Dateline: Monday, November 17, 2025
India’s primary market enters a quieter stretch this week, but action isn’t absent. Only two fresh IPOs—Excelsoft Technologies (mainboard) and Gallard Steel (SME)—will open for subscription on Wednesday, November 19, while seven companies are slated to list between Tuesday and Friday, keeping traders focused on debut-day price discovery. 1
Quick highlights for today
- Two issues to open this week (Nov 19–21):
• Excelsoft Technologies (₹500 crore; price band ₹114–₹120) — mainboard.
• Gallard Steel (₹37.5 crore; price band ₹142–₹150) — BSE SME. 1 - Seven listings on the bourses this week:
Nov 18 (Tue): PhysicsWallah, Emmvee Photovoltaic Power
Nov 19 (Wed): Tenneco Clean Air India
Nov 20 (Thu): Fujiyama Power Systems
Nov 21 (Fri): Capillary Technologies India
SME (Nov 18): Workmates Core2Cloud Solution, Mahamaya Lifesciences. 1 - Tone of the week: After a busy run of mainboard and SME deals, the IPO pipeline narrows, with Excelsoft the marquee name. 2
What opens for subscription this week (Nov 19–21)
Excelsoft Technologies IPO (Mainboard)
- Issue size & structure: ₹500 crore, comprising a fresh issue of ₹180 crore and an offer for sale (OFS) of ₹320 crore by promoter Pedanta Technologies. Price band: ₹114–₹120. Lot size: 125 shares. 1
- Use of proceeds: Capital spend on a new Mysuru facility (about ₹62 crore), upgrades to the existing unit (about ₹39.5 crore), IT infrastructure (about ₹54.6 crore), and general corporate purposes. Proposed to list on BSE and NSE; Anand Rathi Advisors is the sole book-running lead manager. 2
- Business snapshot: A vertical SaaS player in learning and assessment serving clients across multiple geographies; reported FY25 revenue of ~₹233.3 crore and profit of ~₹34.7 crore. 2
Gallard Steel IPO (BSE SME)
- Issue window & size: Opens Nov 19, closes Nov 21; ₹37.5 crore (fresh issue only). Price band: ₹142–₹150. Retail minimum: 2,000 shares. Planned listing on the BSE SME platform. 3
- Use of proceeds: Expansion capex, construction of office building, partial debt repayment, and general corporate needs. 3
- What it makes: Engineered steel castings for sectors including Indian Railways, defence and power. 3
IPO listings to watch this week
- Tuesday, Nov 18:
PhysicsWallah (edtech) and Emmvee Photovoltaic Power (solar PV manufacturer) debut after subscription levels of 1.81× and 0.97×, respectively. 1 - Wednesday, Nov 19:
Tenneco Clean Air India lists after a blockbuster 58.83× subscription. 1 - Thursday, Nov 20:
Fujiyama Power Systems begins trading; its public issue closes today (Nov 17). 1 - Friday, Nov 21:
Capillary Technologies India lists a day after bidding closes (Nov 18). 1 - SME on Tuesday, Nov 18:
Workmates Core2Cloud Solution and Mahamaya Lifesciences list on BSE SME. 1
Grey market check (informal): Over the weekend, observers indicated the steepest premium in the unofficial market for Tenneco (25%+), with PhysicsWallah and Capillary in the mid‑single digits; Fujiyama and Emmvee had little to no premium. GMP is unregulated and highly volatile—treat purely as sentiment, not valuation. 1
Why this week is lighter—and what it means
Market chatter points to a “quiet IPO week” as issuers space out launches after a hectic run of mainboard and SME offerings. That leaves Excelsoft in the spotlight among fresh issues, with multiple recent IPOs still commanding attention via their listings. For investors and traders, price discovery shifts from bidding to debut-day action. 2
Key dates at a glance (Nov 17–21, 2025)
- Nov 17 (Mon): Fujiyama Power Systems bidding ends; Capillary Technologies India continues (ends Nov 18). 1
- Nov 18 (Tue): Listings—PhysicsWallah, Emmvee Photovoltaic Power; SME listings—Workmates Core2Cloud Solution, Mahamaya Lifesciences. 1
- Nov 19 (Wed): Excelsoft & Gallard Steel open; Tenneco Clean Air India lists. 1
- Nov 20 (Thu): Fujiyama Power Systems lists. 1
- Nov 21 (Fri): Excelsoft & Gallard Steel close; Capillary Technologies India lists. 1
What to watch before applying (general guidance)
- Price band & lot size: Excelsoft at ₹114–₹120 (lot: 125 shares); Gallard Steel at ₹142–₹150 (retail minimum: 2,000 shares). Check the RHP for final details and risk factors. 3
- Use of funds & governance: Excelsoft’s capex and IT investments are central to its plan; Gallard’s proceeds go to expansion and partial deleveraging. 2
- Listing-day dynamics: Seven debuts this week can absorb attention and liquidity—especially the high‑interest Tenneco, which saw strong demand during bidding. 1
The bottom line
For Monday, November 17, 2025, India’s IPO calendar features two subscriptions opening mid‑week and seven market debuts across mainboard and SME segments. Investors tracking the primary market will likely focus on Excelsoft’s fundamentals and pricing, while traders watch listing‑day moves in PhysicsWallah, Emmvee, Tenneco, Fujiyama, Capillary and the SME names. 1
This report is for information only and is not investment advice. Please read the Red Herring Prospectus (RHP), risk factors, and consult a qualified advisor before investing.
