PhysicsWallah IPO: PhysicsWallah’s initial public offering (IPO) received nearly 2 times subscription on the final day of bidding Thursday, marking a strong turnaround after a lukewarm start. The Rs 3,480-crore offering positions the edtech unicorn as India’s first major pure-play education technology company to list on stock exchanges.
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PhysicsWallah IPO Subscription Details
| Category | Subscription Rate |
|---|---|
| Overall Subscription | 1.81 times |
| Qualified Institutional Buyers (QIB) | 2.70 times |
| Retail Individual Investors (RII) | 1.06 times |
| Non-Institutional Investors (NII) | 48% |
| Anchor Investment | Rs 1,563 crore (raised Monday) |
| Total IPO Size | Rs 3,480 crore |
| Price Band | Rs 103-109 per share |
| Expected Valuation | Over Rs 31,500 crore |
Strong Institutional Interest Drives Momentum
The PhysicsWallah IPO received bids for 33.62 crore shares against 18.62 crore shares on offer, according to NSE data. The subscription marked a significant improvement from Wednesday’s lukewarm 13 percent response, with institutional investors showing particular confidence in the Noida-based edtech platform.
The IPO comprises a fresh issue of equity shares worth Rs 3,100 crore and an Offer for Sale (OFS) of up to Rs 380 crore by promoters. Both founders, Alakh Pandey and Prateek Boob, will each offload shares worth Rs 190 crore through the OFS. Currently, both hold 40.31 percent stake each in the company.
India’s Edtech Sector Milestone
PhysicsWallah’s market debut on November 18 represents a watershed moment for India’s education technology sector. As the first major pure-play edtech company to list on Indian bourses, the offering tests investor appetite for digital learning platforms amid evolving market dynamics.
The company filed draft papers with SEBI in March through the confidential pre-filing route, receiving approval in July before filing updated documents in September. Backed by prominent investors including WestBridge Capital, Hornbill, and GSV Ventures, PhysicsWallah has demonstrated impressive financial improvement.
Financial Performance Shows Promise
PhysicsWallah narrowed its losses significantly to Rs 243 crore in the year ended March 2025, down from Rs 1,131 crore in the preceding year. Simultaneously, revenue surged to Rs 2,887 crore, up from Rs 1,941 crore—showcasing the company’s growing market traction.
The platform offers comprehensive test preparation courses for competitive exams including JEE, NEET, GATE and UPSC, alongside upskilling programmes. Content delivery spans online platforms (YouTube, website, and apps), tech-enabled offline centers, and hybrid centers combining digital teaching with in-person support.
Funds raised through the IPO will fuel the company’s expansion and growth initiatives across India’s competitive online education market.
Frequently Asked Questions
Q1: When will PhysicsWallah shares be listed on stock exchanges?
PhysicsWallah will make its stock market debut on November 18, 2025.
Q2: What was the final subscription rate for PhysicsWallah IPO?
The IPO was subscribed 1.81 times overall, with institutional buyers subscribing 2.70 times their allocated portion.
Q3: What is PhysicsWallah’s expected valuation after the IPO?
At the upper price band of Rs 109 per share, the company’s valuation may exceed Rs 31,500 crore.
Q4: How much did PhysicsWallah raise from anchor investors?
The company raised Rs 1,563 crore from anchor investors on Monday, November 11, 2025.
Q5: What courses does PhysicsWallah offer?
PhysicsWallah provides test preparation for JEE, NEET, GATE, UPSC and various upskilling programmes through online, offline, and hybrid learning formats.
