PhysicsWallah IPO opens: From price band to GMP, here's all you should know

Early indications from the grey market point to a cautious beginning for the much-anticipated initial public offering (IPO) of edtech unicorn PhysicsWallah, which opens for subscription today. The listing is set to mark a milestone as the first pure-play edtech company in India to go public. The company is targeting a fundraising of ₹3,480 crore through a combination of fresh issue and an offer-for-sale (OFS).

 

In unofficial trading, PhysicsWallah shares were changing hands around ₹112, reflecting a modest premium of ₹3 per share, or roughly 2.75 percent above the upper price band of ₹109, according to sources tracking grey market activity. Despite these subdued signals, the IPO has already garnered robust interest from anchor investors.

 

Even as grey market activity appears muted, anchor investors have shown considerable confidence in the IPO. On the eve of the public subscription, 57 anchor investors collectively committed ₹1,563 crore. The list includes major domestic mutual funds such as ICICI Prudential, Kotak Mahindra, Nippon India, Aditya Birla Sun Life, Motilal Oswal, Tata, and DSP. International players like Goldman Sachs, Fidelity, and Templeton also participated, underscoring the IPO’s appeal to global investors.  ALSO READ | PhysicsWallah IPO: Rapid expansion, mixed outlook; should you apply?

As PhysicsWallah IPO opens for subscription today, here are the key details that every investor should be aware of before subscribing to the public issue:

PhysicsWallah IPO structure, pricing details 

The PhysicsWallah IPO is a book-built offering, comprising a fresh issue of 284.4 million shares worth ₹3,100 crore, along with an OFS of up to 34.9 million shares aggregating ₹380 crore, being sold by promoters Alakh Pandey and Prateek Boob.  The price band is set at ₹103–₹109 per share, with a lot size of 137 shares.  Retail investors can bid for a minimum of one lot, with multiples permitted. At the upper end of the band, a single lot costs ₹14,933, while subscribing to the maximum limit of 13 lots (1,781 shares) would require an investment of ₹1,94,129.

Analysts share mixed reviews

Brokerages have offered a range of perspectives on the IPO. Anand Rathi has recommended a “Subscribe – Long Term” stance, while cautioning that the issue appears fully priced. SBI Securities, on the other hand, has taken a “Neutral” view, advising investors to monitor post-listing performance before making a commitment. READ MORE

Allotment, listing timeline

The three-day subscription window is scheduled to close on Thursday, November 13, 2025. The basis of allotment is expected on Friday, November 14, with shares likely to be credited to demat accounts by Monday, November 17. 

 

PhysicsWallah’s shares are tentatively scheduled to list on Tuesday, November 18, 2025, on both the BSE and NSE.  ALSO READ | Can PhysicsWallah IPO ace the market test? Check key strengths, risks here

Registrars, lead managers

MUFG Intime India is handling the registrar responsibilities for the IPO. The book-running lead managers include Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital.

Use of IPO proceeds

The OFS proceeds, company said, will go entirely to the selling promoters. From the fresh issue, PhysicsWallah plans to deploy ₹460.1 crore for capital expenditure on new offline and hybrid centres, ₹548.3 crore for lease payments of existing centres, ₹4.2 crore for investment in subsidiary Xylem Learning, and ₹28 crore for Utkarsh Classes Edutech, as outlined in the company’s red herring prospectus. Additional allocations include ₹200.1 crore for server and cloud infrastructure, ₹710 crore for marketing, and ₹26.5 crore for acquiring an additional stake in Utkarsh Classes & Edutech. The remaining funds are earmarked for inorganic growth through potential acquisitions and general corporate purposes, according to the red herring prospectus (RHP) filed by the company.