Complete List of IPOs in November 2025 – Mainboard & SME IPO Details and More

November 2025 has officially wrapped up, and so has one of the busiest months for IPO news. Investors closely tracked every listing, subscription update, and grey market trend while searching for which IPO is best to apply to.

From SME listings to major public issues, the month was packed with action across upcoming IPOs in India in November 2025.

If you followed India IPO news for November 2025, you would have noticed a strong interest in mainboard IPOs, fuelled by market sentiment and strong financials.

This final wrap-up also covers the IPO calendar for November 2025, summarising everything investors monitored under IPO news.

We have mentioned the complete exhaustive table, so that you do not miss any November 2025 IPO highlights. If you are interested in the December 2025 IPO list, then you can check our updated article here.

List of Upcoming Mainboard IPOs in November 2025

The following table shows the mainboard IPOs launched in November 2025. Please note that we will update this table as and when we have additional information:

Key Statistics of Top Mainboard IPOs in November 2025

Let us see the key statistics of the top mainboard IPOs of November 2025, which can help you make an informed choice if you are planning to invest in IPOs.

Sudeep Pharma Ltd. IPO

The Sudeep Pharma IPO is a ₹895 crore book-built issue, comprising a fresh issue of ₹95 crore (0.16 crore shares) and an offer for sale of ₹800 crore (1.35 crore shares). The IPO will open on November 21, 2025, and close on November 25, 2025, with the allotment expected on November 26, 2025. The shares are proposed to list on the BSE and NSE on November 28, 2025. 

The Sudeep Pharma IPO price band is set at ₹563–₹593 per share, and the minimum lot size is 25 shares, requiring a retail investment of ₹14,825 at the upper price band. For non-institutional investors, the sNII category requires 14 lots (350 shares) totaling ₹2,07,550, while bNII applicants must apply for 68 lots (1,700 shares) amounting to ₹10,08,100. ICICI Securities Ltd. is acting as the Book Running Lead Manager, and MUFG Intime India Pvt. Ltd. is the registrar for the IPO.

Excelsoft Technologies Ltd. IPO

Excelsoft Technologies IPO is a book-built issue worth ₹500 crore, comprising a fresh issue of 1.50 crore shares aggregating to ₹180 crore and an offer for sale (OFS) of 2.67 crore shares aggregating to ₹320 crore. The IPO will open for subscription on November 19, 2025, and close on November 21, 2025, with the allotment expected on November 24, 2025. The company’s shares are proposed to list on NSE and BSE on November 26, 2025. 

The Excelsoft Technologies IPO price band is fixed between ₹114 and ₹120 per share, and the lot size is 125 shares. A retail investor can apply with a minimum investment of ₹15,000 (125 shares at the upper price band). The sNII category requires a minimum investment of ₹2,10,000 (14 lots or 1,750 shares), while bNII investors must apply for at least ₹10,05,000 (67 lots or 8,375 shares). Anand Rathi Advisors Ltd. is the book-running lead manager for the issue, and MUFG Intime India Pvt. Ltd. is the registrar.

Fujiyama Power Systems Ltd. IPO

Fujiyama Power Systems IPO is a book-built issue worth ₹828 crore, comprising a fresh issue of 2.63 crore shares aggregating to ₹600 crore and an offer for sale (OFS) of 1.00 crore shares aggregating to ₹228 crore. The IPO will open for subscription on November 13, 2025, and close on November 17, 2025, with the allotment expected on November 18, 2025. The shares are proposed to list on NSE and BSE on November 20, 2025. The Fujiyama Power Systems IPO price band is fixed between ₹216 and ₹228 per share, and the lot size is 65 shares. 

For retail investors, the minimum investment required is ₹14,820 (65 shares at the upper price band). The sNII category requires a minimum investment of ₹2,07,480 (14 lots or 910 shares), while bNII investors need to invest at least ₹10,07,760 (68 lots or 4,420 shares). Motilal Oswal Investment Advisors Ltd. is the book-running lead manager to the issue, and MUFG Intime India Pvt. Ltd. is the registrar.

Tenneco Clean Air India Ltd. IPO

The Tenneco Clean Air IPO is a book-built issue worth ₹3,600 crore, consisting entirely of an offer for sale (OFS). This means that all the proceeds from the IPO will go to the existing shareholders selling their stakes, and the company will not receive any fresh capital. The IPO opens for subscription on November 12, 2025, and closes on November 14, 2025. The basis of allotment is expected to be finalized on November 17, 2025, and the shares are likely to be listed on the NSE and BSE on November 19, 2025.

The price band for the Tenneco Clean Air IPO will be announced soon. JM Financial Ltd. is the book-running lead manager for this issue, while MUFG Intime India Pvt. Ltd. will act as the registrar.

PhysicsWallah Ltd. IPO

The PhysicsWallah IPO is a book-built issue worth ₹3,480 crore, consisting of a fresh issue of 28.44 crore shares aggregating to ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares amounting to ₹380 crore. The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The allotment date is expected on November 14, 2025, while the shares are likely to be listed on NSE and BSE on November 18, 2025.

The price band for the PhysicsWallah IPO is set between ₹103 and ₹109 per share. The lot size is 137 shares, meaning retail investors need to invest at least ₹14,933 at the upper price band. For non-institutional investors (sNII), the minimum application size is 14 lots (1,918 shares) worth ₹2,09,062, and for big non-institutional investors (bNII), it is 67 lots (9,179 shares) worth ₹10,00,511. Kotak Mahindra Capital Co. Ltd. is the book running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the PhysicsWallah IPO.

Emmvee Photovoltaic Power Ltd. IPO

The Emmvee Photovoltaic IPO is a book-built issue worth ₹2,900 crore, comprising a fresh issue of 9.88 crore shares aggregating to ₹2,143.86 crore and an offer for sale (OFS) of 3.48 crore shares amounting to ₹756.14 crore. The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The allotment is expected to be finalised on November 14, 2025, and the shares are likely to list on NSE and BSE on November 18, 2025.

The price band for the Emmvee Photovoltaic IPO is fixed between ₹206 and ₹217 per share. The lot size is 69 shares, meaning a minimum retail investment of ₹14,973 at the upper price band. For sNII investors, the minimum application size is 14 lots (966 shares) worth ₹2,09,622, while bNII investors can apply for 67 lots (4,623 shares) valued at ₹10,03,191. JM Financial Ltd. is the book-running lead manager, and Kfin Technologies Ltd. is the registrar of the Emmvee Photovoltaic IPO.

Pine Labs Ltd. IPO

Pine Labs IPO is a book-built public issue of ₹3,899.91 crore, comprising a fresh issue of ₹2,080 crore (9.41 crore shares) and an offer for sale of ₹1,819.91 crore (8.23 crore shares). The IPO will open for subscription on November 7, 2025 and close on November 11, 2025, with the allotment expected on November 12, 2025. The shares are scheduled to list on NSE and BSE on November 14, 2025. 

The Pine Labs IPO price band is set between ₹210 and ₹221 per share, and the lot size is 67 shares, requiring a minimum retail investment of ₹14,807 (based on the upper price band). For non-institutional investors, sNII can apply for 14 lots (938 shares) amounting to ₹2,07,298, while bNII can apply for 68 lots (4,556 shares) totalling ₹10,06,876. Axis Capital Ltd is the book-running lead manager, and Kfin Technologies Ltd is the registrar for the issue.

Billionbrains Garage Ventures Ltd. IPO (Groww IPO)

The Groww IPO is valued at ₹6,632.30 crore. Out of this, ₹1,060 crore will come from a fresh issue of 10.60 crore new shares, while ₹5,572.30 crore will be raised through the sale of 55.72 crore existing shares by current shareholders. 

The IPO will open on November 4, 2025, and close on November 7, 2025. The allotment is expected on November 10, 2025, and the shares are likely to list on the NSE and BSE on November 12, 2025. The price band for the IPO is ₹95 to ₹100 per share. Investors can apply in a minimum lot of 150 shares, which means retail investors need to invest at least ₹15,000 at the upper price. For sNII investors, the minimum investment is 14 lots or 2,100 shares (₹2,10,000), and for bNII investors, it is 67 lots or 10,050 shares (₹10,05,000).

List of Upcoming SME IPOs in November 2025

The following table shows the SME IPOs launched in November 2025. Please note that we will update this table as and when we have additional information:

Key Statistics of Top SME IPOs in November 2025

Let us see the key statistics of the top SME IPOs of November 2025, which can help you make an informed choice if you are planning to invest in IPOs.

Ravelcare Ltd. IPO

The Ravelcare IPO is a ₹24.10 crore book-built issue, entirely comprising a fresh issue of 0.19 crore shares. The IPO will open for subscription on December 1, 2025, and close on December 3, 2025, with the allotment expected to be finalized on December 4, 2025. The company’s shares are proposed to list on the BSE SME platform on December 8, 2025.

The Ravelcare IPO price band has been set at ₹123 to ₹130 per share, and the lot size is 1,000 shares. Retail investors must apply for a minimum of 2 lots (2,000 shares), requiring an investment of ₹2,60,000 at the upper price band, while HNI investors are required to subscribe to at least 3 lots (3,000 shares), amounting to ₹3,90,000. Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. is the Book Running Lead Manager, Kfin Technologies Ltd. is the registrar for the issue, and SS Corporate Securities Ltd. is the Market Maker.
 

K K Silk Mills Ltd. IPO

The K K Silk Mills IPO is a ₹28.50 crore book-built issue, consisting entirely of a fresh issue of 0.75 crore shares. The IPO will open for subscription on November 26, 2025, and close on November 28, 2025, with the allotment expected on December 1, 2025. The company’s shares are proposed to list on the BSE SME platform on December 3, 2025.

The K K Silk Mills IPO price band has been set at ₹36 to ₹38 per share, and the lot size is 3,000 shares. Retail applicants are required to apply for a minimum of 2 lots (6,000 shares), amounting to an investment of ₹2,28,000 at the upper price band, while HNI investors must apply for at least 3 lots (9,000 shares), requiring an investment of ₹3,42,000.

Mother Nutri Foods Ltd. IPO

The Mother Nutri Foods IPO is a ₹39.59 crore book-built issue, consisting of a fresh issue of ₹31.67 crore (0.27 crore shares) and an offer for sale of ₹7.92 crore (0.07 crore shares). The IPO will open for subscription on November 26, 2025, and close on November 28, 2025, while the allotment is expected to be finalized on December 1, 2025. The shares are proposed to list on the BSE SME platform with a tentative listing date of December 3, 2025.

The Mother Nutri Foods IPO price band is fixed at ₹111 to ₹117 per share, and the lot size is 1,200 shares. Retail investors must apply for a minimum of 2 lots (2,400 shares), requiring an investment of ₹2,80,800 at the upper price band, while HNI investors are required to subscribe to at least 3 lots (3,600 shares), amounting to ₹4,21,200. Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. is the Book Running Lead Manager of the issue, and Bigshare Services Pvt. Ltd. is the registrar.

SSMD Agrotech India Ltd. IPO

The SSMD Agrotech India IPO is a ₹33.80 crore book-built issue, entirely comprising a fresh issue of 0.28 crore shares. The IPO will open for subscription on November 24, 2025, and close on November 26, 2025, with the allotment expected on November 27, 2025. The company’s shares are proposed to list on the BSE SME platform on December 1, 2025.

The SSMD Agrotech India IPO price band has been set at ₹114 to ₹120 per share, and the lot size is 1,000 shares. Retail investors must apply for a minimum of 2 lots (2,000 shares), requiring an investment of ₹2,40,000 at the upper price band, while HNI investors need to apply for at least 3 lots (3,000 shares), amounting to ₹3,60,000. 3Dimension Capital Services Ltd. is the Book Running Lead Manager, Bigshare Services Pvt. Ltd. is the registrar, and Nikunj Stock Brokers Ltd. is the Market Maker for this SME IPO.

Gallard Steel Ltd. IPO

Gallard Steel IPO is a book-built issue worth ₹37.50 crore, consisting entirely of a fresh issue of 0.25 crore shares. The IPO will open for subscription on November 19, 2025, and close on November 21, 2025, with the allotment expected on November 24, 2025. The company’s shares are proposed to list on the BSE SME platform on November 26, 2025. The Gallard Steel IPO price band is fixed between ₹142 and ₹150 per share, and the lot size is 1,000 shares. A retail investor can apply with a minimum investment of ₹3,00,000 (2,000 shares at the upper band), while HNI investors must apply for a minimum of 3 lots (3,000 shares) amounting to ₹4,50,000. Seren Capital Pvt. Ltd. is the book-running lead manager to the issue, Ankit Consultancy Pvt. Ltd. is the registrar, and Asnani Stock Broker Pvt. Ltd. will act as the market maker.

Workmates Core2Cloud Solution Ltd. IPO

Workmates Core2Cloud IPO is a book-built issue worth ₹69.84 crore, comprising a fresh issue of 0.29 crore shares aggregating to ₹59.34 crore and an offer for sale (OFS) of 0.05 crore shares aggregating to ₹10.50 crore. The IPO will open for subscription on November 11, 2025, and close on November 13, 2025, with the allotment expected on November 14, 2025. The shares are proposed to list on the BSE SME platform on November 18, 2025. The Workmates Core2Cloud IPO price band is set between ₹200 and ₹204 per share, and the lot size is 600 shares. A retail investor must invest a minimum of ₹2,44,800 (1,200 shares at the upper band), while HNI investors are required to apply for a minimum of 3 lots (1,800 shares) amounting to ₹3,67,200. Horizon Management Pvt. Ltd. is the book-running lead manager to the issue, MUFG Intime India Pvt. Ltd. is the registrar, and Giriraj Stock Broking Pvt. Ltd. will act as the market maker.

Mahamaya Lifesciences Ltd. IPO

Mahamaya Lifesciences IPO is a book-built issue worth ₹70.44 crore, consisting of a fresh issue of 0.56 crore shares totalling ₹64.28 crore and an offer for sale (OFS) of 0.05 crore shares totalling ₹6.16 crore. The IPO will open for subscription on November 11, 2025 and close on November 13, 2025, with the allotment expected on November 14, 2025. The shares are proposed to list on the BSE SME platform on November 18, 2025. The IPO price band is fixed at ₹108 – ₹114 per share, and the lot size is 1,200 shares. Retail investors are required to make a minimum investment of ₹2,73,600 (2,400 shares at the upper band), while HNI investors must apply for a minimum of 3 lots (3,600 shares) worth ₹4,10,400. Oneview Corporate Advisors Pvt. Ltd. is the book-running lead manager to the issue, Kfin Technologies Ltd. is the registrar, and Mansi Share & Stock Broking Pvt. Ltd. will act as the market maker.

Shining Tools Ltd. IPO

Shining Tools IPO is a fixed-price issue of ₹17.10 crore, consisting entirely of a fresh issue of 0.15 crore shares. The IPO will open for subscription on November 7, 2025, and close on November 11, 2025, with the allotment expected on November 12, 2025. The company’s shares are proposed to list on the BSE SME platform on November 14, 2025. The IPO price is ₹114 per share, and the lot size is 1,200 shares. Retail investors must invest a minimum of ₹2,73,600 (2,400 shares), while HNI investors need to apply for at least 3 lots (3,600 shares), amounting to ₹4,10,400. Sobhagya Capital Options Pvt. Ltd. is the book-running lead manager to the issue, Maashitla Securities Pvt. Ltd. is the registrar, and Aftertrade Broking Pvt. Ltd. has been appointed as the market maker.

Shreeji Global FMCG Ltd. IPO

The Shreeji Global FMCG Ltd IPO is valued at ₹85 crore, and the entire amount will be raised through a fresh issue of 0.68 crore new shares. The IPO will open on November 4, 2025, and close on November 7, 2025. The allotment is expected on November 10, 2025, and the company plans to list on the NSE SME platform on November 12, 2025. The price band for the issue is ₹120 to ₹125 per share. Investors can apply with a minimum lot size of 1,000 shares, which means retail investors need to invest at least ₹2,50,000 (for 2,000 shares at the upper price). For HNI investors, the minimum investment is 3 lots or 3,000 shares, amounting to ₹3,75,000. Interactive Financial Services Ltd is the lead manager for the issue, MUFG Intime India Pvt Ltd is the registrar, and the market makers are Svcm Securities Pvt Ltd and B.N. Rathi Securities Ltd.

Finbud Financial Services Ltd. IPO

The Finbud Financial IPO is worth ₹71.68 crore, and the full amount will be raised through a fresh issue of 0.50 crore new shares. The IPO opens on November 6, 2025, and closes on November 10, 2025. The allotment is expected on November 11, 2025, and the company is likely to list on the NSE SME platform on November 13, 2025. The price band is set between ₹140 and ₹142 per share. Investors need to apply for a minimum lot of 1,000 shares, meaning retail investors must invest at least ₹2,84,000 (for 2,000 shares at the upper price). For HNI investors, the minimum investment is 3 lots or 3,000 shares, which amounts to ₹4,26,000. SKI Capital Services Ltd is the lead manager, Skyline Financial Services Pvt Ltd is the registrar, and SKI Capital Services Ltd will also act as the market maker.

Curis Lifesciences Ltd. IPO

The Curis Lifesciences IPO is valued at ₹27.52 crore, and the entire amount will be raised through a fresh issue of 0.22 crore new shares. The IPO will open on November 7, 2025, and close on November 11, 2025. The allotment is expected to be finalised on November 12, 2025, and the shares are likely to list on the NSE SME platform on November 14, 2025. The price band is set between ₹120 and ₹128 per share. Investors must apply for a minimum lot of 1,000 shares, meaning retail investors need to invest at least ₹2,56,000 (for 2,000 shares at the upper range). For HNI investors, the minimum investment is 3 lots or 3,000 shares, amounting to ₹3,84,000. Finaax Capital Advisors Private Limited is the lead manager, MUFG Intime India Pvt Ltd is

Previous Month IPOs

If you also want to check how October 2025 IPOs performed, we have a dedicated article, List of IPO's in October 2025, where you can find details about their open and close dates, listing dates, lot sizes, issue prices, and more.

Frequently Asked Questions

Where can I check the IPO calendar for November 2025?

You can find the IPO calendar November 2025 on unlistedkraft, which lists all the upcoming IPOs in India November 2025 with bidding and listing dates.

What are the upcoming IPOs in November 2025 in India?

Several companies are lined up in the upcoming IPOs India November 2025 list. The November 2025 IPO calendar includes both SME IPOs and mainboard IPOs.

Which IPOs are opening this week in November 2025?

Investors can check the IPO this week November 2025 schedule to know which issues are live. The IPO November 2025 this week IPO calendar highlights ongoing and upcoming subscriptions.

How do I track IPOs scheduled for early November 2025?

The IPO scheduled for early November 2025 details are available in the official upcoming IPO November 2025 calendar, updated regularly with issue dates.

What IPOs are coming next week in November 2025?

The IPO next week November 2025 calendar shows which issues are opening soon. It’s updated to include allotment, subscription, and listing timelines.

Where can I find a complete list of upcoming IPOs in India for November 2025?

The upcoming IPOs India November 2025 list is available at the top. However, you can also find them on market portals and SEBI filings. This IPO calendar November 2025 upcoming IPOs guide helps investors plan subscriptions.

How often is the November 2025 IPO calendar updated?

The November 2025 IPO calendar is updated daily or weekly, especially to reflect this week’s IPOs november 2025 and any changes in opening or closing dates.

Are SME IPOs also included in the November 2025 IPO calendar?

Yes, the IPO November 2025 week IPO calendar includes both SME and mainboard issues, giving investors multiple options.

How can I apply for upcoming IPOs in November 2025?

To apply for upcoming IPOs November 2025 in India, investors can use ASBA via their bank account or UPI through stockbroking apps.

Where can I get the latest news on IPOs?

You can stay updated with the latest IPO developments on UnlistedKraft Latest News, which provides regular and updated news on IPOs and unlisted shares.

*Disclaimer: 

The data and values mentioned have been compiled from various online and other reliable sources. While we strive for accuracy, errors may still occur. We do not take responsibility for any inaccuracies or omissions. Readers are advised to independently verify the information before making any financial or business decision. We shall not be held liable for any losses, damages, or consequences arising from decisions made based on the information provided.

Author: Diwakar Singh

 

Diwakar Kumar Singh is a certified SEO content writer and finance specialist with 7+ years of experience in the BFSI industry. He has written 1,000+ finance articles, published books across seven countries and authored research papers.

In 2018, he was awarded a Gold Medal in Marketing and Finance from IMT Hyderabad. He combines analytical strength with clear communication. Diwakar simplifies complex financial concepts, decodes unlisted shares, analyses IPOs, ratios and company profiles and delivers evidence-backed insights that help investors make informed decisions. communication.

 

Beyond finance, Diwakar is a dedicated fitness enthusiast and the founder of TheFitnessJournal. He also holds a nutrition certification from ISSA, USA, and writes about health, nutrition and science-backed wellness in a simple and approachable style. His ability to excel in two demanding fields makes him a versatile creator committed to clarity, accuracy and meaningful impact.