Upcoming IPOs Before Year-End 2025: Pine Labs, PhysicsWallah, Emmvee & More

Overview
Several IPOs are scheduled to launch before the end of 2025, spanning multiple sectors including fintech, healthcare, clean energy, and technology. The last two months of the year are expected to see robust IPO activity, giving investors plenty of opportunities to participate.

Offer Snapshot

• Pine Labs Ltd
  • Subscription: November 7–11, 2025
  • Price band: ₹210–₹221
  • Sector: Payments and fintech
• PhysicsWallah
  • Subscription: November 11–13, 2025
  • Price band: ₹103–₹109
  • Sector: Edtech and online education
• Emmvee Photovoltaic
  • Subscription: November 11–13, 2025
  • Price band: ₹206–₹217
  • Sector: Solar energy and clean tech
• Tenneco Clean Air
  • Subscription: November 12–14, 2025
  • Price band: ₹378–₹397
  • Sector: Pollution control and environment solutions
• Fujiyama Power Systems
  • Subscription: November 13–17, 2025
  • Price band: ₹216–₹228
  • Sector: Power and energy systems
• Capillary Technologies
  • Subscription: November 14–18, 2025
  • Price band: ₹549–₹577
  • Sector: SaaS and customer engagement platforms

Financials

• Most listed companies have demonstrated strong revenue growth and improving margins in their respective sectors.
• Investors are keen on technology-driven businesses, especially fintech and SaaS companies, as well as sustainability-focused firms like Emmvee and Tenneco.

Business Highlights

• Edtech company PhysicsWallah is among the largest in India’s digital education landscape with strong market adoption.
• Pine Labs is a leading player in merchant payment solutions with a pan-India presence.
• Emmvee Photovoltaic and Tenneco Clean Air address growing environmental awareness and government incentives for sustainability.
• Capillary Technologies offers AI-based customer engagement platforms with global clientele.

Use of Proceeds

• Companies plan to channel IPO proceeds towards technology upgrades, capacity expansion, market development, and general corporate purposes.
• Some IPOs aim to reduce debt or provide exit opportunities for early investors.

Risks

• Market volatility could impact subscription and listing performance.
• Sector-specific risks like regulatory changes and competition remain pertinent.

What to Watch Next

• Opening dates, pricing bands, and subscription progress across these IPOs.
• Post-listing price movement and investor sentiment.
• Corporate developments and industry trends shaping IPO success.

FAQs
Q1: Which IPOs are launching before year-end 2025?
Pine Labs, PhysicsWallah, Emmvee Photovoltaic, Tenneco Clean Air, Fujiyama Power Systems, Capillary Technologies, and others.

Q2: What sectors are represented?
Payments, Edtech, Clean Energy, Pollution Control, Power Systems, SaaS.

Q3: Are subscription dates confirmed?
Yes, all have confirmed IPO open and close dates within November 2025.

Q4: How will IPO funds be used?
For capex, technology scaling, market expansion, and debt reduction.

Q5: What are the key risks?
Market and sector regulatory risks, plus IPO pricing and market sentiment influences.