IPOs in November 2025: Listing Gains, GMP & Subscription
Monthly round-up
By IPO GMP Status desk · Updated 28 November 2025 · How we compile these figures
22 IPOs listed in November 2025 — 12 mainboard and 10 SME. The average listing gain was +10.3%, and 13 of 22 listed above their issue price. The best listing was Workmates Core2Cloud at +90.0%. The grey market's estimate was met or beaten in 13 of 22.
IPOs listed in November 2025
| IPO | Type | Listed | Issue price | Listing price | Listing gain | Subscribed | GMP estimate |
|---|---|---|---|---|---|---|---|
| Jayesh | SME | 3 Nov | ₹122 | ₹120 | −1.6% | 65.59x | ₹131 ✗ |
| Game Changers Texfab | SME | 4 Nov | ₹102 | ₹104.15 | +2.1% | 1.17x | ₹102 ✓ |
| Safecure | SME | 6 Nov | ₹102 | ₹81.6 | −20.0% | 1.81x | ₹102 ✗ |
| Orkla India | Mainboard | 6 Nov | ₹730 | ₹750.1 | +2.8% | 48.74x | ₹796 ✗ |
| Studds Accessories | Mainboard | 7 Nov | ₹585 | ₹565 | −3.4% | 73.25x | ₹630 ✗ |
| Lenskart Solutions | Mainboard | 10 Nov | ₹402 | ₹395 | −1.7% | 28.27x | ₹412 ✗ |
| Billionbrains Garage Ventures | Mainboard | 12 Nov | ₹100 | ₹112 | +12.0% | 17.60x | ₹104 ✓ |
| Shreeji Global FMCG | SME | 12 Nov | ₹125 | ₹100 | −20.0% | 3.27x | ₹125 ✗ |
| Finbud Financial | SME | 13 Nov | ₹142 | ₹157 | +10.6% | 4.43x | ₹153 ✓ |
| Shining Tools | SME | 14 Nov | ₹114 | ₹104 | −8.8% | 1.15x | ₹114 ✗ |
| Curis Lifesciences | SME | 14 Nov | ₹128 | ₹146.1 | +14.1% | 74.39x | ₹137 ✓ |
| Pine Labs | Mainboard | 14 Nov | ₹221 | ₹242 | +9.5% | 2.48x | ₹226 ✓ |
| PhysicsWallah | Mainboard | 18 Nov | ₹109 | ₹145 | +33.0% | 1.92x | ₹123 ✓ |
| Emmvee Photovoltaic | Mainboard | 18 Nov | ₹217 | ₹217 | +0.0% | 0.18x | ₹217 ✓ |
| Workmates Core2Cloud | SME | 18 Nov | ₹204 | ₹387.6 | +90.0% | 141.38x | ₹292 ✓ |
| Mahamaya Lifesciences | SME | 18 Nov | ₹114 | ₹116 | +1.8% | 1.63x | ₹114 ✓ |
| Tenneco Clean Air | Mainboard | 19 Nov | ₹397 | ₹505 | +27.2% | 61.79x | ₹500 ✓ |
| Fujiyama Power Systems | Mainboard | 20 Nov | ₹228 | ₹220 | −3.5% | 2.21x | ₹228 ✗ |
| Capillary Technologies | Mainboard | 21 Nov | ₹577 | ₹571.9 | −0.9% | 52.98x | ₹630 ✗ |
| Gallard Steel | SME | 26 Nov | ₹150 | ₹223.1 | +48.7% | 375.54x | ₹207 ✓ |
| Excelsoft Technologies | Mainboard | 26 Nov | ₹120 | ₹135 | +12.5% | 45.46x | ₹127 ✓ |
| Sudeep Pharma | Mainboard | 28 Nov | ₹593 | ₹730 | +23.1% | 93.71x | ₹714 ✓ |
✓ the listing price met or beat the grey market's estimate; ✗ it fell short.
← October 2025 · December 2025 →
Every listing since the tracker began is on the IPO performance page. GMP is an unofficial estimate, not a promise; see the disclaimer.