The initial public offering (IPO) of edtech company PhysicsWallah continues to see muted investor response on its second day, with the issue being only 9% subscribed so far. The IPO opened on November 11, 2025, and will remain open for subscription until November 13, 2025.
Subscription Status:
As of November 12, 2025, the IPO has been subscribed just 9% overall. The breakdown of subscription rates across different investor categories is as follows:
- Qualified Institutional Buyers (QIBs): 0 times
- Non-Institutional Investors (NIIs): 0.02 times (2%)
- Retail Individual Investors (RIIs): 0.33 times (33%)
- Employee Reserved: 1.11 times
Grey Market Premium (GMP):
The grey market premium (GMP) for PhysicsWallah shares has fallen to ₹1.5 as of November 12, 2025. This is a decrease from the ₹3 GMP observed on the first day of the IPO. The GMP is an unofficial indicator of the expected listing price, and its decline suggests a less optimistic outlook from investors.
Based on the current GMP and the upper price band of ₹109 per share, the estimated listing price is around ₹110.5, implying a potential gain of approximately 1.38% per share. However, it's important to note that the GMP is speculative and subject to change based on market sentiment.
IPO Details:
PhysicsWallah's IPO aims to raise ₹3,480 crore through a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by existing shareholders. The price band for the IPO is fixed at ₹103-₹109 per share. Investors can apply for a minimum of 137 shares, amounting to ₹14,933 at the upper end of the price band.
Utilization of Funds:
The company plans to use the proceeds from the fresh issue for several purposes, including:
- ₹710 crore for marketing initiatives
- ₹548 crore for lease payments of existing offline and hybrid centers
- ₹460 crore for capital expenditure related to new offline and hybrid centers
- ₹471 crore for investment in subsidiary Xylem Learning Pvt
Important Dates:
- IPO Dates: November 11-13, 2025
- Allotment Finalization: November 14, 2025
- Refunds/Demat Account Transfers: November 17, 2025
- Listing Date: November 18, 2025 (NSE and BSE)
Company Overview:
Founded in 2016, PhysicsWallah is an Indian ed-tech company providing online and offline education for students preparing for exams like JEE, NEET, and UPSC. It offers courses and video lectures through its website, apps, social media platforms, and YouTube channel.
Financial Performance:
In the quarter ending June 2025, PhysicsWallah's total income was ₹905.41 crore, but it reported a net loss of ₹127.01 crore. For the full fiscal year 2024-25, the company's total revenue stood at ₹3,039.09 crore, with a net loss of ₹243.26 crore. However, its EBITDA stood at ₹193.2 crore in FY25.
Market Sentiment:
The muted subscription response and declining GMP indicate cautious sentiment towards the PhysicsWallah IPO.
