Outlook Business Desk
The initial public offering (IPO) of edtech unicorn PhysicsWallah opened for subscription on Tuesday, November 11, and will close on Thursday, November 13, giving investors three days to bid.
PhysicsWallah’s initial public offering saw limited investor interest on its second day, November 12, with the ₹3,480-crore IPO subscribed only 12%.
Retail individual investors booked 46% of their reserved portion, non-institutional investors subscribed 4%, while qualified institutional buyers showed no participation for the second consecutive day, according to NSE data.
Before public bidding, PhysicsWallah raised ₹1,563 crore from anchor investors, signalling strong early confidence from institutional backers ahead of the IPO opening between November 11 and November 13.
The IPO price band is ₹103–109 per share, giving the company a valuation of over ₹31,500 crore at the upper end, including a fresh issue and an Offer for Sale (OFS).
PhysicsWallah’s unlisted shares traded at a 1.38% grey market premium (GMP) ahead of listing, lower than last weekend’s 3.67%, indicating subdued pre-listing demand from investors.
PhysicsWallah, co-founders Alakh Pandey and Prateek Boob will each sell shares worth ₹190 crore through the OFS. They currently hold 40.31% stake each in the company.
PhysicsWallah will use the funds raised from its IPO to support expansion and growth initiatives, the company said. It offers test-preparation courses for exams like JEE, NEET, GATE, UPSC, and upskilling programmes across online and offline platforms.
Meanwhile, PhysicsWallah’s shares are set to debut on stock exchanges on November 18. IPO proceeds will support expansion and growth initiatives, marking a key milestone in Indian edtech.