Mixed signals for next week’s IPO pack as auto and solar outshine ed-tech

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.