IPO Action This Week: Two Issues Open for Subscription, Seven Companies to List

Mumbai, November 17, 2025: This week, two fresh IPOs open for subscription, while seven companies prepare to debut on the stock exchange. Notable among the upcoming listings are PhysicsWallah and Emmvee Photovoltaic Power.

From 17 November, the two IPOs will be open for bidding until 21 November. One is listed on the main board, while the other is on the SME segment.

Excelsoft Technologies, a SaaS provider, plans to raise ₹500 crore, comprising a fresh issue of ₹180 crore and an offer for sale of ₹320 crore by the promoter. The price band is set at ₹114-₹120 per share.

Gallard Steel, an Indore-based engineering firm, aims to raise ₹37.5 crore through its SME IPO, offering 25 lakh shares at a price band of ₹142-₹150 per share.

Fujiyama Power Systems will close its ₹828 crore IPO on 17 November, having already recorded 40% subscription in the first two days. Capillary Technologies India is set to close its IPO on 18 November, with 28% subscription on the opening day.

Busy Week for Listings

PhysicsWallah was subscribed to 1.81 times and is set to list its shares on November 18, 2025. Emmvee Photovoltaic Power was subscribed 0.97 times, and the stock market listing is set on the same date.

Tenneco Clean Air India is set to debut on 19 November 2025, following a strong subscription of 58.83 times. Fujiyama Power Systems will list on 20 November, while Capillary Technologies India is scheduled for 21 November. In the SME segment, Workmates Core2Cloud Solution and Mahamaya Lifesciences will list their shares on 18 November 2025.

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