PhysicsWallah IPO Opens: Subscription Status, Price Band, GMP and Listing Date in Focus

Mumbai | November 11

The PhysicsWallah IPO opened for subscription on Tuesday, marking one of the most anticipated market debuts in India’s education and test-preparation sector. The offer will remain open until November 13, with the company seeking to raise ₹3,480 crore through a mix of fresh equity and promoter share sales. The issue is priced in a band of ₹103 to ₹109 per share, and the stock is scheduled to list on both the NSE and BSE on November 18.

The IPO includes a fresh issue of ₹3,100 crore, aimed at funding expansion of offline and hybrid learning centres, upgrades in cloud and server infrastructure, repayment of centre leases, and increasing stake in subsidiary Utkarsh Classes & Edutech. The remaining ₹380 crore comes through an offer for sale from promoters Alakh Pandey and Prateek Boob.

Subscription Trends and Market Interest

On the first day of bidding, the IPO saw moderate early demand, with subscription levels reaching roughly 4 percent in the first half of the session. Retail investors were the most active category, subscribing about 19 percent of their allocation, while the non-institutional segment saw limited interest. The Qualified Institutional Buyers (QIBs), who are allocated 75 percent of the offer, typically participate later in the bidding window and had not placed orders in the early session.

The IPO structure requires a minimum lot size of 137 shares, translating to a minimum retail investment of around ₹14,933. Market observers note that the subscription trend will depend significantly on institutional demand on the final day, particularly from domestic mutual funds and long-only global funds that track consumer and education growth themes.

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Muted Grey Market Premium Signals Stable Listing

The PhysicsWallah IPO GMP (Grey Market Premium) indicated only a modest listing expectation. Shares were quoted around ₹112 in the informal market, implying a premium of ₹3 over the upper end of the price band, or roughly 2.75 percent. The muted grey market trend reflects cautious sentiment in the edtech sector, where valuations have moderated significantly since 2021.

However, PhysicsWallah continues to hold a deep reach in Tier II and Tier III markets, supported by its digital-first content strategy and the strong personal brand of founder Alakh Pandey, whose teaching videos command high engagement. The company now operates both online and offline centres, positioning itself as a hybrid learning platform rather than an app-only education business.

Business Context Ahead of Listing

PhysicsWallah built its presence through low-cost, high-accessibility education content, particularly in UPSC, JEE and NEET preparation. Its primary YouTube channel has over 13 million subscribers, and its wider network approaches 100 million, making it one of the largest digital education ecosystems by audience reach.

At the same time, operational costs have increased, particularly due to expansion into physical classrooms and investments in technology, teacher training and regional course offerings. The company has reported strong revenue growth, but losses have widened, reflecting the cost of scaling beyond digital delivery.

The basis of allotment is expected on November 14, followed by share credit and refunds on November 17, and listing on November 18.

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Disclaimer: The Grey Market Premium (GMP) is an unofficial indicator of investor sentiment and is not regulated by SEBI. It should not be considered the sole basis for investment decisions.