Overview

• In November 2025, major listings such as Lenskart, Groww, and Pine Labs are expected to drive strong activity in the Indian IPO market.

• Investor focus is on valuations, profitability, and long-term growth potential of these upcoming IPOs.

• The stock market sentiment remains optimistic, reflecting renewed confidence in India’s digital and consumer sectors.

The Indian stock market in November 2025 is making headway with several high-profile initial public offerings (IPOs). These IPOs span sectors such as consumer retail, fintech, and digital platforms. This article provides a detailed overview of the top upcoming IPOs in November 2025, with dates, valuation context, and key business features.

Lenskart Solutions

Lenskart Solutions, a company that specializes in eyewear and optical retail, has launched a major IPO. The offering opens on October 31 and closes on November 4, 2025, and is slated to list on November 10. The price band has been set at Rs. 382 to Rs. 402 per share, and the total issue size is about Rs. 7,278 crore. Approximately Rs. 2,150 crore will be invested in fresh equity, while about Rs. 5,128 crore will come from an offer-for-sale by existing shareholders.

Lenskart commands a leadership position in India’s organised eyewear market. Over recent years, it has grown both its online business and store footprint, and is moving toward profitability. One brokerage cited that its margin improved from about 7% in FY23 to around 14.7% in FY25. The company sees significant room for expansion, as the eyewear market in India is fragmented and unexplored.

However, many analysts view the valuation as stretched. At the upper price band, the company’s valuation approaches Rs. 69,700 crore (approximately $8 billion), which implies high expectations for future earnings and growth. Investors will closely watch how the company converts growth into sustained profitability and how its store and online operations scale profitably. Additionally, listing gains may be limited if the valuation does not leave enough margin for upside.

Groww (Billionbrains Garage Ventures)

Another major IPO in November is Groww, the online investment and stock-brokerage platform. The company’s issue opens on November 4 and closes on November 7, 2025. The price band has been fixed at Rs. 95 to Rs. 100 per share. At the higher end of the band, the valuation is expected to be around Rs. 61,700 crore (approximately $7 billion).

Groww’s business capitalizes on India’s retail investors shifting into equities, mutual funds, gold, and other digital asset classes. As the company files its updated prospectus, one sees a fresh issue component of around Rs. 1,060 crore, while existing investors plan to offload substantial stakes via an offer-for-sale. 

For investors, key points to consider will include the platform’s growth in active users, monetization beyond trading (such as advisory services, lending, and subscriptions), and regulatory clarity for stock-broker business models in India.

Certain risks revolve around regulation, competitive pressures, and unit economics: as more users join zero-fee models, the pressure on margins may rise. Additionally, whether the company scales profitably or simply remains growth-oriented will be critical.

Also Read: Top IPOs That Delivered the Highest Listing Gains in 2025

Pine Labs

The payments and merchant-services fintech firm Pine Labs is set to open its IPO on November 7 and close on November 11, 2025. The price band has been set at Rs. 210 to Rs. 221 per share, and the issue size is around Rs. 3,900 crore. At the upper end of the band, the valuation works out to approximately Rs. 25,300 crore.

Pine Labs operates a large merchant network, facilitating point-of-sale (POS) transactions, digital payments, buy-now-pay-later (BNPL) services, and associated loyalty/gift-card services. For instance, the number of merchants served increased from approximately 251,000 in FY22 to nearly 530,000 in FY23 and 644,500 in FY24; as of December 2024, it claimed to have about 915,731 merchants.

What stands out in its IPO is the trimming of the issue size compared with earlier plans, suggesting the company and its bankers are sensitive to market conditions and willing to adjust supply. Investors will focus on how Pine Labs transitions from hardware-centric POS services toward higher-margin digital and value-added services, as well as how it maintains growth in an increasingly competitive environment with new entrants.

Why These IPOs Matter

These three companies reflect major themes in India’s capital markets and economy. First, they span consumer services/retail (Lenskart), fintech (Groww), and payments infrastructure (Pine Labs), each area benefiting from strong structural tailwinds in India: rising disposable incomes, digital adoption, financial inclusion, and offline-to-online transition.

Second, the size of the issues is substantial, and they will test investor appetite for growth companies in a market where valuation discipline and post-listing performance are under sharper focus. For example, Lenskart’s IPO, which has a valuation of $8 billion, signals investor readiness to back scale-up brands, but also invokes caution about near-term returns.

Third, regulatory and competitive risks are crucial factors for consideration. Regulation of brokerage business models can change economics for Groww. For Pine Labs, competition from banks, fintech players, and UPI-driven solutions could compress margins. For Lenskart, scaling profitably while maintaining brand and distribution growth will matter.

Also Read: When to Sell a Stock: How Long Should You Hold for Maximum Profits?

Broader Context and Market Sentiment

Recent trends in the Indian IPO market indicate a resurgence in new issues after a lull. The fact that these large-scale issues are being launched suggests confidence among issuers and bankers in current valuations and demand. At the same time, grey-market premiums (GMPs) for some IPOs are rising, signaling speculative demand but also raising expectations for listing-day performance.

In the case of Lenskart, for example, grey-market premiums showed notable levels before issue close, implying that secondary-market expectations are elevated. However, elevated expectations increase the risk of muted performance if the listing or early trading disappoints.

Investor sentiment thus sits at the intersection of enthusiasm for growth platforms and caution about over-pricing and execution risk. As each of these companies prepares for listing, the focus will shift to allotment, listing day performance, and then medium-term post-listing execution.

Final Thoughts

November 2025 is expected to provide a rich calendar of major IPOs in India, spanning various sectors and business models. For potential investors (or anyone following the market), key questions will revolve around how each company uses its fresh issue proceeds to drive growth, whether valuations leave enough upside, how competitive and regulatory pressures will impact margins and development, and how post-listing performance evolves in the broader market context.

While the above companies offer exposure to prominent themes and sectors, a prudent assessment of risks such as valuation stretch, execution complexity, and market volatility is essential. The success of these IPOs will be as much about what comes after listing as about the listing itself.

FAQs

1. What are the most anticipated Upcoming IPOs in November 2025?
Some of the most anticipated Upcoming IPOs in November 2025 include Lenskart, Groww, and Pine Labs, which are expected to draw significant interest in the Indian IPO Market.

2. Why is November 2025 important for the Stock Market?
November 2025 is important because several high-growth companies are entering the market, which may boost liquidity, investor participation, and overall Stock Market sentiment.

3. How can investors apply for these Upcoming IPOs?
Applications for IPOs can be submitted through online trading platforms, bank ASBA (Application Supported by Blocked Amount) services, or stockbrokers registered with NSE and BSE.

4. Are all Upcoming IPOs in November 2025 suitable for investment?
Not all IPOs suit every investor; factors such as company financials, valuation, risk profile, and market conditions should be reviewed before making any decision.

5. What sectors dominate the Upcoming IPOs in November 2025?
The Indian IPO Market is seeing strong participation from consumer brands, fintech platforms, and digital service companies, making these sectors key contributors to this IPO season.