Over the last few months, I’ve noticed something interesting whenever I chat with people who follow the stock market. Everyone, whether a beginner or someone with years of trading behind them, gets genuinely excited when a new IPO pops up. It’s like the entire market gets a mini festival—new companies, new stories, new price bands, and of course the favorite question… “Will it give listing gains?”
The truth is that not all IPOs turn into instant hits. But some of them really do carry strong business stories that can grow over time. So, I sat down to go through the upcoming IPOs in India their business models, revenues, GMP whispers, and what they might mean for different kinds of investors. And instead of writing something formal or textbook-style, I thought it’s better to write this as I normally would—like we’re just talking over a cup of tea.
🌞 Fujiyama Power Systems – The Solar Push That India Is Betting On
Let me start with Fujiyama because the renewable energy space has been buzzing everywhere. Fujiyama makes solar modules and related equipment—nothing glamorous on the surface, but very practical. With India pushing hard for rooftop solar and large-scale clean energy, companies like this naturally get more attention.
The business seems to be growing steadily. Their orders have picked up because of the rise in residential installations and government schemes. I couldn’t find every tiny detail on their revenue growth rate yet, but the tone from their filings and industry updates shows they’ve been expanding capacity and trying to scale up aggressively.
IPO Details:
Market Cap ~ ₹6,986 cr
Revenue~ ₹1,540 Cr
Growth rate (3Y CAGR) ~ 52.32%
Sector ~ Power Generation/Distribution
Price range ~ ₹216 – ₹228
IPO Type ~ Regular
Lot Size ~ 65 Shares
Issue Size ~ ₹828 Cr
Minimum Investment~ ₹14,040
Full Timeline
Bid start ~13 November 2025
Bid end ~17 November 2025
Allotment finalisation ~18 November 2025
Release of funds ~19 November 2025
Demat transfer ~19 November 2025
Listing ~20 November 2025
GMP (Grey Market Premium) hasn’t been very strong for Fujiyama. But honestly, GMP doesn’t decide the long-term story. Renewable energy companies behave like marathon runners, not sprinters. What matters is whether they can handle cost pressures, maintain margins, and keep getting steady orders.
As a long-term theme, clean energy is definitely not fading anytime soon.
💻 Capillary Technologies – A SaaS Story with an Indian Heart and Global Footprint
Capillary is one of those companies that most people don’t fully understand at first glance. It creates loyalty programs, CRM systems, analytics dashboards—basically all the backend tools that brands use to keep customers engaged. If you’ve ever received personalized offers from a retail brand or restaurant, companies like Capillary are usually the reason behind it.
What I like about Capillary is that it’s quietly global. They work with clients outside India too, and SaaS businesses can scale beautifully if they get the right clients.
IPO Details:
Revenue ~ ₹598.25 Cr
Growth rate (3Y CAGR) ~ 75.37%
Sector Power ~ IT-Software
Price range ~ ₹549 – ₹577
IPO Type ~ Regular
Lot Size~ 25 Shares
Issue Size~ ₹877 Cr
Minimum Investment ~ ₹13,725
Full Timeline:
Bid start ~14 November 2025
Bid end ~18 November 2025
Allotment finalisation ~19 November 2025
Release of funds ~20 November 2025
Demat transfer ~20November 2025
Listing ~21 November 2025
SaaS companies are usually valued higher, and that’s both a strength and a weakness. Investors who like tech and digital transformation themes might find this interesting.
GMP has been on the softer side, but again that’s typical for SaaS IPOs. Retail investors often prefer “simpler” sectors like manufacturing, finance, or FMCG. Tech IPOs attract a different kind of crowd—people who think long-term and believe in digital subscription models.
My personal take? If Capillary continues retaining its big clients and reduces churn, the long-term potential is solid.
🎓 Excelsoft Technologies – A Quiet Player in the New-Learning World
Excelsoft isn’t a flashy name yet, but it’s been working in e-learning and digital training for years. With education shifting into a blended style—some part offline, some online—the company sits in a space that still has plenty of room to grow.
They create digital learning platforms, assessment tools, content solutions and corporate training tech. A lot of their business comes from outside India and from corporate clients.
IPO Details:
Revenue ~ ₹233.2 Cr
Growth rate (3Y CAGR) ~ 9.35%
Sector Power ~ IT-Software
Price range ~ ₹114 – ₹120
IPO Type ~ Regular
Lot Size~ 125 Shares
Issue Size~ ₹500 Cr
Minimum Investment ~ ₹14,250
Full Timeline:
Bid start ~19 November 2025
Bid end ~21 November 2025
Allotment finalisation ~24 November 2025
Release of funds ~25 November 2025
Demat transfer ~25 November 2025
Listing ~26 November 2025
We don’t have GMP signals yet, and honestly, this IPO will probably attract the type of investor who thinks more about fundamentals than buzz.
To me, Excelsoft looks like a long-term steady player rather than a quick listing pop. Companies in the education and training tech space grow hand-in-hand with digital adoption, and that’s not slowing down anytime soon.
📌 What’s Happening Overall in the IPO Market?
If I step back and look at the broader picture, a few things are becoming clearer:
- Retail participation has grown a lot.
- SMEs are coming in like never before.
- Tech and SaaS companies are making a comeback in the IPO scene.
- Renewable and manufacturing companies continue to attract demand.
Most importantly, investors have become more aware. People aren’t applying blindly anymore. They actually check GMPs, read quick summaries, compare valuations, and discuss risks.
And that’s a good thing for a healthy market.
🧭 How I Think You Should Approach Upcoming IPOs (Not Advice, Just Thoughts)
For Listing Gains
If you’re someone who enjoys the thrill of listing day:
- Check QIB and NII subscription in the last few hours
- Keep an eye on GMP movement
- Avoid IPOs with very big size but low brand recall
- Look at competitive sectors—sometimes a hot sector gives the best pop
For Long Term
If you’re more of a “sit and watch the story unfold” type:
- Focus on companies with long-term themes (clean energy, SaaS, learning tech)
- Read the financial summary carefully
- Don’t fear low GMP if the business is strong
- Look at debt levels, promoter holding, and margins
- Think like a business owner
Personally, I always feel IPO investing becomes better when you treat it like investing in someone’s dream, not just a short-term lottery.
🏁 A Small Closing Thought
The IPO market never stays quiet for long in India. Every year new names join the list, and some of them grow into giants. Today’s mid-size company could be tomorrow’s market leader. The key is to understand each business slowly and calmly, without rushing.
If you’re planning to apply for any of the upcoming IPOs, just remember: it’s your money, your decision, and your comfort level. Do what makes sense to you, not what the crowd is shouting.
And like always — research properly, stay patient, and enjoy the process. IPOs are exciting, but they’re even better when you understand the story behind them.
Further reading 👇
Stock Market 101 — Beginner’s Course by kartalks. Lesson 4.
Indian Markets Weekly View (17–21 Nov 2025)
Q2 FY26 Results: BSE, Baj fn, EICHER, NH, GLENMARK
“HRITIK Stocks Q2 Key Results ; Insights”
Disclaimer:
This article is for information only and not investment advice. IPO data may change. Please read the official RHP/DRHP and consult a SEBI-registered advisor before investing. kartalks is not liable for losses.