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  5. PhysicsWallah IPO booked 12% so far on Day 2; check category-wise subscription and key details

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PhysicsWallah IPO booked 12% so far on Day 2; check category-wise subscription and key details

Upstox
By Upstox News Desk

3 min read | Updated on November 12, 2025, 15:55 IST

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SUMMARY

PhysicsWallah IPO, which has an application size of 137 shares, comprises a fresh issuance of shares worth ₹3,100 crore and an Offer for Sale (OFS) of up to ₹380 crore by the promoters.

Before the IPO, PhysicsWallah raised ₹1,563 crore from anchor investors. | Image: pw.live

Before the IPO, PhysicsWallah raised ₹1,563 crore from anchor investors. | Image: pw.live

PhysicsWallah IPO: Edtech unicorn PhysicsWallah's initial public offering has received 12% subscription so far on the second day of bidding on Wednesday, November 12. The issue, which has set a price band of ₹103 to ₹109 per share, will conclude on November 13.

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The ₹3,480-crore initial share sale got bids for 2,29,57,501 shares, compared to 18,62,04,143 shares on offer, according to BSE data until 3:54 pm.

The part reserved for retail individual investors (RIIs) was subscribed 57%, while the quota for non-institutional investors (NIIs) was booked 5%. The qualified institutional buyers segment is yet to see participation.

The IPO, which has an application size of 137 shares, comprises a fresh issuance of shares worth ₹3,100 crore and an Offer for Sale (OFS) of up to ₹380 crore by the promoters.

Both promoters, Alakh Pandey and Prateek Boob, will each sell shares aggregating to ₹190 crore via the OFS route.

The fresh issue proceeds will be utilised for the company's expansion and growth initiatives.

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PhysicsWallah offers test preparation courses for competitive exams focusing on GATE, JEE, NEET, and UPSC, along with upskilling programmes, delivered through online platforms (website, YouTube and apps), tech-enabled offline centres, and hybrid centres that integrate online teaching with in-person support.

The company, which is backed by WestBridge Capital, GSV Ventures and Hornbill, narrowed its losses to ₹243 crore in the financial year ended March 2025, from ₹1,131 crore in the preceding year.

However, revenue advanced to ₹2,887 crore, up from ₹1,941 crore in the same period.

The company's shares will hit the secondary market on November 18.

Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, JP Morgan India and Axis Capital are the issue's book-running lead managers, while MUFG Intime India serves as the registrar.

PhysicsWallah IPO GMP

According to media reports and investorgain.com, unlisted shares of PhysicsWallah are trading at ₹112, reflecting a grey market premium of 2.75%, or ₹3, over the upper price band of ₹109.

Disclaimer: Grey Market Premium (GMP) is not regulated or recommended by the stock exchanges or SEBI. Upstox does not endorse or facilitate trading in the grey market. Investors are advised to conduct their own research or consult an expert before making any investment decisions.
With PTI inputs
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