PhysicsWallah IPO to list on Nov 18; here's what GMP hints for D-St debut

Ahead of its debut, PhysicsWallah's unlisted shares were trading at ₹116 apiece in the grey market, reflecting a premium of 6.42 per cent over the issue price of ₹109

PhysicsWallah IPO Listing Forecast: Edtech firm PhysicsWallah is set to debut on the stock exchanges on Tuesday, November 18, 2025, and early grey market trends suggest a positive start.

 

The company raised ₹3,480.71 crore through its IPO, which included a fresh issuance of 284.5 million shares along with an offer for sale (OFS) of 34.9 million shares.

 

The overall subscription for the IPO was modest at 1.81 times, with total bids at 336.22 million shares against the 186.2 million shares on offer. The issue gained momentum on the final day, supported mainly by Qualified Institutional Buyers (QIBs), whose category was subscribed 2.7 times.  In contrast, retail investors and Non-Institutional Investors (NIIs) showed limited participation, with their segments subscribed 1.06 times and 48 per cent, respectively, as per NSE data.

 

The allotment was finalised on Friday, November 14, 2025, and investors are now awaiting the listing. Ahead of its debut, PhysicsWallah’s unlisted shares were quoted near ₹116 apiece in the grey market, reflecting a premium of ₹7 or 6.42 per cent over the issue price of ₹109, according to sources tracking grey markets.

 

If this sentiment holds, the stock could list around ₹116, offering potential listing gains of roughly 6.4 per cent. However, analysts advise caution, noting that the grey market functions outside regulatory supervision and its premium may not accurately predict the actual listing price.  FOLLOW PHYSICSWALLAH SHARE PRICE LIVE UPDATES

PhysicsWallah IPO details

PhysicsWallah IPO comprised a fresh issue of 284.5 million shares aggregating to ₹3,100.7 crore and an OFS of 34.9 million shares aggregating to ₹380 crore. The issue was offered at a price band of ₹103 to ₹109 per share, with a lot size of 137 shares. The public issue was open for subscription from November 11 to November 13, 2025.

 

MUFG Intime India serves as the registrar for the public issue. The book-running lead managers include Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities, and Axis Capital.

 

According to the Red Herring Prospectus (RHP), the company plans to use ₹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. Additionally, ₹200.1 crore will be used 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 will be utilised for inorganic growth through potential acquisitions and general corporate purposes.