Physicswallah ends with subscription of 1.81 times

The offer received bids for 33.62 crore shares as against 18.62 crore shares on offer.

The initial public offer of Physicswallah received bids for 33,62,27,044 shares as against 18,62,04,143 shares on offer. The issue was subscribed 1.81 times.

The Qualified Institutional Buyers (QIB) category was subscribed 2.70 times, the Retail Individual Investors category was subscribed 1.06 times and the Non-Institutional Investors category was subscribed 0.48 times.

The issue opened for bidding on 11 November 2025 and it closed on 13 November 2025. The price band of the IPO is fixed between Rs 103 and 109 per share.

The IPO comprised a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore.

The selling shareholders include Alakh Pandey, who will offload 1,74,31,193 equity shares at the upper price band, aggregating Rs 190 crore; and Prateek Boob, who will offload 1,74,31,193 equity shares at the upper price band, aggregating Rs 190.0 crore.

PhysicsWallah proposes to utilize Rs 460.5 crore from the net fresh issue proceeds for fit-outs of new offline and hybrid centers of the company and Rs 548.3 crore for lease payments of its existing identified offline and hybrid centers. The company will use Rs 47.2 crore in subsidiary Xylem Learning, Rs 31.6 crore for new centres and Rs 15.5 crore for lease payments and hostels.

Further, Rs 33.7 crore will be directed to Utkarsh Classes & Edutech for lease payments of its centers. Additionally, Rs 200.1 crore is earmarked for server and cloud infrastructure, Rs 710 crore for marketing initiatives, and Rs 26.5 crore for acquiring an additional stake in Utkarsh Classes. The balance will be utilized to fund growth through unidentified acquisitions and general corporate purposes.

Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, and UPSC and upskilling courses like data science and analytics, banking and finance, and software development. It offers online services via social media channels, websites, and apps and offers tech-enabled offline centers and hybrid centers.

Online course content includes live lectures and recorded lectures, among other services. Fees for online courses are typically collected at the time of enrolment. The offline class faculty conducts live classes in a physical center. The company operated 303 offline centers as on June 30, 2025.

As on June 30, 2025, the company had 6,267 specialized faculty members across categories

Ahead of the IPO, Physicswallah, on 10 November 2025, raised Rs 1,562.84 crore from anchor investors. The board allotted 14,33,80,733 shares at Rs 109 each to 57 anchor investors.

The firm reported a consolidated net loss of Rs 127.01 crore and sales of Rs 847.09 crore for the three months ended on 30th June 2025.

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