PhysicsWallah IPO: Important numbers to know before the listing

Read:PhysicsWallah, which is set to become the first Indian edtech company to list publicly after the sector’s turmoil following Byju’s collapse, will debut on the bourses today.

It saw weak interest on the first day of its IPO. The company received bids for only 13 million shares, roughly 7% of the 186 million on offer, with most of the early demand coming from employees, whose quota was fully subscribed.

Interest picked up only on the final day, when institutional investors stepped in and helped the edtech company’s IPO reach full subscription just in time. Here are all the important numbers you need to know before the listing.


Who bought

The IPO closed 1.81 times subscribed overall:

• Qualified institutional buyers: 2.7 times
• Non-institutional investors: 48%
• Retail investors: 1.06 times
• Employees: 3.49 times

Meanwhile, the grey market premium told a weaker story. As the IPO came to a close, the premium dropped from 9% earlier in the month to zero, hinting that the listing today may bring little to no immediate gains.

Also Read: PhysicsWallah IPO: Alakh Pandey on edtech’s valuation, expanding offline network and more

IPO details

• Issue size: Rs 3,480 crore
• Price band: Rs 103–109 per share
• Estimated valuation: Around Rs 31,500 crore (roughly 35% higher than the previous valuation)
• Fresh issue: Rs 3,100 crore
• Offer for sale: Rs 380 crore (Rs 190 crore each from founders Alakh Pandey and Prateek Maheshwari)

Planned use of fresh issue funds

• Setting up new offline and hybrid centres: Rs 460 crore
• Lease payments for existing centres: Rs 548 crore
• Investments in subsidiaries: Rs 75 crore
• Acquisitions and general corporate needs

Also Read: IPO-bound PhysicsWallah grows 33% in Q1FY26, but losses widen

Shareholding before the IPO

• Alakh Pandey and Prateek Maheshwari: 80.7%
• WestBridge: 6.4%
• Hornbill: 4.41%

Anchor investor allocation

Ahead of the listing, PhysicsWallah secured Rs 1,563 crore from anchor investors, according to a stock exchange filing. The round brought in 57 investors, including ICICI Prudential, Kotak, Nippon Life, Franklin Templeton, Goldman Sachs, Fidelity, and Aditya Birla Sun Life.

• Total shares allotted: About 14 crore at Rs 109 each
• Mutual fund share: 55.48% (Rs 867 crore across 35 schemes)

Think Investments also raised its stake, buying around 5% of the anchor portion. It further purchased 10.72 million shares (0.41% of pre-offer equity) from 14 employees through a secondary deal worth Rs 136 crore, at Rs 127 per share — a 17% premium to the issue price.

Listen to PhysicsWallah founders Alakh Pandey and Prateek Maheshwari speak to ET’s Startups Editor Samidha Sharma and reporter Tanishka Dubey on IPO, growth and losses on The Morning Brief podcast, here.