IPO Performance Tracker: How PhysicsWallah, Pine Labs, Groww and Other Recent Listings Are Performing

Mumbai | November 25

India’s primary market has remained unusually active through the final quarter of 2025, even as global markets have turned more selective. More than 25 mainboard IPOs have listed since early October, and the latest group of 15 public issues continues to trade with a broadly positive bias. Early data from 25 November shows that 11 of the 15 recent IPOs are above their issue price, while the remaining four have slipped into the red.

The performance pattern suggests that investors are rewarding large, brand-led, technology and consumer names, while showing caution towards smaller industrial and discretionary plays. This dispersion has become more apparent over the past fortnight as post-listing volumes stabilised and earnings updates began to filter through.

Digital-first and technology-driven IPOs still attract the strongest interest

Groww (Billionbrains Garage Ventures) has emerged as one of the standout performers of this IPO cycle. The stock is trading at ₹156.97, up 56.97% from its issue price of ₹100, supported by a steady rise in profitability and a 27% year-on-year increase in transacting users. Despite a decline in quarterly revenue, the platform’s expanding customer base has helped sustain interest after listing.

PhysicsWallah has also held its ground amid volatility. The stock now trades at ₹134.23, a 23.15% premium to its issue price. The company’s hybrid model and strong offline expansion have helped position it favourably within the edtech sector, which has seen renewed interest after a period of consolidation.

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Pine Labs, another technology-led platform, is quoting at ₹240.42, a 8.79% gain over its issuance price. Market participants note that the demand for digital payments and merchant-financing platforms has remained resilient despite a softening in consumption indicators.

Consumer-electronics and diversified research names remain firm

LG Electronics India continues to trade strongly after a sharp premium listing. The stock has climbed 43.08% to ₹1,631.10 against its issue price of ₹1,140. Although the company reported a drop in quarterly profit, its steady revenue base and entrenched presence in consumer durables appear to be supporting sustained buying interest.

Rubicon Research, another strong performer, trades at ₹661.70, 36.43% above its issue price. Increased visibility in niche pharmaceutical research and differentiated product development has helped the stock maintain momentum after listing.

Canara Robeco AMC, Canara HSBC Life Insurance, Midwest, Lenskart Solutions, Tenneco Clean Air India and Capillary Technologies are also trading comfortably above their offer prices, reflecting broader institutional allocation to consumer, financial and specialty-technology businesses.

Selective correction in consumption and industrial names

On the weaker side, Orkla India, which owns MTR and Eastern, is down 10.90% at ₹650.40, despite a modest premium on listing day. The stock has come under pressure amid a broader moderation in FMCG valuations and higher input-cost commentary across the sector.

Studds Accessories, which debuted with strong enthusiasm, now trades at ₹548, down 6.32% from its issue price. The decline mirrors softer discretionary spending indicators and concerns around inventory cycles in helmets and two-wheeler accessories.

Fujiyama Power Systems and Emmvee Photovoltaic Power have also edged below their issue prices, reflecting ongoing caution towards smaller-cap industrial and renewable-energy names, where visibility on long-term margins remains limited.

Full snapshot of the 15 latest IPOs

Among the newest IPOs, performance has been mixed but mostly positive. Here’s a clear, easy-to-read breakdown of where each stock stands today compared with its issue price:

• Groww (Billionbrains Garage Ventures): up from ₹100 to ₹156.97
• LG Electronics India: up from ₹1,140 to ₹1,631.10
• Rubicon Research: up from ₹485 to ₹661.70
• PhysicsWallah: up from ₹109 to ₹134.23
• Tenneco Clean Air India: up from ₹397 to ₹494.00
• Capillary Technologies: up from ₹577 to ₹718.35
• Midwest: up from ₹1,065 to ₹1,194.30
• Canara HSBC Life Insurance: up from ₹106 to ₹122.56
• Canara Robeco AMC: up from ₹266 to ₹301.20
• Lenskart Solutions: up from ₹402 to ₹415.85
• Pine Labs: up from ₹221 to ₹240.42
• Emmvee Photovoltaic Power: slightly lower from ₹217 to ₹215.20
• Fujiyama Power Systems: down from ₹228 to ₹220.56
• Studds Accessories: down from ₹585 to ₹548.00
• Orkla India: down from ₹730 to ₹650.40

Share price as on 12:30 pm, 25th November

A deeper IPO pipeline ahead

The performance of new listings comes as the next wave of public offers takes shape. Fractal Analytics, Amagi Media Labs and Sahajanand Medical Technologies have all received SEBI approval, adding momentum to the December pipeline. Investor attention is likely to remain elevated as these companies spanning AI, cloud media and medical devices; prepare to open subscriptions.

Buzzing: IPO Update: SEBI clears Amagi Media Labs and Sahajanand Medical Technologies; Fractal IPO also moves ahead

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