PhysicsWallah And Emmvee Photovoltaic Shares To List At Discount? Check Grey Market Price
Based on recent data from late 2025 in the Indian market, several IPOs (Lenskart, Tata Capital, Studds) have listed at a discount (below their issue price), even though they were highly subscribed.
The initial public offerings (IPOs) of PhysicsWallah Ltd. and Emmvee Photovoltaic Power Ltd. concluded their subscriptions on Thursday, November 13. Both IPOs, which had seen muted investor response going into the third and final day of subscription, saw comparatively reasonable interest on Thursday.
The IPO of PhysicsWallah was fully subscribed, with an overall subscription of 1.81 times, whereas the mainboard offer of Emmvee Photovoltaic Power was subscribed 0.97 times.
According to BSE data, investors bid for 75,044,538 shares against the 77,427,183 on offer for the Emmvee Photovoltaic Power IPO. On the other hand, investors bid for 336,227,044 shares against the 186,204,143 shares on offer for the PhysicsWallah IPO.
Amid the lacklustre interest, the grey market premium for the mainboard offerings of the PhysicsWallah IPO and the Emmvee Photovoltaic Power IPO continued to show a declining trend, indicating high chances of a muted listing, if not a discounted listing, when the shares debut on the market next week
Physics Wallah IPO GMP Today
The grey market premium (GMP) for the PhysicsWallah IPO stood at Rs 0 as of 10:30 a.m. on November 14, indicating a flat listing for the shares of the ed-tech company.
About PhysicsWallah IPO
The PhysicsWallah IPO is a book-built issue worth Rs 3,480 crore, comprising both fresh shares and an offer-for-sale (OFS) component. The fresh issue involves 28.44 crore shares, valued at Rs 3,100 crore, while the OFS segment includes 3.49 crore shares, amounting to Rs 380 crore.
The price band for the IPO was set at Rs 103 and Rs 109 per share. A single lot consists of 137 shares, requiring a minimum investment of Rs 14,933 by retail investors.
The IPO allotment status for PhysicsWallah is expected to be finalised on November 14. The company will process refunds and transfer shares to the Demat accounts on November 17.
Shares of PhysicsWallah are expected to be listed on the BSE and NSE on November 18.
PhysicsWallah is an edtech company that provides test-preparation courses for exams like JEE, NEET, and UPSC, along with upskilling programmes in data science, banking and finance, and software development.
Emmvee Photovoltaic Power IPO GMP Today
The grey market premium (GMP) for the Emmvee Photovoltaic IPO was Rs 0 as of 10:30 a.m. on November 14, indicating a flat listing for the shares of the solar PV module manufacturer.
About Emmvee Photovoltaic Power IPO
The Emmvee Photovoltaic IPO is a book-building issue worth Rs 2,900 crore. The IPO comprises a fresh issue of 9.88 crore shares, aggregating to Rs 2,143.86 crore, and an OFS component of 3.48 crore shares, worth Rs 756.14 crore.
The price band for the IPO was set at Rs 206 and Rs 217 per share. Each lot contains 69 shares, requiring a minimum investment of Rs 14,973 by retail investors.
Emmvee Photovoltaic Power is expected to finalise the share allotment status on November 14. Refunds and the credit of shares to Demat accounts will be initiated on November 17.
The company’s shares are expected to be listed on the BSE and NSE on November 18.
Founded in March 2007, Emmvee Photovoltaic Power Ltd. is an integrated manufacturer of solar PV modules and cells. The company operates four manufacturing units across two locations in Karnataka, totalling an area of 22.44 acres.
Note: GMP does not represent official data and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
