India’s primary market is witnessing robust activity in November 2025, with a diverse lineup of seven initial public offerings spanning both mainboard and SME platforms. From Asia’s largest helmet manufacturer Studds Accessories to eyewear giant Lenskart Solutions, the month offers investors access to established brands alongside emerging small and medium enterprises across logistics, textiles, security services, and FMCG sectors.
November 2025 IPO Overview
The month features three mainboard listings—Studds Accessories, Lenskart Solutions, and Orkla India—alongside four SME offerings on BSE and NSE Emerge platforms. Subscription windows span from late October through early November, with listings scheduled between November 3 and November 12, 2025.
Complete IPO Calendar for November 2025
| Company | Issue Dates | Listing Date | Price Band | Platform |
|---|---|---|---|---|
| Jayesh Logistics | 27–29 Oct 2025 | 03 Nov 2025 | ₹116–₹122 | NSE SME |
| Game Changers Texfab | 28–30 Oct 2025 | 04 Nov 2025 | ₹96–₹102 | BSE SME |
| Safecure Services | 29–31 Oct 2025 | 06 Nov 2025 | ₹102 | BSE SME |
| Orkla India | 29–31 Oct 2025 | 06 Nov 2025 | ₹695–₹730 | Mainboard |
| Studds Accessories | 30 Oct–03 Nov 2025 | 07 Nov 2025 | ₹557–₹585 | Mainboard |
| Lenskart Solutions | 31 Oct–04 Nov 2025 | 10 Nov 2025 | ₹382–₹402 | Mainboard |
| Shreeji Global FMCG | 04–07 Nov 2025 | 12 Nov 2025 | ₹120–₹125 | NSE SME |
Mainboard IPO Spotlight
Studds Accessories Limited
Studds Accessories, the world’s largest two-wheeler helmet manufacturer by volume and Asia’s largest by revenue in fiscal 2024, is launching a ₹455 crore offer-for-sale IPO at ₹557–₹585 per share. Founded in 1975 and incorporated in 1983, the Faridabad-based company operates four state-of-the-art manufacturing facilities with an annual capacity of millions of helmets.
The company’s product portfolio extends beyond helmets to include two-wheeler luggage, gloves, riding jackets, rain suits, eyewear, and helmet security devices, marketed under the mass-market “Studds” brand and premium “SMK” label launched in 2016. With over 3,000 employees, Studds exports to more than 70 countries across the Americas, Europe, and Asia, manufacturing helmets for global brands including Daytona (US market) and O’Neal (Europe, US, Australia).
The company reported revenue from operations of ₹595.89 crore and profit after tax of ₹69.64 crore in FY25, demonstrating strong financial performance. Studds holds the distinction of operating India’s only helmet testing laboratory certified by the European Safety Agency, underscoring its commitment to quality and safety standards.
This 100% offer-for-sale issue means all proceeds flow to selling shareholders—promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora—with no fresh capital raised for the company. The minimum investment requirement is ₹14,625 for 25 shares at the upper price band, with listing scheduled for November 7, 2025, on both BSE and NSE.
Lenskart Solutions Limited
Lenskart Solutions is bringing one of 2025’s most anticipated IPOs to market with a massive ₹7,278 crore issue comprising ₹2,150 crore fresh issue and ₹5,128 crore offer-for-sale at ₹382–₹402 per share. Founded in 2008 by Peyush Bansal, Lenskart has transformed from an online-first eyewear retailer into India’s largest prescription eyeglasses seller by volume in FY25, operating 2,723 stores globally including 656 international locations.
The company’s integrated business model spans the entire eyewear value chain—from design and manufacturing at facilities in Bhiwadi (Rajasthan), Gurugram, Singapore, and the UAE, to retail through its omnichannel network. With over 100 million app downloads and a technology team of 532 members, Lenskart exemplifies a tech-enabled retail platform.
Lenskart’s financial turnaround story is remarkable: after posting losses of ₹64 crore in FY23 and ₹10 crore in FY24, the company achieved profitability with ₹297.3 crore profit in FY25, maintaining momentum with ₹61 crore profit in Q1 FY26. Revenue has grown at a 32.5% compound annual growth rate from FY23 to FY25, with international operations contributing approximately 40% of revenues.
The fresh issue proceeds will fund expansion of company-owned stores in India (₹272.62 crore), lease and rental payments for stores (₹591.44 crore), technology and cloud infrastructure investments (₹213.38 crore), and brand marketing initiatives (₹320.06 crore). The company launched 105 new collections in FY25, including celebrity collaborations, and offers next-day delivery in 40 Indian cities.
With a lot size of 37 shares, the minimum retail investment is ₹14,874 at the upper band. The IPO has attracted marquee investors including SoftBank, Kedaara Capital, retail investor Radhakishan Damani, Alpha Wave, and Schroders Capital. Allotment is scheduled for November 6 with listing on November 10, 2025, on BSE and NSE.
Orkla India Limited
Orkla India, the company behind iconic food brands MTR Foods, Eastern Condiments, and Rasoi Magic, is launching a ₹1,667.54 crore pure offer-for-sale at ₹695–₹730 per share. Incorporated in 1996 and backed by Norwegian conglomerate Orkla ASA, the company has become a leading multi-category Indian FMCG player offering over 400 products from breakfast to dinner, spanning instant mixes, ready-to-eat meals, masalas, snacks, beverages, and convenience foods.
Orkla India’s operations are impressive in scale: the company sells 2.3 million units daily across 28 states and 6 union territories through a network of 834 distributors and 1,888 sub-distributors. The company operates nine manufacturing facilities in India, complemented by contract manufacturing units in the UAE, Thailand, and Malaysia, enabling exports to 42 countries including the GCC, United States, and Canada.
Financial performance has been robust, with total income of ₹2,455 crore and net profit of ₹255.69 crore in FY25, representing 13% year-over-year growth from FY24. For the June 2025 quarter, revenue reached ₹597 crore with net profit of ₹78.92 crore. The company has particularly strong market presence in Karnataka, Kerala, Andhra Pradesh, and Telangana.
As a 100% offer-for-sale, all proceeds go to selling shareholders—Orkla Asia Pacific Pte. Ltd (the promoter selling shareholder), Navas Meeran, and Feroz Meeran. The grey market premium stood at 12.05% as of October 28, 2025, indicating strong investor interest. With a lot size of 20 shares, minimum investment is ₹14,600 at the upper band, with listing scheduled for November 6, 2025.
SME IPO Spotlight
Jayesh Logistics Limited
Jayesh Logistics, founded in May 2011, is raising ₹28.64 crore through a fresh issue of 23.47 lakh equity shares at ₹116–₹122 per share. The Kolkata-based company provides integrated logistics and supply chain management services, specializing in freight transport by road and rail, along with non-freight services including loading/unloading, truck hiring, and customs clearance.
The company has served over 200 clients across iron & steel, cement, construction, engineering, and heavy machinery industries. Jayesh Logistics operates an in-house fleet of 95 heavy material and cargo trucks of various capacities, complemented by partnerships with third-party operators during peak demand periods. The company has particularly strong presence in Eastern India and cross-border routes to Nepal, winning multiple EXIM India “Road Transport Operator of the Year – Nepal Cargo” awards.
Revenue grew 27% from ₹88.30 crore in FY24 to ₹112.03 crore in FY25, while profit after tax surged 128% from ₹3.16 crore to ₹7.20 crore. The company is developing “SMART-SYS,” an AI-based logistics software using blockchain and GPS for real-time tracking and route optimization.
IPO proceeds will fund purchase of side wall trailers (₹8.85 crore), working capital (₹11.24 crore), and phase 2 implementation of the Smart Logistics Application (₹0.72 crore). With a lot size of 1,000 shares, minimum retail investment is ₹2,44,000 for 2 lots. The issue opened October 27 and closes October 29, with listing on NSE SME (Emerge platform) scheduled for November 3, 2025.
Game Changers Texfab Limited
Game Changers Texfab is raising ₹54.84 crore through a fresh issue of 53.76 lakh equity shares at ₹96–₹102 per share. Founded in 2015 and led by promoters Sanjeev Goel and Ankur Aggarwal (with 40+ years combined experience in technology and textiles), the company specializes in sourcing and supplying premium fabrics and garments, particularly women’s wear and technical textiles including PVC-coated and outdoor fabrics for applications like awnings, furniture upholstery, tarpaulins, sports goods, and tents.
Operating an asset-light “Deemed Manufacturing” model, Game Changers Texfab maintains six deemed manufacturing units, over 10 sourcing offices, and two retail experience stores. The company’s online platform features more than 10,000 designs organized by fabric type, print, pattern, color, and occasion, supported by relationships with 500+ suppliers.
The company manages two brands: TradeUNO for premium fabrics and Fall in Love, launched in 2024, offering personalized ready-to-wear apparel. The company has strategic tie-ups with global suppliers in China for high-quality technical fabrics.
While revenue declined slightly from ₹100.58 crore in FY24 to ₹97.86 crore in FY23, profit after tax jumped 705% from ₹0.53 crore to ₹4.27 crore. IPO proceeds will support working capital requirements (₹25.50 crore), capital expenditure (₹15 crore), and general corporate purposes.
With a lot size of 1,200 shares and minimum application of 2 lots, retail investors need ₹2,44,800 at the upper band. The issue opened October 28 and closes October 30, with listing on BSE SME scheduled for November 4, 2025.
Safecure Services Limited
Safecure Services, established in 2012 and headquartered in Thane, is raising ₹30.60 crore through a fresh issue of 30 lakh equity shares at ₹102 per share. The company provides comprehensive security and facility management solutions including manned guarding, e-surveillance, ATM and event management, housekeeping, business support, and corporate interior fit-outs.
Operating across 12 districts in India through 12 offices with 1,849 employees as of August 31, 2025, Safecure serves clients across corporate, institutional, and public sectors. The company has demonstrated consistent growth, with revenue increasing 16% from ₹63.06 crore in FY24 to ₹73.10 crore in FY25, while net profit rose 8.26% from ₹5.69 crore to ₹6.04 crore.
The promoter, with over 11 years of domain expertise and professional certifications, has built a diverse service portfolio with advanced technology integration in surveillance and automation. Key financial metrics as of March 31, 2025, include return on equity of 28.86%, return on capital employed of 22.48%, and profit margin of 8.26%.
IPO proceeds will be allocated to working capital requirements (₹13 crore), debt repayment including subsidiary borrowings (₹8.25 crore), and general corporate purposes (₹4.50 crore). The grey market premium stood at 0% as of late October, indicating neutral investor sentiment.
With a lot size of 1,200 shares and minimum application of 2 lots, retail investors require ₹2,44,800. The issue opened October 29 and closes October 31, with listing on BSE SME scheduled for November 6, 2025.
Shreeji Global FMCG Limited
Shreeji Global FMCG, founded in 2018 and based in Rajkot, Gujarat, is raising ₹85 crore through a fresh issue of 68 lakh equity shares at ₹120–₹125 per share. The company manufactures and processes ground and whole spices, seeds, grains, pulses, and flour (atta) marketed under the proprietary “SHETHJI” brand and through white-label arrangements.
The company’s product portfolio includes cumin seeds (jeera), coriander seeds and powder, sesame seeds, groundnut, fennel seeds, turmeric powder, red chilli powder, and various grains and pulses. Operating two modern processing plants in Rajkot with sourcing branches at Agricultural Produce Market Committees (APMCs) in Rajkot and Gondal, Shreeji Global has direct market access providing competitive sourcing advantages.
Financial growth has been impressive: revenue increased 11% from ₹588.99 crore in FY24 to ₹648.92 crore in FY25, while profit after tax surged 122% from ₹5.47 crore to ₹12.15 crore. The company exports to 26 countries including the United States, UAE, and Malaysia, leveraging its proximity to Mundra Port (approximately 250 kilometers away).
IPO proceeds will fund factory premises capital expenditure (₹5.67 crore), plant machinery and cold storage (₹29.01 crore), solar power setup (₹4.05 crore), working capital (₹33.54 crore), and general corporate purposes (₹12.73 crore). The company plans to expand into blended spices and multigrain flours.
With a lot size of 1,000 shares and minimum application of 2 lots, retail investors need ₹2,50,000 at the upper band. The issue opens November 4 and closes November 7, with listing on NSE SME scheduled for November 12, 2025.
Key Considerations for Investors
Valuation and Pricing: The November IPOs span a wide valuation spectrum, from the premium-priced Orkla India at ₹695–₹730 to smaller SME offerings like Game Changers Texfab at ₹96–₹102, providing options across investor risk profiles and capital availability.
Business Models: The lineup represents diverse business models—from asset-heavy manufacturing (Studds Accessories, Orkla India) to asset-light orchestration (Game Changers Texfab), technology-enabled retail (Lenskart), and service-based operations (Jayesh Logistics, Safecure Services).
Growth Trajectories: Several companies demonstrate strong growth momentum, particularly Lenskart’s 32.5% revenue CAGR and profitability turnaround, Jayesh Logistics’ 27% revenue growth and 128% PAT increase, and Shreeji Global FMCG’s 122% profit surge.
Grey Market Premiums: As of late October 2025, Orkla India commanded a 12.05% grey market premium, while Safecure Services, Game Changers Texfab, and Shreeji Global FMCG showed 0% premiums, indicating varied investor sentiment.
Use of Proceeds: Three mainboard IPOs are pure offer-for-sale transactions with no fresh capital raised (Studds Accessories, Orkla India fully; Lenskart partially), while all SME IPOs are 100% fresh issues funding expansion, working capital, and operational improvements.
Market Outlook and Investment Tips
The November 2025 IPO calendar reflects India’s vibrant primary market, offering institutional and retail investors access to established brands alongside high-growth SMEs. Mainboard issues provide exposure to market leaders with proven track records, while SME IPOs offer entry points into emerging companies with significant growth potential, albeit with higher risk profiles.
Investors should conduct thorough due diligence, reviewing red herring prospectuses for complete financial disclosures, risk factors, and competitive positioning. Key evaluation areas include revenue quality, profitability sustainability, management track record, corporate governance, and realistic growth assumptions.
Subscription timelines are tight, with most issues closing within three days, requiring prompt decision-making. Allotment typically occurs 1-3 days post-closure, with listings following 3-7 days later. Retail investors benefit from guaranteed allocation percentages (typically 35% for SMEs, varying for mainboard) and, in Lenskart’s case, an employee discount of ₹19 per share.
The mix of sectors—from two-wheeler accessories and eyewear to FMCG, logistics, textiles, and security services—provides diversification opportunities aligned with different thematic investment strategies, whether focused on consumer brands, infrastructure plays, or specialized industrial services.
