IPO Season Arrives in November: ₹76,000 Crore Public Issues to Hit Indian Markets — ICICI, Groww, Physics Wallah Among Big Names

The month of November 2025 is set to bring a festival of opportunities for Indian stock market investors. With several high-profile companies preparing to launch their Initial Public Offerings (IPOs), the market is expected to see public issues worth an estimated ₹76,000 crore.

Industry giants like ICICI Prudential AMC, Groww, Fine Labs, and Physics Wallah headline the list, with many more mid-cap and renewable energy firms joining the action. This wave of IPOs comes at a time when investor sentiment is strong — with both Sensex and Nifty rising over 5% in October — making the timing ideal for companies seeking robust subscriptions and strong listing gains.

💼 ICICI Prudential AMC – ₹10,000 Crore IPO

India’s largest mutual fund company, ICICI Prudential AMC, is reportedly readying a ₹10,000 crore IPO this November. The firm is jointly owned by ICICI Bank (51%) and Prudential PLC (49%), and serves over 1.46 crore customers nationwide.

With a return on equity exceeding 80%, analysts believe this IPO will be one of the biggest events in India’s financial sector this year, potentially reshaping the country’s asset management landscape.

💸 Groww – ₹6,600 Crore IPO

Fintech unicorn Groww is planning to raise between ₹6,000 crore and ₹8,300 crore, valuing the company at $7–9 billion. With over 50 million registered users and a net profit of ₹1,819 crore in FY25, the Bengaluru-based platform continues to dominate the retail investment market.

The IPO is expected to draw massive interest from retail and institutional investors alike, given Groww’s profitability and expanding customer base.

💳 Fine Labs – ₹6,667 Crore IPO

Fine Labs, a major digital payment solutions provider, is preparing for a ₹6,667 crore IPO. Apart from fresh equity issuance, existing investors including Peak XV Partners, Temasek, and Mastercard are expected to participate through an Offer for Sale (OFS).

Adding to the excitement, Indian electronics brand boAt — known for its strong presence in the consumer audio market — is also set to launch its IPO this November. Having already secured SEBI approval in September, boAt plans to issue new shares worth ₹1,200 crore alongside a partial OFS. The company currently holds a 33% market share in audio products and 15% in the smartwatch segment.

🎓 Physics Wallah – ₹35,000–₹40,000 Crore Mega IPO

The biggest headline grabber this season could be Physics Wallah (PW), the edtech company that revolutionized affordable online learning in India. Reports suggest PW is planning a massive ₹35,000–₹40,000 crore IPO this November.

The platform has over 6.4 crore app downloads and operates offline learning centers in 100+ cities. The company reported ₹2,886 crore in revenue last year, and its listing is expected to be one of the most significant in India’s tech and education sector history.

🌱 Renewable Energy and Mid-Cap Offerings

The IPO rush will also include two renewable energy firms expected to raise up to ₹8,200 crore collectively. Additionally, a number of mid-cap companies — including Park Medi World, Nephroplus, Innovaview India, Vida Clinical Research, and Casagrand Premier Builders Ltd. — are lining up to enter the market, adding diversity to November’s IPO lineup.

📈 A Bullish Start to the Festive Quarter

With strong liquidity, rising investor optimism, and favorable market conditions, the November IPO rush could make this one of the most active periods in India’s capital markets in recent years. Analysts believe that if these issues perform well, they may set the tone for a record-breaking financial year ahead.