Fujiyama vs Emmvee vs Tenneco vs PhysicsWallah IPO: Check subscription & GMP of 4 issues

Four mainboard IPOs- PhysicsWallah, Emmvee Photovoltaic Power, Tenneco Clean Air India and Fujiyama Power Systems- are open for investors for primary market investment, cumulatively raising a more than of Rs 10,800 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 3 bidding status and GMP

The IPO of PhysicsWallah was overall subscribed only 1.79 times as of 3.40 pm on Thursday, thanks to the QIB push. The portion for retail bidders was booked 99 per cent, while the allocation for non-institutional bidders was subscribed only 47 per cent. Employee portion was booked over 3.22 times. However, qualified institutional bidders quota was bids for 2.70 times.

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 1-1.5, hinting at muted gains of nearly 3 per cent gains for the investors. The issue had opened on Tuesday, November 11, shall close on today.

"We believe PhysicsWallah brings investors an opportunity to invest in India’s largest and fastest growing Edtech platform, uniquely positioned across online, offline and hybrid learning models. The company has built a powerful ecosystem that combines accessibility, affordability, and quality education at scale," said Mehta Equities.

The open-access model, strong conversion funnel from free to paid users, and diversified offerings across 13 education categories and 7 languages offer significant long-term growth potential, given the vast ~30 crore addressable student base, of which only 1.5 per cent has been monetized so far. Considering its leadership position and large untapped market, we recommend risk-tolerant investors to 'subscribe' to the PhysicsWallah," it said.
 

Emmvee Photovoltaic Power IPO: Day 2 bidding status and GMP

Solar PV modules player Emmvee Photovoltaic Power IPO barely managed to sail through on the last day as the issue was overall booked only 95 per cent as of the given time on the last day of bidding. Allocation for retail bidders was subscribed 1.05 times, while non-institutional investors' quota was booked only 29 per cent. The allocation for institutional bidders was booked at 1.26 times.

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 3 apiece from 20 earlier, suggesting a flat listing for the investors.

Emmvee Photovoltaic Power is India’s second largest pure-play integrated PV and solar cell producer based on the capacity with TOPCon leadership and backward integration. It is adding 2.5 GW solar PV module production capacity, which should become operational by FY26 and a 6 GW integrated solar cell and solar PV module production capacity, which should be operational by 1H FY28, said GEPL Capital.

"Based on the FY25 earnings, relative to the company's post-IPO paid up capital, the issue is priced at a P/E ratio of 35 times. We believe that the issue is fairly valued compared to its peers, posted healthy financial performance between FY23-25, expansion of production capacity, and a strong order book. Therefore, we recommend a 'subscribe' rating for the issue," it added.
 

Tenneco Clean Air India IPO: Day 2 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, its  grey market premium was seen at Rs 85-90 apeice, suggesting a listing pop of 20 per cent for the investors. Its GMP was around Rs 80 a day ago.

According to data from BSE, the IPO of Tenneco Clean Air was booked 2.67 times as of the same time on Thursday, November 13. On an individual basis, the retail portion was booked 1.32 times, while quota for non-institutional bidders was subscribed 6.34 times. Allocation for qualified institutional bidders saw bids for 2.29 times.

The auto component market is expected to grow at 9-11 per cent CAGR between fiscals 2025 and 2030 to reach Rs 13,500-14,500 billion. This is primarily driven by an increase in production off-take across all vehicle segments, which will support growth in the OEM market. Auto component exports are projected to record a 6-8 per cent on year growth in fiscal 2026, said Master Capital Services.

"Tenneco Clean Air India is strategically positioned to capitalize on these opportunities. Its strong market presence, long-standing OEM relationships, and advanced engineering capabilities enable the company to maintain leadership across key segments. Investors may consider the IPO as a potential long-term investment opportunity," it added.
 

Fujiyama Power Systems IPO: Day 1 bidding status and GMP

Solar-energy solutions player Fujiyama Power Systems is selling its shares in the range of Rs 216-228 apiece with a lot size of 65 equity shares. The company is looking to raise a total of Rs 828 crore via its IPO. Last heard, the company was commanding no grey market premium on day one.

According to data from BSE, the IPO of Fujiyama Power Systems was booked only 8 per cent as of the same time on Wednesday, November 12. On an individual basis, the retail portion was booked 14 per cent, while quota for non-institutional bidders was subscribed only 03 per cent. Allocation for qualified institutional bidders was due for any bids.

Fujiyama Power Systems stands out as a comprehensive solar energy player with strong brand equity, nationwide distribution, and integrated manufacturing capabilities. Its patented rMPPT technology, diversified product suite, and continued investment in R&D and capacity expansion reinforce its scalability and future readiness, said Canara Bank.

While any delay or inefficiency in commissioning this facility could impact its ability to produce DCR-compliant panels, its fundamentals remain robust. The issue appears fully priced. However, given its leadership in off-grid and hybrid solar solutions, strong growth visibility, and alignment with India’s renewable energy expansion, we recommend 'subscribe' for long-term' rating," it added.