Lenskart, PhysicsWallah, and Groww: GMP trends suggest up to 22% listing gains for 9 IPOs next week

The IPO frenzy continues to grip Dalal Street as three of India’s most talked-about new-age companies -- Lenskart, PhysicsWallah, and Groww -- prepare for listing. Grey market trends suggest that next week’s listings could deliver returns ranging from 4% to as high as 22%, depending on investor sentiment and market momentum.

Here’s a look at the week’s key IPOs and what the grey market is indicating:

Automotive systems supplier Tenneco Clean Air India leads the pack with a robust Rs 87 GMP, implying a 22% premium over its issue price of Rs 397.

The edtech unicorn PhysicsWallah, India’s first profitable online learning startup to go public, is commanding a modest Rs 5 premium over its issue price of Rs 109. The Rs 3,480 crore IPO opens on November 11 and will list on November 18.

Solar panel manufacturer Emmvee Photovoltaic Power is seeing healthy grey market traction, trading at a Rs 20 premium or roughly 9% above its issue price of Rs 217. The company aims to raise Rs 2,900 crore, with proceeds earmarked for capacity expansion and working capital.

Retail investing platform Groww, which recently closed its Rs 6,632 crore IPO, has a GMP of Rs 5, implying a 5% listing gain over the issue price of Rs 100. Despite high valuations, strong institutional demand (17.6x subscription) reflects investor confidence in the company’s long-term fintech play.

Eyewear retailer Lenskart, whose Rs 7,278 crore IPO was subscribed 28 times, is trading at a GMP of Rs 17, translating to an expected 4% listing gain. The IPO had seen heavy institutional demand, but valuation concerns have kept expectations muted.

Among the SME pack, Curis Lifesciences is showing the best momentum with a Rs 7.5 premium (6% upside), while Shining Tools is trading at Rs 7 (6%). Others like Mahamaya Lifesciences and Workmates Core2Cloud currently show no major grey market activity, reflecting selective investor interest.