November 29, 2025 – November 2025 delivered a mixed bag for India’s IPO market, with eight mainboard and SME offerings testing investor appetite amid shifting market sentiment. While some debuts rewarded early investors with double-digit listing gains, others stumbled out of the gate, offering cautionary tales about overvaluation and timing. Here’s your comprehensive breakdown of winners, losers, and lessons learned from this month’s public offerings.
Table of Contents
The Winners: November 2025 IPOs That Delivered Listing Day Gains
Tenneco Clean Air India: The Month’s Top Performer
Opening subscriptions from November 12-14 with a price band of ₹378-397, Tenneco Clean Air India emerged as November’s standout performer with a robust 23% listing day gain on November 19. The automotive components manufacturer’s strong debut reflected solid investor confidence in the clean air technology sector and the company’s established market position.
Capillary Technologies: Tech Comeback Story
The enterprise SaaS player opened its ₹549-577 price band issue from November 14-18, delivering a respectable 5% gain upon listing on November 21. For a tech company listing in a market that’s been skeptical of new-age startups post-Paytm, this positive debut signals renewed appetite for profitable, enterprise-focused technology businesses.
Game Changers Texfab: SME Sector Shines
This SME IPO, priced at ₹96-102 and open from October 28-30, listed on November 4 with a 7% gain, demonstrating that smaller offerings with reasonable valuations continue finding favor with retail investors seeking accessible entry points.
| November 2025 IPO Performance Snapshot | |
|---|---|
| Total IPOs Listed | 8 (Mainboard & SME) |
| Biggest Winner | Tenneco Clean Air India (+23%) |
| Biggest Loser | Fujiyama Power Systems (-8%) |
| Average Listing Gain | ~3.1% (mixed performance) |
| Most Subscribed | Sudeep Pharma (subscription data pending) |
| Largest Issue Size | Sudeep Pharma (₹895 crore) |
The Losers: IPOs That Disappointed Investors
Fujiyama Power Systems: November’s Biggest Dud
Despite opening with a price band of ₹216-228 from November 13-17, Fujiyama Power Systems (trading as UTLSOLAR) debuted with an 8% loss on November 20—the month’s worst performer. The solar power systems company’s weak listing raises questions about sector headwinds and potentially aggressive pricing that failed to account for market conditions.
MTR Foods (Orkla India): Brand Name Wasn’t Enough
The iconic food brand opened its ₹695-730 issue from October 29-31 but listed on November 6 with a 2% loss, proving that household recognition doesn’t automatically translate to stock market success. Valuation concerns and questions about growth prospects in a competitive FMCG landscape likely dampened enthusiasm.
Excelsoft Technologies: Tech Sector Struggles Continue
Opening November 19-21 with a ₹114-120 price band, Excelsoft Technologies listed flat or marginally negative on November 26. The ₹500 crore issue—comprising ₹180 crore fresh issuance and ₹320 crore OFS by promoter Pedanta Technologies—highlighted investor caution toward tech IPOs without strong post-listing momentum indicators.
The Jury’s Still Out: Recent Listings
Sudeep Pharma: November’s Mega Issue
The month’s largest IPO at ₹895 crore (₹95 crore fresh issue + ₹800 crore OFS) opened November 21-25 with a ₹563-593 price band. Listed on November 28, early performance indicators will determine whether this pharmaceutical play justifies its valuation in a crowded healthcare sector.
Gallard Steel & SSMD Agrotech: SME Entries
Gallard Steel (₹142-150, November 19-21) and SSMD Agrotech India (₹114-120, November 25-27) represent the smaller end of November’s offerings. Listed on November 26 and December 2 respectively, these SME plays cater to investors seeking exposure to manufacturing and agro-food sectors at lower ticket sizes.
What November’s Performance Tells Us
1. Sectoral Performance Varies Wildly
Automotive components (Tenneco) outperformed while solar power (Fujiyama) underperformed, suggesting sector rotation rather than broad-based IPO enthusiasm. Investors are being selective, favoring established business models over emerging sectors facing policy or execution uncertainties.
2. Valuation Discipline Matters More Than Ever
The 8% loss on Fujiyama and flat listing of Excelsoft demonstrate that aggressive pricing without corresponding fundamentals gets punished immediately. With India’s benchmark indices experiencing volatility, investors aren’t willing to pay premiums for hope alone.
3. SME IPOs Show Resilience
Game Changers Texfab’s 7% gain suggests the SME segment continues attracting retail investors willing to bet on smaller, potentially high-growth stories. The lower minimum investment threshold (now ₹2,00,000 for 2 lots) makes these accessible to a broader investor base.
4. OFS-Heavy IPOs Face Skepticism
Both Sudeep Pharma and Excelsoft featured substantial OFS components (₹800 crore and ₹320 crore respectively), with promoters cashing out. Investors increasingly view large OFS portions as red flags—if promoters aren’t confident enough to hold, why should new investors buy?
Looking Ahead: December 2025 and Beyond
November’s mixed performance sets the stage for what industry watchers are calling “one of the most thrilling months for IPO investors”—December 2025. With several anticipated listings including potential blockbusters, the market’s appetite for new paper will be tested thoroughly.
For investors evaluating upcoming IPOs, November’s lessons are clear: focus on reasonable valuations, scrutinize promoter selling behavior, assess sectoral tailwinds, and remember that brand recognition doesn’t guarantee listing gains. In a market where Hyundai Motor India (India’s largest IPO at ₹27,858.75 crore) listed at a 7.16% discount despite massive scale, nothing is guaranteed.
The primary market remains a high-risk, high-reward arena. November 2025 proved once again that doing homework pays—and that sometimes, the best IPO decision is staying on the sidelines.
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Disclaimer: This content is for informational purposes only and should not be considered investment advice. IPO investments carry significant risks. Consult a financial advisor before making investment decisions.
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