PhysicsWallah IPO subscribed 76% on final day; retail interest strong

The initial public offering (IPO) of PhysicsWallah, the edtech platform founded by Alakh Pandey, witnessed a decent response from investors on its third and final day of bidding on Thursday, November 13, 2025.

As per NSE data at 1 PM, the ₹3,480-crore IPO was subscribed 76%, receiving bids for 14.09 crore shares against the total offer size of 18.62 crore shares.

Investor Breakdown: Retail Leads the Way

Investor participation showed varying levels of enthusiasm across categories:

• The retail investor portion saw 82% subscription, showing strong participation from small investors.

• The non-institutional investors (NII) quota stood at 18%.

• Meanwhile, the Qualified Institutional Buyers (QIBs) category was fully subscribed at 101%, indicating solid institutional confidence.

The company has fixed its price band between ₹103 and ₹109 per share. Retail investors can bid for a minimum of one lot (137 shares), which requires an investment of ₹14,933, with further bids accepted in multiples of 137 shares.

Also Read: Mutual Funds Retain High Cash Buffers Amid Market Gains

Post-Issue Valuation and Grey Market Premium

At the upper end of the price band, PhysicsWallah’s post-issue market capitalisation is expected to touch ₹31,169 crore.

In the unlisted market, shares of the company are commanding a premium of 0.92% today. However, experts caution that grey market premiums (GMPs) are only indicative and can fluctuate rapidly depending on demand and sentiment.

IPO Structure: Fresh Issue and OFS Components

The PhysicsWallah IPO consists of two parts:

• A fresh issue of ₹3,100 crore, and

• An Offer For Sale (OFS) component worth ₹380 crore.

Before the IPO opened for public bidding, the company had already raised ₹1,562.85 crore from 57 anchor investors. Among them were several marquee global investors such as Capital Group, Goldman Sachs, Fidelity, Abu Dhabi Investment Council, and PineBridge.

Post-IPO, the promoter holding is expected to decline from 81.6% to 72.3%, as part of the share dilution process.

Lead Managers and Key Investors

The book-running lead managers (BRLMs) for the issue are Kotak Capital, JPMorgan India, Goldman Sachs (India), and Axis Capital.

The company also counts WestBridge Capital, GSV Ventures, Hornbill Capital, and Lightspeed Venture Partners among its key investors, reflecting the strong institutional backing behind this edtech player.

About PhysicsWallah

Founded in 2016 by Alakh Pandey, PhysicsWallah started as a YouTube channel providing free educational content for students. Pandey, a physics teacher and college dropout, gained massive popularity during the COVID-19 pandemic, when online education surged in demand.

Today, PhysicsWallah has expanded far beyond YouTube — operating 303 offline centers across 152 cities in India and the Middle East, marking its presence as one of the leading hybrid education platforms in the country.

Conclusion

With 76% subscription on Day 3, PhysicsWallah’s IPO has seen healthy participation, especially from retail investors and institutional buyers. The modest GMP of 0.92% indicates cautious optimism in the unlisted market. Investors will be watching closely to see whether the issue achieves full subscription before closure.

Click here to explore: PhysicsWallah IPO