Final Day! PhysicsWallah IPO GMP Tumbles As Subscription Enters Day 3

Delhi-based leading ed-tech firm PhysicsWallah Ltd. will conclude its initial public offering (IPO) on Thursday, November 13. The mainboard offer has received a muted response from investors with an overall subscription of 0.13 or 13% on Day 2.

Despite the lack of investor enthusiasm, the grey market premium for the Physics Wallah IPO has been topping the 'Business and Finance' trending charts for the last few days. Private market investors will continue to monitor the GMP for the mainboard offer to gauge the market sentiment as bidding for the shares enters its final day. Investors will hope for renewed interest after a dull response in the first two days.

Here's a look at the latest grey market premium (GMP), allotment date, listing date and other key details about Physics Wallah IPO.

The latest GMP for the PhysicsWallah IPO stood at Rs 1.25 as of 08:30 a.m. on Thursday, November 13. With an upper price band of Rs 109 per share, the estimated listing price is likely to be Rs 110.25, as per the latest GMP. This implies an expected listing gain of 1.15% per share for the IPO investors.

The highest GMP recorded for the Physics Wallah IPO was Rs 5.

Note: GMP does not represent official data and is based on speculation. GMP data as per InvestorGain.

The mainboard IPO comprises a fresh issue of 28.44 crore shares, valued at Rs 3,100 crore, and an offer-for-sale (OFS) of 3.49 crore shares, amounting to Rs 380 crore.

The IPO price band has been fixed at Rs 103-Rs 109 per share.

Retail investors need to apply for at least a single lot size of 137 shares, amounting to a minimum investment of Rs 14,933 at the upper limit of the issue price. Small Non-Institutional Investors (NIIs) are required to bid for a minimum of 14 lots worth Rs 2,09,062. Big NIIs can participate in the IPO subscription by applying for at least 67 lots, amounting to an investment of Rs 10,00,511.

MUFG Intime India Pvt. Ltd. (formerly Link Intime India) is the issue registrar, while Kotak Mahindra Capital Co. Ltd. is the book running lead manager of the issue.

PhysicsWallah IPO allotment status is expected to be finalised on November 14. Investors who bid for the public offer can verify their share allotment status on the websites of BSE, NSE and MUFG Intime India.

Shares of PhysicsWallah Ltd. are expected to be listed on the NSE and BSE on November 18. The company will initiate refunds and share transfers to demat accounts on November 17.   

PhysicsWallah will utilise the proceeds from the fresh issue for various purposes. It will use Rs 710 crore for marketing initiatives, Rs 548 crore for lease payments of existing identified offline and hybrid centers operated by the company, Rs 460 crore for capital expenditure for fit-outs of new offline and hybrid centers, and Rs 471 crore for investment in subsidiary Xylem Learning Pvt.

Founded in 2016, PhysicsWallah is an Indian ed-tech company that provides educational courses at affordable rates.

PhysicsWallah primarily provides online and offline education for students preparing for various examinations, including JEE, NEET, and UPSC. The company offers its course material and video lectures via social media platforms, website, apps, and YouTube channel.

PhysicsWallah, which started as a YouTube channel, is an Indian ed-tech company that offers affordable and comprehensive educational courses primarily for competitive examinations and professional upskilling.

The company’s total income stood at Rs 905.41 crore in the quarter ended June 2025. However, the company reported a net loss of Rs 127.01 crore and an Ebitda loss of Rs 21.22 crore in the June quarter. For the full financial year 2024-25, the company’s total revenue stood at Rs 3,039.09 crore with a net loss of Rs 243.26 crore. However, its Ebitda stood at Rs 193.2 crore in FY25

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult financial advisors and read the red herring prospectus thoroughly before placing bids.