The initial public offering of edtech unicorn PhysicsWallah received 10 % subscription so far on the second day of bidding on Wednesday.
The bid will close on November 13.
The ₹ 3,480-crore initial share sale received bids for 1,83,06,625 shares, as against 18,62,04,143 shares on offer, as per information available on the NSE till 11:30 hours.
31 October 2025
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The portion for retail individual investors received 46 % subscription, while the quota for non-institutional investors was subscribed 4 %. However, the qualified institutional buyers segment saw no participation for the second consecutive day.
On Monday, PhysicsWallah said it has raised ₹ 1,563 crore from anchor investors.
This will be the first major pure-play edtech company to list on the country's bourses.
The company fixed a price band of ₹ 103-109 per share for its IPO, which may peg its valuation at over ₹ 31,500 crore at the upper end.
The IPO comprises a fresh issue of equity shares worth ₹ 3,100 crore and an Offer for Sale (OFS) of up to ₹ 380 crore by the promoters.
Both promoters, Alakh Pandey and Prateek Boob, will each offload shares worth ₹ 190 crore through the OFS. At present, both hold 40.31 % stake each in the company.
The Noida-based PhysicsWallah filed draft papers with Sebi in March for an IPO via the confidential pre-filing route and received the regulator's approval in July. Following this, the company filed an updated DRHP in September before filing an RHP.
The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.
Funds will be used to fuel the company's expansion and growth initiatives.
PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE and UPSC, along with upskilling programmes, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.
The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to ₹ 243 crore in the year ended March 2025, from ₹ 1,131 crore in the preceding year.
However, revenue rose to ₹ 2,887 crore, up from ₹ 1,941 crore in the same period.
PhysicsWallah will make its stock market debut on November 18.
