PhysicsWallah IPO: Edtech company PhysicsWallah Ltd launched its initial public offering (IPO) on Tuesday, to raise more than ₹3,400 crore from the primary market. The company offers test-preparation courses for competitive examinations and other upskilling courses. PhysicsWallah IPO is open for public subscription from November 11 to November 13.
The IPO allotment date is likely November 14, and the IPO listing date is November 18. PhysicsWallah shares will be on both the stock exchanges, BSE and NSE.
PhysicsWallah IPO price band is set at ₹103 to ₹109 per share. At the upper end of the price band, the company aims to raise ₹3,480 crore from the book-building issue, which is a combination of fresh issue of 28.44 crore equity shares worth ₹3,100 crore, and an offer-for-sale (OFS) component of 3.49 crore equity shares aggregating to ₹380 crore.
PhysicsWallah IPO lot size for an application is 137 shares, and the minimum investment amount required by retail investors is ₹14,933.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the PhysicsWallah IPO registrar.
PhysicsWallah IPO Subscription Status
PhysicsWallah IPO has been subscribed 1% so far, as per NSE data as at 10:25 AM on Tuesday, the first day of the bidding process. The public issue is booked 7% in the Retail Individual Investors (RIIs) category and 1% in the Non Institutional Investors (NII) segment. The Qualified Institutional Buyers (QIBs) are yet to bid for the issue.
PhysicsWallah IPO GMP Today
PhysicsWallah shares are witnessing a muted trend in the unlisted market, with a modest grey market premium (GMP). According to market experts, PhysicsWallah IPO GMP today is ₹3 per share. This indicates that in the grey market, PhysicsWallah shares are trading higher by ₹3 apiece than their issue price.
PhysicsWallah IPO GMP today signals that the stock is available at ₹112 apiece in the grey market, a premium of 2.75% to the IPO price of ₹109 per share.
PhysicsWallah IPO Review: Should you subscribe?
PhysicsWallah offers test-preparation courses for competitive examinations and other upskilling courses. The company’s channels of delivery include Online, Tech-enabled offline centers or Hybrid centers. It is among the top 5 edtech companies in terms of revenue in India and has 13.7 million subscribers as of July 2025 on its main YouTube channel.
Over the last three years, PhysicsWallah has delivered Sales and EBITDA CAGR of 96.9% and 88.8% respectively, while the company’s net loss has widened from ₹81 crore in FY23 to ₹216 crore in FY25 due to higher depreciation expenses and impairment losses on financial assets.
“At the upper price band, PhysicsWallah is valued at 10.8x FY25 P/S, implying a post-issue market capitalization of ₹3,11,699 million. It aims to grow its student community by offering engaging free content across platforms and converting users into paying customers through better technology, targeted marketing, and expert-led high-quality content. Considering these factors, PhysicsWallah IPO appears fully priced and is rated ‘Subscribe – Long Term’,” said brokerage firm Anand Rathi.
InCred Equities noted that PhysicsWallah has demonstrated significant growth over the years in both online and offline business verticals.
“At the upper end of the price band, PhysicsWallah IPO is valued at EV/sales multiple of 10.7x based on post-issue capital. The valuation of PhysicsWallah seems to be stretched but looking at the strong moat and topline/business expansion, the company is well-placed to disrupt the edtech space. As the business scales up, we expect profitability over the medium- to long-term,” said InCred Equities.
The brokerage firm recommends to subscribe to the PhysicsWallah IPO.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.