PhysicsWallah IPO sails through on final day; QIBs step in, GMP flat

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PhyicsWallah IPO subscription status Day 3: The initial public offer (IPO) of edtech major PhysicsWallah managed to sail through on the final day of bidding, largely driven by strong demand from Qualified Institutional Buyers (QIBs). The three-day subscription window, which is set to close on Thursday, November 13, 2025, saw a subdued response overall but picked up momentum towards the end, helping the issue cross the finish line.

 

As per the latest data from the National Stock Exchange (NSE), PhysicsWallah IPO received bids for 258.4 million equity shares against 186.2 million shares on offer, translating to a subscription of 1.39 per cent as of 03:00 PM on Thursday.

 

On the last day, the Qualified Institutional Buyers (QIBs) portion was booked 2.05 times of their allotted quota. Retail investors followed with 92 per cent subscription, while the portion reserved for Non-institutional investors (NIIs) was subscribed to 36 per cent.

PhysicsWallah IPO grey market premium (GMP)

According to sources tracking unofficial markets, PhysicsWallah shares were trading flat at around ₹109 per share, the upper end of the price band of ₹103 to ₹109.

PhysicsWallah IPO details

PhysicsWallah IPO is a book build issue of ₹3,480 crore, comprising a fresh issue of 284.4 million equity shares aggregating to ₹3,100 crore and an offer for sale (OFS) of 34.9 million shares worth ₹380 crore. PhysicsWallah IPO is available at a price band of ₹103 to ₹109 per share, with a lot size of 137 shares. Thus, investors willing to invest their money in the PhysicsWallah IPO can bid for a minimum of 137 shares and in multiples thereof. A retail investor would require a minimum of ₹14,933 to bid for one lot of the PhysicsWallah IPO.

 

As the public issue closes for subscription, the basis of allotment for PhysicsWallah IPO shares is slated to be finalised on Friday, November 14. The successful allottees will receive the company’s shares in their demat accounts on Monday, November 17. Shares of PhysicsWallah are scheduled to list on BSE and NSE on Tuesday, November 18.

 

PhysicsWallah, as outlined in its red herring prospectus (RHP), plans to use ₹460.1 crore from the fresh issue proceeds for setting up new offline and hybrid centres, and ₹548.3 crore towards lease payments for its existing centres. It will also invest ₹4.2 crore in Xylem Learning and ₹28 crore in Utkarsh Classes Edutech.

 

Additionally, ₹200.1 crore will be allocated for server and cloud infrastructure, ₹710 crore for marketing initiatives, and ₹26.5 crore to acquire a larger stake in Utkarsh Classes & Edutech. The remaining funds will be utilised for acquisitions and general corporate purposes.