Upcoming IPOs in November: Groww, boAt, Lenskart, Physicswallah, ICICI Prudential, Pine Labs in Focus

India’s IPO market is gearing up for a heavy-hit period in November, with marquee names across fintech, consumer tech, education, asset management and payments lining up for public listings. The total pipeline is estimated at nearly ₹40,000 crore across October–November for Upcoming IPO.

While dates, valuations and lot sizes remain tentative, the renewed IPO wave signals confidence returning to capital markets after several quiet months. Investors are watching closely. Is this the start of a sustained listing boom or a flush of deals trying to capitalise on recent sentiment?

Groww: Fintech Giant Sets Sights On ₹7,000 Crore IPO

• IPO size and structure: Groww IPO has filed the new updated draft papers of a ₹7000 crore. Out of this, fresh capital of ₹1060 crore is in sight, of which a large part (around ₹5000-6000 crore) will be through offer for sales (OFS) by existing investors.

• Valuation & dilution: Groww is aiming at a valuation of $7-8 billion (around ₹58,000-₹64,000 crore), and is expected to have 10-15% equity dilution.

• Scale of business: Groww recorded a revenue of ₹4,056 crore and a net profit of ₹1,819 crore in FY25, approximately three times the net profit it had recorded last year.

• User metrics: Groww has increased its share of active clients in NSE from 15.1% to 26.26%, and it is now among the largest brokerage platforms in India.

Important watchpoints: Override of ordinary share reduction, anchoring, price/value distortion and best practices linked with peer discount brokerage.

boAt: Deepening The Consumer Tech IPO Trail

• Projected size: The boAt IPO will have a size of approximately 2000 crore (tentative).

• Business model and scale: boAt is a top consumer technology and audio brand in India, which is recognised in the TWS, audio gadgets, smart wearables, and lifestyle accessories.

• What to examine: Margin sustainability, competition of international brands, premium of brand and inventory cycles.

Important watchpoints: In case of boAt, success in the listing process might be highly pegged on the excitement of retail investors and brand awareness.

Lenskart: ₹8,000 Crore IPO For The Omnichannel Eyewear Leader

• Issue estimate: Lenskart IPO is planning an ₹8,000 crore IPO in early November.

• Growth objective: The funds are anticipated to support expansion into Tier-2 / Tier-3 cities, strengthen its offline footprint, and scale manufacturing.

• Backing & valuation signals: The company is backed by Temasek, KKR and other marquee investors. Analysts view this as one of 2025’s bigger retail-tech IPOs.

Important watchpoints: Proportional fresh issue vs OFS, valuation multiple vs consumer peers, and execution of omnichannel plans.

Physicswallah: EdTech On The Launchpad

• Tentative size: Physicswallah is planning an ₹3,280 crore has been flagged among IPO hopefuls in the wave, though public filings or draft papers have not yet been disclosed in full detail.

• Sector dynamics: The edtech sector has had mixed fortunes in recent years, and investors will keenly evaluate retention metrics, unit economics and competition.

• Watch metrics: monetisation per user, churn/retention, content cost scalability, and regulatory risks (education rules) will matter deeply.

Important watchpoints: As an edtech entrant, Physicswallah IPO could test investor appetite for sector risk in 2025.

ICICI Prudential AMC: Mutual Fund Space Goes Public

• Expected issue size: The ICICI Prudential AMC IPO is tentatively pegged at ₹10,000 crore, led by the listing of a stake by UK-based Prudential.

• Business attributes: ICICI Prudential is among the largest asset management houses in India; its listing will bring the ETF/mutual fund business into public view.

• Key criteria: trailing fee income growth, margin trends, AUM growth metrics vs peers, and investor perception of recurring income stability.

Important watchpoints: This is a rare opportunity for investors to get exposure to the core funds business via the public markets.

Pine Labs: Fintech Payments Firm Joins IPO Roster

• Regulatory approval: SEBI has approved Pine Labs IPO.

• Expected Issue Size: The IPO size is expected to be approximately ₹5,800 crore

• Issue intent & scale: Pine Labs is planning a listing, possibly raising ~$304 million (₹2,600+ crore) via fresh issue and OFS.

• Business model: Pine Labs supports merchant payments, POS infrastructure, omni-commerce, loyalty, and related services.

• Watch signals: Margin in core payments, credit risk exposures, scaling overseas, valuation vs global fintechs.

Important watchpoints: Pine Labs bridges fintech & B2B commerce; success in this IPO could anchor fintech investor sentiment.

What Investors Should Monitor Closely

• Mix and dilution of offer: Fresh issue vs OFS balance, an excess of OFS can be a sign of exit instead of raising funds.

• Anchor allotments and institutional demand: Anchor investors usually establish the tone of retail performance through the performance of strong bookbuilding.

• Valuation multiples: How aggressively these IPOs will be priced against peer tech, consumer, fintech and funds businesses.

• Subscription behaviour & listing performance: The trends of subscribing include QIB / HNI / retail and immediate listing premium/discount.

• Policy environment: Macro, interest rate, and regulatory developments (technological, education, payment) can severely affect the post-IPO results.

Conclusion

The November IPO calendar, which has Groww, boAt, Lenskart, Physicswallah, ICICI Prudential AMC and Pine Labs, indicates a new spurt of IPOs in the market. Other acquisition deals seek to acquire growth (fintech, consumer, payments), those that put established businesses (funds, education) into new markets. The question now emerges: which of these names will generate long-term sustainable value after listing, and who may succumb to the value squeeze or execution pressure?

References

Economic Times
mint
The Economic Times
Groww
Groww
The Economic Times
The Economic Times
NewsBytes
NewsBytes
Reuters
Reuters