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In the upcoming week, nine IPOs are scheduled to list (including the three names above) and data from the grey market premium (GMP) suggests possible listing gains of 4% up to 22% depending on the issue.
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For example:
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Tenneco Clean Air India Ltd. (auto-systems supplier) is showing a GMP of ₹ 87, implying ~22% premium over its issue price of ₹ 397.
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PhysicsWallah is showing a GMP of ₹ 5, implying about 5% premium.
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Lenskart Solutions is showing a GMP of ₹ 17, implying ~4% listing gain.
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So you are looking at quite divergent potential gains — from modest (~4-5%) to more aggressive (up to ~22%) depending on company, sector, market sentiment.
The Key Companies in Focus
Lenskart Solutions Ltd
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The IPO: Price band ₹ 382–402, lot size 37 shares.
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Subscription: As of 4 Nov 2025, the issue was subscribed ~28.26 times overall.
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GMP Signals: The GMP currently shows ~₹ 17 premium over IPO price, implying ~4% listing gain.
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What this implies: Although strong demand and brand recognition (eyewear, omnichannel retail) exist, the relatively low GMP implies caution, likely due to higher valuation and possible risk perceptions.
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Considerations for you: If you believe in the longer-term growth of retail/consumer brands in India and are comfortable with valuation risk, this might appeal. If you’re looking primarily for listing-day quick gains, note the modest upside implied.
PhysicsWallah Ltd
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Sector: Edtech.
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GMP: ~₹ 5 premium over issue price of ₹ 109, implying ~5% listing gain.
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Outlook: Smaller potential immediate gain compared to more aggressive stories. If you believe in the underlying edtech business model and intend to hold longer term, this could be of interest. But for an assured listing pop, the margin is thinner.
Billionbrains Garage Ventures Ltd (Groww)
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Sector: Fintech / retail investing platform.
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GMP: ~₹ 5 premium over price band ₹ 100, implying ~5% listing gain.
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Strengths: Strong institutional interest, scalable digital model, structural tailwind (more retail/investor participation) as noted by analysts.
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Risks: Valuation is high; market volatility (especially fintech) may affect initial performance.
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For you: If you are comfortable with fintech risk and believe in long-term growth rather than immediate listing gains, this may be attractive.
What does the GMP signal and what to watch
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GMP (Grey Market Premium): An unofficial indicator of how much above the IPO issue price the shares are trading in the unlisted/grey market. Higher GMP often implies stronger anticipated listing gain, though not guaranteed.
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However: Grey market is unregulated, speculative and prone to quick reversals. It is a sentiment indicator, not a guarantee of listing performance.
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What to watch:
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Subscription levels: If very high, indicates strong demand (though this doesn’t guarantee large gains).
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Valuation vs earnings/growth: For example Lenskart’s valuation was flagged by analysts as high.
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Sector risks: For fintech (Groww) regulatory/market risks; for consumer/retail (Lenskart) competition, margins; for ed-tech (PhysicsWallah) cost structure and scalability.
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Market environment: If broader equity mood is strong (good for IPOs) vs weak.
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Listing date & pricing band: Entry price matters; if IPO price is at upper band, upside is less.
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Implications for you as an investor
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Short-term gains mindset: If you’re aiming for listing-day profits, then focus on those IPOs where GMP is higher (say closer to ~15-20%) — but be aware of risk of GMP drop or listing underperformance.
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Long-term investment mindset: If you believe in the company for the longer term (3-5 yrs+), don’t let listing pop alone drive decision. Evaluate business, competitive edge, valuations.
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Risk management: IPOs—especially new-age ones—carry higher risk (uncertain earnings, high valuations, limited listed history).
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Expect realistic gains: The 4-5% implied gains (as for Lenskart, Groww currently) are modest by IPO standards; don’t assume every IPO will deliver 20-30% listing jumps.
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Beware of chase/hype: Since IPOs are hot topic, there may be emotional FOMO (fear of missing out). Use facts, not just sentiment.
Summary & What to Decide
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The market is showing good interest in these IPOs — especially new-age, consumer, fintech models — as seen via GMP data (4%-22% potential listing gains).
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But rewards vary widely: some issues show modest potential, others higher — much depends on business type, valuation, market mood.
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For you: ask yourself why you’re investing in the IPO. If for a quick listing gain, select IPOs with higher GMP, good business story, clean financials. If for long term, ensure you like the business fundamentals and are comfortable holding beyond listing.
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Ultimately, GMP is a helpful signal but one of many. Use it along with due diligence. The smarter move is to remain selective and disciplined rather than chase every hyped issue.
Conclusion
As the IPO wave surges into next week, the grey market premium (GMP) signals are flashing caution and opportunity in equal measure. On one hand, several of the nine upcoming issues — led by new-age names like Lenskart, PhysicsWallah and Groww — are showing potential listing gains of up to around 22 % based on current GMP levels.
On the other hand, the breadth of that premium range (as low as ~4 % for some) underscores that not all IPOs are created equal, and investor sentiment, pricing, business fundamentals and timing will be decisive.
For you as an investor, that means two key take-aways:
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Don’t look at GMP alone: While GMP gives a clue about listing day enthusiasm, it is not a guarantee of listing gain, let alone long-term performance. As many analysts highlight, high valuations and weak profit visibility could limit upside.
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Use the event smartly: If you’re participating in these IPOs, treat them as short-term listing-gain plays rather than textbook long-term holds (unless you truly buy the business). Check subscription levels, business quality, financials and valuation. Also prepare for risk: if market sentiment cools, some issues with lower GMP may struggle.
In short, this upcoming IPO cluster is a moment of selective opportunity — the possibility of a decent listing pop is real, but it comes with a caveat. Being selective, disciplined, and aware of the mechanics (GMP, pricing, fundamentals) puts you in a stronger position than the majority of participants who chase IPOs with emotion.
Your best move: narrow your focus to those IPOs where you understand the business, where GMP is backed by strong fundamentals (not hype alone), and where the risk-reward feels balanced. Apply that lens now, and you’ll be better placed to ride the listing wave rather than be swept by it.
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