Mixed signals for next week’s IPO pack as auto and solar outshine ed-tech
CHENNAI: Indian markets are set for an active week with four IPOs lined up — Tenneco Clean Air, PhysicsWallah, Emmvee Photovoltaic Power and Fujiyama Power Systems. Together, they bring a mix of auto components, ed-tech and clean-energy offerings, giving investors a wide range of choices at a time when primary market sentiment remains selective.
Tenneco Clean Air’s Rs 3,600-crore issue is the biggest of the week and has attracted strong interest in the grey market, suggesting healthy listing gains. The entire issue is an offer for sale, so no new funds will flow into the company, but its established position as a supplier to major automakers keeps investor appetite firm despite client-concentration risks.
PhysicsWallah’s Rs 3,480-crore IPO has drawn far softer demand. The ed-tech firm carries a well-known brand, but its losses, high valuation and concerns around scaling the hybrid model have kept subscription numbers low. The grey-market premium is almost negligible, signalling limited expectations for listing-day gains.
Emmvee Photovoltaic Power’s nearly Rs 2,900-crore IPO is drawing attention from investors looking for exposure to India’s growing solar manufacturing sector. A large portion of the fresh issue will be used to repay debt, while the company continues with an ambitious capacity expansion plan. Although the grey-market sentiment is positive, the business remains capital-intensive and sensitive to global pricing cycles.
Fujiyama Power Systems, which caters to the rooftop solar market, is launching an Rs 828-crore issue aimed at building new facilities and strengthening its balance sheet. The company has shown strong revenue growth and has a broad distribution network, but early grey-market signals remain muted, suggesting cautious retail interest.
Overall, next week’s IPO calendar offers diversity but also highlights a more selective market mood. According to analysts, Tenneco appears best-placed for near-term listing gains, while Emmvee and Fujiyama may appeal to long-term investors looking at clean-energy themes. PhysicsWallah, despite its high visibility, faces the toughest road as investors weigh its growth story against current financial pressures, they say.