PhysicsWallah Shares Set to Hit Dalal Street on Nov 18, GMP Dips a Day Ahead of Listing

EdTech unicorn PhysicsWallah is set to debut on the stock market, with its much-anticipated IPO scheduled for listing tomorrow, November 18.

PhysicsWallah’s latest IPO GMP stands at ₹8, a 7.34% premium to the upper price band of ₹109 (as of November 17, 2025, 11:33 AM), according to Investorgain. However, this reflects a slight dip of 0.8% from the previous day’s GMP of ₹9, which represented an 8.26% premium to the upper price band.

Based on the latest GMP, Investorgain estimates the IPO's listing price to be ₹117 (cap price + today's GMP).

PhysicsWallah IPO: Key Details

PhysicsWallah’s IPO opened for public subscription on November 11 and closed on November 13. The book-built issue is valued at ₹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 was set at ₹103–₹109 per share.

The basis of allotment was finalized on November 14, with a tentative listing scheduled for November 18, 2025, on both the BSE and NSE.

The ₹3,480-crore IPO was subscribed nearly twice its offer size (181%) by Day 3, following muted interest in the first two days.

According to NSE data, the offering received bids for nearly 33.62 crore shares against an offer size of 18.62 crore shares. Retail investors fully subscribed their reserved portion (106%), while Non-Institutional Investors (NIIs) took up 48% of their allocated quota.

Qualified Institutional Buyers (QIBs) subscribed to their portion nearly three times over (270%).

Fund Utilisation

PhysicsWallah plans to channel the net proceeds from the fresh issue into its ongoing expansion and growth strategy. A major share of the funds will be used for capital expenditure, including fit-outs for new offline and hybrid centres, along with lease payments for its currently identified locations. The company also aims to bolster its server and cloud infrastructure to support its expanding digital ecosystem and enhance platform performance.

A portion of the proceeds will be directed toward marketing initiatives to strengthen brand visibility and attract more students across India. PhysicsWallah will further invest in its subsidiaries, Xylem Learning and Utkarsh Classes, to support capital expenditure for new offline centres, hostels and other infrastructure requirements.

Additionally, the company intends to pursue inorganic growth through potential acquisitions that complement its long-term strategic vision.