Physicswallah IPO Subscription Remains Muted, GMP Drops On Third Day Of Bidding - Check Key Details

Physicswallah IPO: Physicswallah Ltd’s public issue is expected to close today, on November 13. Physicswallah IPO has been booked 21 per cent on the final day of subscription. On the final day of subscription, the grey market trends are also indicating a weak listing for the stock.

Physicswallah IPO GMP

Physicswallah IPO's grey market premium (GMP) ranged from Re 1 to Rs 2, as per websites tracking unlisted shares. The expected debut price is Rs 111 apiece, offering gains of 1.83 per cent.

Physicswallah IPO: Subscription Update On Day 3

Investors across categories applied for 39.93 million shares of the company compared to the 186.2 million shares offered to investors for subscription. The edtech company’s public issue has been booked 21 per cent so far.

Retail individual investors (RIIs) applied for 26.46 million shares compared to the 33.71 million shares set aside for the category. RIIs have subscribed their quota of 78 per cent so far.

Non-institutional investors (NIIs) placed bids for 5.34 million shares of Physicswallah Ltd compared to the 50.57 million shares set aside for them. NIIs booked their quota at 11 per cent.

Qualified institutional buyers (QIBs) applied for 6.35 million shares compared to the 101.15 million shares set aside for the category. QIBs have booked their quota 6 per cent so far.

Employees of the company have bid for 1.76 million shares compared to the 7,52,688 shares reserved for the category. The issue was subscribed 2.35 times in the employee category.

Physicswallah IPO Issue Size

Physicswallah Ltd seeks to raise Rs 3,480 crore from its public issue. Physicswallah IPO consists of a fresh issuance of 284.4 million shares aggregating to Rs 3,100 crore and an offer for sale of 34.9 million shares aggregating to Rs 380 crore.

Physicswallah IPO price band was set at Rs 103 to Rs 109 per share. The minimum lot size for retail individual investors was fixed at 137 shares, which aggregates to an investment of Rs 14,933.

Physicswallah IPO: Subscription Dates and Listing Date

Physicswallah IPO’s subscription window opened earlier this week, on November 11. Physicswallah IPO subscription window is scheduled to close today. The share allotment status of Physicswallah IPO will be announced on November 14. Subsequently, Physicswallah Ltd will issue refunds for unsuccessful applicants on November 17. Physicswallah Ltd shares are scheduled to list on the bourses on November 18.

Physicswallah: Financials

Physicswallah’s total income for the quarter ended on June 30, 2025, stood at Rs 905.41 crore, the company’s loss after tax stood at Rs 127.01 crore, and the net worth of the company stood at Rs 1,867.92 crore.

Physicswallah’s total income for FY25 surged to Rs 3039.09 crore, growing by more than 50 per cent from Rs 2015.35 crore in FY24. The edtech company’s net loss decreased to Rs 243.26 crore in FY25 from Rs 1,131.13 crore in FY24.

Physicswallah IPO: Registrar

The registrar for Physicswallah IPO is MUFG Intime India Pvt Ltd, and the book running lead manager for the public issue is Kotak Mahindra Capital Co Ltd.

Physicswallah IPO: Objective

Physicswallah Ltd disclosed in its red herring prospectus that it will use the money raised via the public issue for undertaking capital expenditure for fit-outs of new offline and hybrid centers of the company, and expenditure towards lease payments of identified centres. The proceeds will also be used for undertaking capital expenditure for its subsidiary Xylem. The money raised will be used for fit-outs at new offline centers of Xylem and lease payments for Xylem’s existing identified offline centers and hostels. The proceeds will also be used for investment in the company’s subsidiary, Utkarsh Classes & Edutech Private Ltd. The proceeds will be used for undertaking expenditure towards server and cloud-related infrastructure costs and marketing initiatives.

About Physicswallah Ltd

Physicswallah Ltd operates in the edtech space. The company provides test preparation courses for several competitive examinations, such as JEE, NEET, UPSC, etc., and upskilling courses like data science and analytics, banking and finance, software development, etc.