PhysicsWallah IPO subscribed only 7% on Day 1; GMP declines

New Delhi: The initial public offer of edtech unicorn PhysicsWallah was subscribed 7 per cent on the first day of bidding on Tuesday.

The bid will close on November 13.

PhysicsWallah IPO Subscription on Day 1

The Rs 3,480-crore initial share sale received bids for 1,31,22,682 shares against 18,62,04,143 shares on offer, according to the NSE data.

The portion for retail individual investors received 33 per cent subscription, while the quota for non-institutional investors subscribed 2 per cent subscription. The qualified institutional buyers (QIBs) category did not see any participation so far.

PhysicsWallah IPO GMP Today

PhysicsWallah IPO GMP today is Rs 1.5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of PhysicsWallah share price was indicated at Rs 110.5 apiece, which is 1.38% higher than the IPO price of Rs 109.

Analysing the grey market trends from the last seven sessions, today's IPO GMP shows a decline and is anticipated to decrease further.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

PhysicsWallah IPO Structure

On Monday, PhysicsWallah said it has raised Rs 1,563 crore from anchor investors.

This will be the first major pure-play edtech company to float its IPO in the country.

The company fixed a price band of Rs 103-109 per share for its IPO, which may peg its valuation at over Rs 31,500 crore at the upper end.

PhysicsWallah IPO Objective

The IPO comprises a fresh issue of equity shares worth Rs 3,100 crore and an Offer For Sale (OFS) of shares aggregating up to Rs 380 crore by promoters.

Both promoters, Alakh Pandey and Prateek Boob, will each offload shares worth Rs 190 crore through the OFS. At present, both hold 40.31 per cent stake each in the company.

The Noida-based PhysicsWallah filed draft papers in March with Sebi for an IPO through a confidential pre-filing route and had received the market regulator's approval in July. Following this, the company filed an updated DRHP in September before filing an RHP.

The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.

Funds will be used to fuel the company's expansion and growth initiatives.

About PhysicsWallah

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

The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to Rs 243 crore in the year ended March 2025 from Rs 1,131 crore in the preceding year. However, revenue rose to Rs 2,887 crore, up from Rs 1,941 crore in the same period.

PhysicsWallah will make its stock market debut on November 18.