PhysicsWallah IPO Opens for Subscription, Raises ₹1,563 Crore from Anchor Investors

Edtech unicorn PhysicsWallah’s IPO is open for public subscription from today, November 11, and will close on November 13. The book-built issue is worth ₹3,480 crore, comprising a fresh issue of ₹3,100 crore and an offer for sale of ₹380 crore by promoters Alakh Pandey and Prateek Boob. The price band is set at ₹103–₹109 per share.

The basis of allotment is expected to be finalised on November 14, 2025, with a tentative listing on the BSE and NSE on November 18, 2025.

According to InvestorGain data, the last grey market premium (GMP) for the PhysicsWallah IPO was ₹3, and the issue had seen 0.03x subscription as of November 11, 2025, 11:00 AM. With the upper price band at ₹109 and today’s GMP, the IPO’s estimated listing price is ₹112, implying an expected gain of about 2.75% per share.

Anchor Investors’ Bid

A day before the IPO opened, PhysicsWallah raised ₹1,563 crore from anchor investors on November 10.

The company allotted 14.33 crore equity shares at ₹109 per share, amounting to ₹1,562.85 crore. Of this, 7.95 crore shares were distributed among 14 mutual funds across 35 schemes.

The anchor book saw participation from 57 investors, including leading domestic funds such as ICICI Prudential MF, Kotak Mahindra MF, Nippon India MF, Aditya Birla Sun Life, Motilal Oswal MF, Tata MF, Helios, and DSP MF, alongside global investors like Goldman Sachs, Fidelity, and Templeton, according to a BSE circular.

How to Subscribe PhysicsWallah IPO

Investors can apply for the PhysicsWallah IPO online using either the UPI or ASBA payment method.

The ASBA option is available through most banks’ net banking portals, while the UPI route can be used via brokers that do not provide banking services. Step-by-step application guides are available on platforms such as Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI.

Fund Utilisation

As per the company prospectus, the net proceeds from the fresh issue will be used to support PhysicsWallah’s ongoing expansion and growth plans.

A significant portion will go towards funding capital expenditure for fit-outs of the company’s new offline and hybrid centres, as well as making lease payments for its existing identified centres. The company also plans to invest in strengthening its server and cloud infrastructure to support its growing digital ecosystem and improve platform performance.

Part of the funds will be allocated to marketing initiatives aimed at expanding brand visibility and attracting new students across India.

PhysicsWallah will also invest in its subsidiaries, including Xylem Learning and Utkarsh Classes, to fund capital expenditure for setting up new offline centres, hostels, and other infrastructure needs. In addition, the company intends to pursue inorganic growth through potential acquisitions that align with its strategic objectives.