PhysicsWallah IPO Vs Emmvee Photovoltaic IPO; Full Comparison of GMP, Price Band,Listing Dates & All Details

Two major IPOs, EdTech giant PhysicsWallah IPO and solar cell manufacturer Emmvee Photovoltaic IPO, will open for subscription tomorrow, i.e., November 11th. Both public issues will remain open until November 13th and will list on the BSE and NSE on November 18, 2025, after allotment finalisation on November 14. Investors from all domains are showing high curiosity over both IPOs, as they come from two very different and high-growth sectors.

Emmvee Photovoltaic IPO: Price Band, Issue Size, and Key Details

From the renewable energy sector, the Emmvee Photovoltaic IPO is a book-built issue worth Rs. 2,900 crore, comprising a fresh issue of Rs. 2,143.86 crore and an offer for sale (OFS) worth Rs. 756.14 crore. The Emmvee Photovoltaic IPO price band has been fixed between Rs. 206 and Rs. 217 per share, with a lot size of 69 shares per application.

The company operates in the solar energy and photovoltaic manufacturing sector, and proceeds from the IPO will be used for capacity expansion, debt repayment, and working capital. The Emmvee Photovoltaic IPO has already gained traction among investors eyeing the renewable and green energy space, which continues to be a top-performing sector in 2025. JM Financial Ltd is acting as the book-running lead manager, while KFin Technologies Ltd is the registrar for the issue.

PhysicsWallah IPO: Edtech Unicorn Goes Public

The PhysicsWallah IPO is another headline-grabbing issue, as the edtech unicorn backed by popular educator Alakh Pandey is going public for the first time. The total PhysicsWallah IPO size is Rs. 3,480 crore, consisting of a fresh issue worth Rs. 3,100 crore and an OFS worth Rs. 380 crore. The PhysicsWallah IPO price band has been fixed between Rs. 103 and Rs. 109 per share, with a lot size of 137 shares per application.
The company plans to utilise the funds raised for scaling up its digital learning ecosystem and expanding offline learning centres.

GMP Comparison: PhysicsWallah vs Emmvee Photovoltaic IPO

According to data sourced from the InvestorGain website, both IPOs are seeing moderate activity in the grey market ahead of the subscription opening. As of November 10th, the PhysicsWallah IPO GMP stands at Rs. 4, indicating an expected listing price of Rs. 113 with an estimated listing gain of 3.67%.

On the other hand, the Emmvee Photovoltaic IPO GMP is trending higher at Rs. 20, suggesting an estimated listing price of Rs. 237, which represents an expected gain of 9.22% per share.

Market Sentiment and Investor Outlook

Both the PhysicsWallah IPO and the Emmvee Photovoltaic IPO are generating strong investor interest ahead of their opening on November 11, 2025. However, analysts and brokerages have issued mixed views on the two issues.

According to Capital Market's IPO review note, the PhysicsWallah IPO has been assigned an "Avoid" rating, citing higher risk due to sustained losses and uncertain profitability in the near term. The report, however, mentioned that "active risk-seeking investors can consider the IPO selectively", given the company's strong brand recognition and user growth in India's booming edtech sector.

The brokerage highlighted that PhysicsWallah had 4.46 million paid users in FY2025, marking a CAGR of 59.2% between FY2023 and FY2025. In the three months ended June 30, 2025, the company reported 2.43 million paid users, supported by its ability to convert an engaged digital community into paying customers. Despite this rapid expansion, the report cautioned that PhysicsWallah has incurred net losses in the past three financial years as well as in the June 2025 quarter, adding that sustained losses or cash flow challenges could impact its financial stability going forward.

On the other hand, the Emmvee Photovoltaic IPO received a "Subscribe" rating from Swastika Investmart Limited. The report mentioned, "Revenue jumped from ₹644 Cr (FY23) to Rs. 2,335 Cr (FY25), driven by rising solar demand. At P/E 34.9x, pricing looks fair to slightly expensive versus peers like Websol and Saatvik. Given its consistent growth, improving margins, and strong industry tailwinds from India's solar expansion, Emmvee has good long-term potential. This company appears to be a compelling opportunity in the renewable energy sector, making it suitable for medium- to long-term investment.

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