The initial public offering (IPO) of PhysicsWallah (PW), the edtech platform, opens today, November 11, 2025, and closes on November 13, 2025. The IPO price band is set at ₹103 to ₹109 per share. Investors are keenly observing the IPO, with the grey market premium (GMP) and expert opinions playing a crucial role in their decision-making process.
IPO Details
The PhysicsWallah IPO aims to raise ₹3,480 crore through a combination of a fresh issue of 28.44 crore shares worth ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares aggregating up to ₹380 crore by promoters. The IPO lot size is fixed at 137 shares, requiring a minimum investment of ₹14,933 for retail investors at the upper price band. Retail investors can apply for a maximum of 13 lots, amounting to ₹1,94,129. Shares of PhysicsWallah are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 18, 2025.
Anchor Investors
Ahead of the public issue, PhysicsWallah raised ₹1,562.85 crore from anchor investors on Monday, November 10, 2025. The company allotted 14,33,80,733 equity shares to 57 anchor investors at ₹109 per share. Domestic mutual funds were allocated 7,95,48,091 equity shares, representing 55.48% of the gross allocation, through 35 schemes. Prominent investors included Goldman Sachs Asset Management (GSAM), Fidelity, Franklin Templeton Global, Eastspring Investments, Pine Bridge, and White Oak Capital.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for PhysicsWallah IPO on November 10, 2025, was ₹4. Considering the upper price band of ₹109, the estimated listing price is ₹113, indicating a premium of nearly 4 percent. However, the GMP is not always a reliable indicator of listing performance.
Financial Performance & Concerns
While PhysicsWallah has demonstrated strong revenue growth, it has also reported losses in recent years. For the year ended March 2025, the company narrowed its losses to ₹243 crore from ₹1,131 crore in the preceding year. Revenue rose to ₹2,887 crore from ₹1,941 crore during the same period. Despite this, the company reported a restated loss of ₹127 crore for Q1 FY26 and a loss of ₹1,131 crore for FY24.
Should You Apply?
Analysts have mixed opinions on whether to subscribe to the PhysicsWallah IPO. Swastika Investmart has given the IPO an "AVOID" rating, citing high valuation and limited profitability visibility. Value Research also notes that the company's financial performance has been disappointing, with EBIT and net income remaining negative between FY23 and FY25.
The company intends to use the IPO proceeds for several purposes, including: * Investing in new offline and hybrid centers (₹461 crore). * Lease payments for existing teaching centers (₹548 crore). * Investment in Xylem Learning (₹47 crore). * Increasing stake in Utkarsh Classes & Edutech including lease payments (₹55 crore).
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult with a qualified financial advisor before making any investment decisions.
