, said Chola Securities with an 'avoid' rating on the issue.
India’s solar sector is expanding rapidly, supported by strong policy push, import substitution measures. With rising demand across utility, commercial, and rooftop segments and industry capacity projected to grow at 25-30 per cent CAGR, EPPL, with its 5.1 per cent market share, is strategically positioned to capitalize on this accelerating growth, said Choice Broking.
"Emmvee is valued at a P/E of 28.4 times, which stands at a discount to peers. With its integrated operations, strong capacity expansion, order visibility and strategic growth roadmap, the company is well placed to benefit from India’s renewable energy transition. Thus, we recommend a 'subscribe' rating," it said.
Three mainboard IPOs- Pine Labs, Emmvee Photovoltaic Power and PhysicsWallah- are open for investors for primary market investment, cumulatively raising nearly 10,300 crore, attracting a weak response from the investors. All the three issues, with different opening and closing dates, are commanding a muted premium in the grey market.
Pine Labs IPO: Day 3 bidding status and GMP
Payment solutions player Pine Labs is selling its shares in the range of Rs 210-221 apiece with a lot size of 67 equity shares. The company is looking to raise a total of Rs 3,899.91 crore via its IPO. Last heard, the company was commanding no grey market premium, suggesting a flat listing for the investors. The issue will close for bidding today.
According to data from BSE, the IPO of Orkla India was booked 2.13 times as of 2.55 pm on Tuesday, November 11. On an individual basis, the retail portion was booked 1.13 times, while quota for non-institutional bidders was subscribed only 24 per cent. Allocation for qualified institutional bidders was booked 3.34 times
Over the years, Pine Labs has expanded organically and through acquisitions — including Qwikcilver (prepaid solutions), Mosambee (SME digitization), Setu (API infrastructure), and Credit+ (card issuance and processing) — to strengthen its ecosystem and address diverse commerce workflows, said IDBI Capital.
"As of June 30, 2025, Pine Labs served nearly 988,000 merchants, 716 consumer brands and enterprises, and 177 financial institutions. At the upper price band, the stock is trading at EV/Sales and EV/EBITDA of 8.0x and 82.8 times respectively, based on post-issue capital. We recommend 'subscribe' for the long term," it added.
PhysicsWallah IPO: Day 1 bidding status and GMP
The IPO of PhysicsWallah was overall subscribed only 6 per cent as of the given time. The portion for retail bidders was booked 28 per cent, while the allocation for non-institutional bidders was subscribed only 2 per cent. 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. Last heard, its GMP had dropped to Rs 3, hinting at muted gains of nearly 3 per cent gains for the investors. The issue opened on Tuesday, November 11, shall close on Thursday, November 13.
The issue is valued at a P/S of 10.9 times based on FY25 sales, which seems expensive relative to fundamentals, a low margin business and high capex for offline growth, warranting a cautious stance despite strong growth prospects. We recommend an 'avoid' rating for this issue, said BP Equities.
Emmvee Photovoltaic Power IPO: Day 1 bidding status and GMP
Solar PV modules player Emmvee Photovoltaic Power IPO was overall booked only 7 per cent as of the same time. Allocation for retail bidders was subscribed 28 per cent, while non-institutional investors' quota was booked only 2 per cent. The allocation for institutional bidders was yet to see any bids.
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 10 apiece from 20 earlier, suggesting nearly 5 per cent gains for the investors.
The IPO appears expensively priced, commanding a P/E multiple exceeding 230x, which leaves little room for valuation comfort. The Indian eyewear market remains 77 per cent unorganised, posing significant structural challenges for Lenskart in scaling its organised share meaningfully, said Chola Securities with an 'avoid' rating on the issue.
India’s solar sector is expanding rapidly, supported by strong policy push, import substitution measures. With rising demand across utility, commercial, and rooftop segments and industry capacity projected to grow at 25-30 per cent CAGR, EPPL, with its 5.1 per cent market share, is strategically positioned to capitalize on this accelerating growth, said Choice Broking.
"Emmvee is valued at a P/E of 28.4 times, which stands at a discount to peers. With its integrated operations, strong capacity expansion, order visibility and strategic growth roadmap, the company is well placed to benefit from India’s renewable energy transition. Thus, we recommend a 'subscribe' rating," it said.