PhysicsWallah’s IPO subscription period commences today, following its successful fundraise of over Rs 1,500 crore from anchor investors. The enthusiastic response from institutional investors has piqued the interest of retail investors, who are closely monitoring the grey market premium (GMP) trend before making their subscription decisions.
Ahead of the IPO launch, PhysicsWallah Limited secured Rs 1,562.85 crore from 57 anchor investors at a price of Rs 109 per share. The anchor book witnessed bids totaling nearly Rs 20,000 crore, resulting in oversubscription by 13 times.
Notable domestic mutual funds like ICICI Prudential MF, Kotak MF, Nippon MF, and others, along with foreign investors such as Capital Research and Goldman Sachs Asset Management, were part of the anchor investor list.
The IPO, valued at Rs 3,480 crore, comprises a fresh issue of 28.44 crore shares worth Rs 3,100 crore and an offer for sale (OFS) of 3.49 crore shares valued at Rs 380 crore. Bidding for the IPO is open from November 11 to November 13, 2025, with allotment expected on November 14 and listing scheduled for November 18 on both BSE and NSE.
The price band for the IPO ranges between Rs 103 and Rs 109 per share, with a lot size of 137 shares. Retail investors require a minimum investment of Rs 14,933, while small non-institutional investors (sNII) can bid for 14 lots (1,918 shares) at Rs 2,09,062, and large NIIs (bNII) can bid for 67 lots (9,179 shares) at Rs 10,00,511.
Kotak Mahindra Capital Co. Ltd. is serving as the lead manager for the IPO, with MUFG Intime India Pvt. Ltd. acting as the registrar.
The grey market premium (GMP) for PhysicsWallah IPO stood at Rs 3 on November 11, indicating an expected premium of 2.75% over the issue price. Although the GMP has shown a slight decrease in recent days, it still suggests potential listing gains if the IPO receives full subscriptions.
PhysicsWallah, founded by Alakh Pandey, is a prominent edtech company in India offering online and offline coaching for competitive exams and professional upskilling courses. With 13.7 million YouTube subscribers as of July 15, 2025, the company ranks among the top five edtech firms in India by revenue.
While short-term investors might see limited listing gains due to the subdued GMP, long-term investors interested in India’s growing digital education market could find the IPO appealing. As competition in the edtech sector intensifies, analysts emphasize the importance of PhysicsWallah’s sustainability and expansion strategies for potential growth beyond test preparation.
Investors considering subscription should weigh the modest potential upside on listing day against the company’s long-term growth prospects. It is advisable to seek advice from qualified brokers or financial advisors before making investment decisions.