PhysicsWallah IPO Opens For Subscription Today: Here’s What GMP Signals

The initial public offering (IPO) of edtech unicorn PhysicsWallah opened for public subscription on November 11 and will remain open until November 13.

The company aims to raise up to Rs 3,480 crore through the issue, which comprises a fresh equity issuance of 284.40 million shares worth Rs 3,100 crore and an offer for sale (OFS) of 34.86 million shares aggregating to Rs 380 crore.

Ahead of the IPO launch, PhysicsWallah raised Rs 1,562.85 crore from 57 institutional investors in its anchor book on November 10. The company allotted 143.38 million shares to anchor investors at Rs 109 per share, the upper end of the price band.

The company has reserved at least 75 per cent of its IPO for qualified institutional buyers (QIBs), while non-institutional investors (NIIs) will get up to 15 per cent and retail investors up to 10 per cent of the net offer.

At the upper end of the price band, PhysicsWallah’s IPO values the company at Rs 31,526.73 crore.

PhysicsWallah IPO Details

PhysicsWallah IPO Price Band: The company is offering its shares with a price band of Rs 103-109 per share.

PhysicsWallah IPO Lot Size, Minimum Investment: The minimum investment for retail investors in the PhysicsWallah IPO is Rs 14,933 for one lot of 137 shares, based on the upper price band.

PhysicsWallah IPO Allotment, Listing Date: The share allotment for the IPO is likely to be finalised on November 14, while the company’s shares are expected to list on the BSE and NSE on November 18.

PhysicsWallah IPO BRLMs, Registrar: Kotak Mahindra Capital, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital are the book running lead managers and MUFG Intime India is the registrar to the IPO.

PhysicsWallah IPO Subscription Status

Two hours into its launch, PhysicsWallah IPO was subscribed 0.04 times, or 4 per cent, of the total shares on offer, as of 11:54 AM on Day 1.

Employee participation led the early response, with this category subscribed 0.53 times or 53 per cent. The company has reserved 7,52,688 shares for its employees, who are being offered shares at a discount of Rs 10 to the issue price. This means their effective buying price, at the upper band, is Rs 99 per share.

Following this, retail investors subscribed 0.18 times, or 18 per cent, of their quota, while the non-institutional investor (NII) segment saw 0.01 times, or 1 per cent subscription. The qualified institutional buyer (QIB) portion had yet to see any bids at the time of reporting.

PhysicsWallah IPO Objectives

The proceeds from the fresh issue will primarily be used to strengthen the company’s offline and hybrid presence, upgrade its technology infrastructure, and support marketing and expansion plans.

According to the company’s prospectus, PhysicsWallah plans to deploy Rs 460.55 crore towards capital expenditure for setting up new offline and hybrid learning centres and Rs 548.31 crore for lease payments of existing centres.

It will also spend Rs 31.65 crore and Rs 15.52 crore on fit-outs and lease payments for new and existing centres of its brand Xylem, respectively. An investment of Rs 33.70 crore will be made in its subsidiary, Utkarsh Classes & Edutech Pvt. Ltd., to cover lease-related costs, while Rs 26.50 crore has been earmarked for acquiring additional shareholding in the subsidiary.

Further, the company intends to invest Rs 200.11 crore in server and cloud infrastructure and Rs 710 crore towards marketing initiatives to boost brand visibility and student outreach. The remaining proceeds will be used for inorganic growth opportunities through acquisitions and for general corporate purposes.

PhysicsWallah Ranks Among Top Five Edtech Firms by Revenue

PhysicsWallah offers test preparation courses for exams such as JEE, NEET, and UPSC. It also offers upskilling courses in areas such as data science, analytics, banking, finance, and software development. The company runs both online and offline learning platforms through its website, mobile app, social media channels, and hybrid centres.

As per its RHP, PhysicsWallah is among India’s top five edtech firms by revenue.

As of June 30, 2025, it had 4.13 million paying users online and 0.33 million students enrolled at its offline centres, with an average collection per user of Rs 3,930.55. The company offers courses across 13 education categories, operates 303 offline centres, and employs 6,267 faculty members and 18,028 staff. It has also published 4,382 books as part of its learning ecosystem.