PhysicsWallah IPO Day 1: Subscription status, GMP trend, Analyst views, and key details

The Rs 3,480 crore Initial Public Offering (IPO) of edtech firm PhysicsWallah opened for subscription today, amid mixed investor sentiment towards new-age tech listings. On Day 1, the issue was subscribed 5%, receiving 91 lakh bids against the total offer of 18.62 crore shares.

In the grey market, PhysicsWallah’s IPO is currently trading at a 2.75% premium over its issue price of Rs 109 per share. The subscription window will remain open until November 13, and the company’s shares are expected to list on the NSE and BSE on November 18.

The IPO includes a fresh issue of Rs 3,100 crore and an Offer for Sale (OFS) worth Rs 380 crore by existing shareholders. The company plans to utilise the proceeds for expanding its offline and hybrid learning centres, lease payments, marketing initiatives, and infrastructure upgrades, including investments in cloud and server systems.

PhysicsWallah IPO subscription status:

As of 1:15 PM on Day 1, the PhysicsWallah IPO was subscribed 5%, according to data from the BSE.

Retail Individual Investors (RIIs): Subscribed 23% of the 3.37 crore shares reserved for this category.

Non-Institutional Investors (NIIs): Subscribed 1% of the 5.05 crore shares on offer.

Qualified Institutional Buyers (QIBs): No bids received yet for the 10.11 crore shares allocated to them.

PhysicsWallah IPO GMP today:

As of November 11, the PhysicsWallah IPO is trading at a grey market premium (GMP) of Rs 3 per share, or roughly 2.75% above its issue price of Rs 109.

This means that, based on current grey market trends, the estimated listing price of PhysicsWallah shares is expected to be around Rs 112 per share. The GMP reflects investors’ early sentiment and expectations about the stock’s potential performance once it lists on the exchanges.

PhysicsWallah IPO details and key dates

The Rs 3,480 crore Initial Public Offering (IPO) of PhysicsWallah comprises a fresh issue of 28.44 crore shares worth Rs 3,100 crore and an Offer for Sale (OFS) of 3.49 crore shares amounting to Rs 380 crore.

The IPO opened for subscription on November 11, 2025, and will close on November 13, 2025. The share allotment is expected to be finalised on November 14, 2025, while the company’s shares are likely to be listed on the NSE and BSE on November 18, 2025. The price band for the issue has been set between Rs 103 and Rs 109 per share.

In terms of allocation, up to 75% of the issue is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Individual Investors (RIIs).

Retail investors can apply for a minimum of 137 shares, requiring an investment of approximately Rs 14,933 at the upper price band. The maximum limit for retail investors is 13 lots.

Strong brand, profitable model

Founded by Alakh Pandey and Prateek Boob, PhysicsWallah has grown from a single YouTube channel into one of India’s top five edtech companies, offering a wide range of courses for JEE, NEET, UPSC, and various professional upskilling programmes. As of June 2025, the platform boasts 13.7 million subscribers, 4.46 million paid users, and a strong offline presence with 303 learning centres across the country.

In FY25, the company reported a 51% year-on-year increase in revenue to Rs 3,039 crore and turned profitable, recording a net profit of Rs 243 crore compared to a loss of Rs 1,131 crore in FY24. With an EBITDA margin of 6.7% and an expanding student base, PhysicsWallah has positioned itself as a financially resilient and diversified player within the edtech sector.

Analyst views: Mixed reactions

Market analysts hold divergent opinions on the IPO. While InCred Equities has given a “Subscribe” rating, SBI Securities maintains a “Neutral” stance, and Swastika Investmart has advised investors to avoid the issue.

“The company has demonstrated strong growth in both its online and offline segments. While valuations appear stretched, PhysicsWallah’s strong moat, robust topline growth, and expanding footprint make it well-positioned to disrupt the edtech landscape,” said InCred Equities.

At the upper price band, the IPO is valued at an EV/Sales multiple of 10.7x based on post-issue capital.

“We maintain a Neutral view on the issue and would prefer to monitor the company’s performance post-listing,” noted SBI Securities.

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(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times.)